Marc Faber, who authors the Gloom Boom & Doom newsletter, is usually pretty bearish on stocks and bullish on gold.
Lately, though, gold doesn't seem like it can catch a bid.
"Despite the continued reverberations regarding the Cyprus bailout and its involvement of bank deposits, gold struggled to maintain the positive momentum created in the first two weeks of March and instead now looks very likely to move lower, towards $1580/oz," wrote Deutsche Bank commodities analyst Xiao Fu in a note this morning.
So, what does Faber have to say about it?
This morning, on Bloomberg Surveillance with Tom Keene and Alix Steel, Dr. Doom was asked why gold wasn't holding up.
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Gold is nothing more than a metal.
ReplyDeleteDoom and gloom will be the order of this year.
Obamie has screwed up the U.S. as well as confidence in the world.
The price of gold means nothing when ammo is now selling at it's highest rate ever. You figure out what's going to happen , it's easy.
Of course it won't everyone keeps preaching the virtues of buying gold but no one mentions how to redeem it.If our currency is barely worth anything what good is cashing in gold?
ReplyDeleteGold and silver have been used as currency since the beginning of time.I'll go with that.
ReplyDelete12:09-Problem is,gold has no monetary equivalence that works in todays retail.A $20 gold piece for instance could be worth thousands.It's still legal tender,but a person would be crazy to buy $20 worth of merchandise with it.Even an authentic silver dollar is worth many times it's face value.
ReplyDeleteIf that day should come guns and ammo will rule.
ReplyDeleteIf that day should come guns and ammo will rule.
ReplyDeleteApril 5, 2013 at 6:57 PM
And I'll take the gold teeth out of the mouths of the ones that are killed.
And use them for slingshot ammo?
Delete