Investment guru Marc Faber on whether gold and cryptocurrencies should be considered safe havens.
Marc «Dr. Doom» Faber doesn't think that cryptos are safe. «Now they may move up and they may move down but I, as an investor for the ultimate crisis, I prefer to be in physical precious metals, gold, silver, platinum,» he said in a recent note.
He thinks, eventually, these precious metals will come back into the investment portfolios of major institutions and individuals. The major institutions of the world, they hold practically no gold.
Glum Predictions for Financial Markets
«They have more money in Apple, they have more money in Amazon, than, say, in gold. And I think that will change over time, but I don't know whether it will be tomorrow or in three years’ time,» the Thailand based investor added. Swiss-born Faber is best known for his glum predictions for financial markets.
His view is that if you really look at the financial situation, the unfunded liabilities, the government deficit, the inflated asset prices, the conclusion is central banks will have to continue to print money, otherwise the system collapses. «That, in my opinion, will boost precious metals prices,» he said.
