What Marc Faber Said to the LBMA About GoldBullion Vault
Nov. 19, 2012
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"Ben Bernanke can drop as many Dollar bills as he likes into this room," he told the LBMA conference in Hong Kong, "but what he doesn't know is what we will do with them. His helicopter drop will not lead to an even increase in all prices. Sometimes it will be commodities, sometimes precious metals, collectibles, wages or financial assets. [More importantly], the doors to this room are not locked. And so money flows out and has an impact elsewhere – not in this room."
..."I would rather be long precious metals than industrial commodities," said Marc Faber. Which was of course what most people at the LBMA conference wanted to hear. Less welcome was his warning not to hold gold in the United States or even Switzerland. Because "if gold is owned by a minority, then in a crisis the government will take it away." But even Faber said that some of his 25% personal allocation to precious metals is still in his home country, rather than in Asia where he's lived for almost 30 years.