I’m Gloomy About the Global Economy

Marc Faber, Swiss economist, forecaster, renowned investor and the original Dr. Doom, may need a new nickname.

In an interview on CNBC’s “Trading Nation,” the Gloom, Boom & Doom Report editor revealed he may not be as bearish as some may think and that he is actually a “great optimist.”

“I always tell people, ‘I am a great optimist … because one of the most dangerous things to do is to drive motorcycles in Thailand and I have five motorcycles.”

The blunt-spoken, truth-telling Faber may have helped people understand that one may be worried about the economic outlook and bearish on stocks and other markets and yet be an optimist about life and all the wonderful things it has to offer and on the human spirit and our capacity to overcome even the worst financial and economic crashes.majority of shares would not.

When asked if he’d bought any U.S. stocks recently, Faber said he’s done very little.

“The only thing I’ve really done recently is I added to my gold position about two months ago, and I bought some gold-related equities.”  “But other than that, I’ve done very little because I believe that in this extreme volatility where markets suddenly drop 10%, individual stocks drop 10% or 20% in one day – it’s a very difficult environment to make a lot of money unless you take huge risks.”

The shrewd investment adviser is  staunch advocate of owning physical gold bullion which he describes as being a way to become “your own central bank.”

He believes an allocation to bullion is vital financial insurance and that the biggest question is where to store your gold? He believes that Singapore is the safest place to own gold in the world today.

Reprinted with permission from GoldCore.

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