Marc Faber: Gold Is ‘Insurance if the Banking System Fails’

28-Jul (NewsMax) — Marc Faber, publisher of The Gloom, Boom & Doom Report, says nearly all asset markets are overvalued so it’s best just to stash away your cash right now and you’ll be poised to buy when market bubbles finally pop.

But he does suggest allocating 25 percent of your investment portfolio to gold.

“Gold is insurance if the banking system fails,” he said at the CFA Analyst Seminar in Chicago in a presentation titled, “Inflating Asset Markets and Deflating Real Economic Activity? Strategies for Global Investors.”

“As an investor I’d like to own something outside the banking system, and that includes real estate, art and gold,” he was quoted by Pensions & Investments Online as saying.

[source]