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Marc Faber Says Gold a Bargain Compared to S&P 500 Stocks

Oct 30th, 2009 15:09 by RS

by Marc Slavo
Oct 30, 2009 (MarketOracle) — Well known economic analyst Marc Faber still likes gold, especially when compared to equity prices. In his October 2009 Gloom Boom & Doom report, Faber discusses his long-term outlook for the shiny yellow metal:

“Some pundits will argue that precious metals are expensive, but this isn’t my view. Why would anyone not own some gold, rather than US dollars, when interest rates are near zero? Dollars can and will be printed en masse, whereas the supply of precious metals is extremely limited.”

… the current policies instituted by the Obama administration, The Fed and Treasury clearly point to, not only continued degradation of the US dollar, but an acceleration in its declining purchasing power.

Faber: “At present, gold sells at about the same level as the S&P 500, but if I am right about the size of future US fiscal deficits and about the Fed neglecting to protect the purchasing power of the US dollar, I could envision a time when gold will sell for at least two or three times the value of the S&P 500.”

[source]


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