Faber : I am very cautious on 2013. I don’t particularly like any assets right now

Posted by Marc Faber

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marc-faber“The markets that have performed extremely well since the lows of 2009 are not going to do particularly well in 2013,” “I am very cautious on 2013. I don’t particularly like any assets right now.””But we have so much government intervention,” “you cannot predict the markets…I just see that governments will print money, and there will be competitive devaluations. “So I want to have gold as an insurance policy.””I intend to increase my gold position on any further weakness, although I am concerned that US Dollar strength could be a headwind for a strong gold rally.”

Gold may correct 10%

“I don’t think [gold] will go up right away, and we maybe have a correction of 10 percent or so on the downside,” “But I see that governments will print money … so I want to have gold as an insurance policy.”the publisher of The Gloom Boom & Doom Report said in a “Squawk Box” interview.”… perhaps down to between $1550 and $1600 … I intend to increase my gold position on any further weakness although I am concerned that U.S. dollar strength could be a headwind for a strong gold rally.””Money will shift from some of the relatively high-valued markets into markets that had a horrible performance,” he said. “So as an investor, if you need to own stocks, then I’d be in Vietnam, in China and in Japan.””I am also mindful that corporations and wealthy individuals are cash rich and since there are very few promising investment opportunities aside from equities, they might one day shift their considerable liquid assets into stocks.””I’m not liquidating everything, but I have a lot of cash.”

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