ET Now: Gold prices have put their weakest quarter in as many as nine decades, losing more than 20%. We even saw the $1200 mark crack. How have you read into the decline of gold prices?
Marc Faber: We had a huge bull market in gold and silver between 1999 and 2011. In the case of gold (September 2011), the prices reached $1921 and since then, we have been in the correction period as we are down 37%.
Now, the question is — does the decline in gold prices signal that despite of all the money printing the world will face a more significant deflationary shock, especially in asset prices? We are approaching a low in gold, but it is not yet confirmed.
(Marc covers all markets and firmly stakes out his position on each in this 5 minute video below)
…more from Marc:
- CHINA ECONOMY : without huge Credit expansion there would probably be no growth at all
- Gloom Boom Doom – Market commentary report July 2013
- Commodities : we are approaching at least an Intermediate low
- Marc Faber : The Chinese Economy is much weaker than the official statistics suggest
- Marc Faber : I think the Markets are worried about something else
