Friday, June 27, 2008

Marc Faber: Buy Gold

Marc Faber has been right about a lot of things when it comes to investing. He was way ahead of the curve on the credit problems and called the commodity bull about the same time as Jim Rogers. In this interview on CNBC, he rips the Fed and recommends gold:

The Fed has been "misleading" investors on wanting a strong dollar, Faber said, as it kept lowering the interest rates. "When it comes to action, they show no concern about inflation."

He also blamed the central bank for forcing investors to abandon safe deposits in banks for riskier strategies by keeping rates so low.

"The Federal Reserve is the greatest speculator—they force people to speculate," he said.

"I think they should have stopped cutting rates at say 4 percent … you could stop cutting rates and pursue a tight monetary policy. You can take other measures, mop up liquidity," Faber added.

There's a video of the entire interview at the title link.


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