Marc Faber on Precious Metals

Faber on Precious Metals and Value:
All of that [money printing] is favorable for silver and gold. Now, the question is, is gold and silver expensive or is it cheap? In 1999 you could buy an ounce of gold for $252. Now it’s $1400. Is it cheap or expensive?
In a money printing environment it’s very difficult to decide what is expensive and what is cheap because the function of money to be a unit of account and a store of value has been lost through the money printing. My view would be, yeah, relative to 1999 the price of gold is expensive at $1400. But relative to the money printing maybe not.
My advice to all your listeners is to gradually accumulate gold. Don’t buy it on margin – just gradually accumulate month by month.
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I think the US government is bankrupt. They will not default on the debt. They will just print money. Not to own gold and silver is to trust Mr. Bernanke. Now go and look at his speeches, and then you tell me whether you rather trust gold or Mr. Bernanke.
Nominally, gold has surpassed it’s record highs of the early 1980′s (and silver is well on it’s way). In real terms, adjusted for inflation, gold would have to hit roughly $2300 per ounce to have the same “value” as what it had in the 1980′s. When QE2 was announced in 2010, the price of gold shot up relative to not just the dollar, but all global currencies. One can surmise that QE3 would have a similar effect. Add to that the strife around the world and the panic buying that ensues in insolvent nations like Greece, where the street value of gold during their 2010 riots was 50% higher than the listed exchange values, and you can see the direction that precious metals are headed.
From a preparedness standpoint, gold should be a part of any complete emergency and disaster plan. As we’ve mentioned in the past, and Dr. Faber suggested in this interview, accumulate gold over time. You don’t have to invest all of your finances in precious metals – but acquiring a little bit every month wouldn’t be a bad idea. The strategy of dollar-cost-averaging let’s you balance out your overall “buy” price in the event of volatility where prices drop or rise rapidly.
With gold, you don’t have to worry about your US dollars, because you are, in effect, your own central bank.
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