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Sunday, August 21, 2011

Marc Faber : Physical gold in a safe deposit box is the safest

Marc Faber : “The function of paper money is to facilitate the exchange of goods and services, to be a store of value and a unit of account — the U.S. dollar fails on all three,” “Intelligent people, instead of holding cash in U.S. dollars with zero interest rates, why not hold money in gold and silver?” And as a currency, gold should be held in its physical form and not in shares of gold miners or even exchange-traded funds. That would rule out popular vehicles such as SPDR Gold Trust or iShares Gold Trust Be sure to store your gold in banks in Switzerland, London, Singapore, Hong Kong, Australia — just not in the U.S., Faber said. “Physical gold in a safe deposit box is the safest,” . “Forget about huge capital gains. I would look at capital preservation. I want to preserve my capital. Faber added - in MarketWatch

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