Much like Hugh Hendry, I can watch to Marc Faber videos all day even if I did not agree with a thing either fellow said. They just have an entertaining spectacle about them. Hence we must devote 1 post a month to Mr. Faber. I am not sure what to make of today's video - the contrarian deep inside my soul is searching for a Gisele Bundchen moment that would mark at least a counter trend rally in the dollar - ala I refuse to be paid in dollars circa late 2007. Gisele almost nailed the dollar bottom to the month [Jul 20, 2008: World Currencies in the Recession] As I wrote in July 08
- Gisele Bundchen wants to remain the world's richest model and is insisting that she be paid in almost any currency but the U.S. dollar. Like billionaire investors Warren Buffett and Bill Gross, the Brazilian supermodel, who Forbes magazine says earns more than anyone in her industry, is at the top of a growing list of rich people who have concluded that the currency can only depreciate because Americans led by President George W. Bush are living beyond their means.
Despite her inability to time currency movements, please note the excellent choice of husband ~ the handsome, bright man on the right, is not only a star NFL quarterback, future political star, a hero to men across Boston, but most importantly ....a Michigan man. (please bear with me, it's Ohio State week and I only have past glory to grasp at this point)
But I digress!
While I want to find things that say this marks at least a short term bottom in the dollar, in the long run - the utter disrepect our leadership has for fiscal responsibility can make the case that Marc is correct about gold. As always... we'll see.
Roughly a 8 minute video below (email readers will need to visit the site to watch) - I swear I thought Marc was predicting gold was heading to $800 just a month ago, but maybe I am mixing up my pundits. Faber believes there is no way we revisit stock market lows of early 2009 because of the markets ever fall again, the money printer will print even faster to create even more prosperity for us all.
Here, Marc goes even further and gives a flamboyant Gold will never go below $1000 again - 10 minute video below (email readers will need to visit the site to watch)
hat tip to Expected Returns for the latter video.
[Sep 3, 2009: Marc Faber August 2009] <--- could be my favorite financial video of all time