By Mike Finger
March 9, 2015
Renowned contrarian investor Marc Faber predicted in an interview with GoldSeek Radio that China will eventually switch to a gold-backed currency. He bases this on the widespread understanding that China has larger gold reserves than is officially reported. Faber also explained why the US dollar’s days as a global currency are numbered. This is due to the rise of the East as a dominant economic power, as well as the complete ineptitude of central bankers to deal with the systemic economic problems of Western nations. In fact, he believes the worldwide bailout is doomed to failure.
Like Peter Schiff, he believes in holding gold to protect your portfolio, but he’s even more aggressive than Peter in his allocation. Faber advocates holding 25% of your assets in precious metals.