INFAMOUS "doom and gloom" fund manager Marc Faber has urged US investors Buying Gold to hold it in foreign countries.
“I prefer if investors hold physical gold in a safe deposit box, ideally outside the US, in various locations – Switzerland, Singapore, Hong Kong, Australia, Canada..." said Dr.Faber – private-client wealth manager based in Thailand, and editor of the Gloom, Boom & Doom Report – on US financial news television.
Advising CNBC viewers on Monday – just as gold approached its new record peak of $1912 per ounce – that "I wouldn't recommend Buying Gold today, because we've had a huge run in precious metals recently," Faber went on to explain why he believes all investors should look to hold 25-30% of their portfolio in physical gold.
Faber also explaind why that allocation should be held outside the investor's home country.
"I think it's important in today's very uncertain world to diversify. Not only the various asset classes – equities, bonds, gold, cash, real estate, commodities – but also the custody of your assets should be in different jurisdictions."
Asked whether he doesn't trust US custodial services, "I don't trust anyone" said Faber.
"I think that everyone should own some gold if he wants to have some cash, because gold is the most honest form of money there is."
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