Apocalyptic predictions are usually the stuff of TV shows like “The Walking Dead,” but last week Marc Faber, a noted contrarian investor and publisher of the Gloom, Boom & Doom Report, made one of his own.
Faber, often not-so-affectionately called “Doctor Doom,” said Thursday on CNBC’s Futures Now program that the stock market is headed for a crash worse than the one seen in 1987. ”I think it’s very likely that we’re seeing, in the next 12 months, an ’87-type of crash,” he commented. “And I suspect it will be even worse.”
If an economic crash does come, one important point to consider is what will happen to precious metals. Faber didn’t mention the resource sector in last week’s prediction, but he has spoken in the recent past about how gold and silver are likely to be affected by a stock market crash.
Faber says that potential buyers should consider how to protect themselves from government efforts to take precious metals. “I wouldn’t keep gold and silver in the US, I would put it somewhere else,” he concluded.
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