Enough already, look to buy Newmont, Barrick, Iamgold and Freeport: Marc Faber
The gold miners have been hit so badly that now is the time to consider buying in, according to Swiss investor and long time US economy bear Marc Faber, in a recent interview with CNBC.
Faber specifically mentioned Newmont, Barrick, Iamgold and Freeport as the gold stocks to consider.
He also spoke at length about the US economy, claiming that the recent surge in equities has hit its peak and that the American stock market could be down as much as 20% by year's end.
"In general, the gold mining sector is incredibly depressed. All these smart Fed watchers and Fed members (super bears about gold) came out with sell recommendations about gold. They have never owned an ounce of gold in their life. On all their interviews, they do not tell that the S&P 500 is up only 10% since October 2007 while gold is still up 75% over the same period of time."
Here's a classic quote from Faber on the state of the US economy just months before the 2008 collapse:
The federal government is sending each of us a $600 rebate. If we spend that money at Wal-Mart, the money goes to China. If we spend it on gasoline it goes to the Arabs. If we buy a computer it will go to India. If we purchase fruit and vegetables it will go to Mexico, Honduras and Guatemala. If we purchase a good car it will go to Germany. If we purchase useless crap it will go to Taiwan and none of it will help the American economy. The only way to keep that money here at home is to spend it on prostitutes and beer, since these are the only products still produced in US. I've been doing my part.