He still believes that governments will do competitive devalutions pushing the price of gold higher and higher and that's why he wants insurance. Gold prices probably won't increase soon and there may be a correction of "10 percent or so on the downside," said Faber, managing editor and publisher of the Gloom, Boom and Doom Report.
Marc points out that he feels "deeply uncomfortable" about the future of the global economy, the geopolitical situation and social unrest in different countries. "I don't particularly like any assets at this stage. I mean have I a diversified portfolio, I'm not liquidating anything, but I have a lot of cash."
In his January Market Commentary of the Gloom Doom and Boom report, Marc Faber predicted that gold would fall to $1,550 to $1,600 an ounce, according to CNBC. Still, he wrote that he planned to increase his gold position on any further weakness, despite his concerns that strength of the U.S. dollar could be a headwind for a strong gold rally.
Marc Faber is a great contrarian investor and publisher of the Gloom Boom & Doom Report. He is well known for his accurace predictions of stock market crashes and other correct calls on different investment assets.