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Faber: It’s Dead Simple, The Supply Of Dollars Will Grow Way Faster Than The Supply Of Gold

Vincent Fernando
Business Insider
March 5, 2010

Marc Faber’s recommendation to continue buying gold every month, forever, received a full broadside on CNBC.

[At 3:45 in the video below]:

“You see sir, I am a huge fan of yours, but I have a real difficulty here that I’d like you to help me out with. If I’m looking to invest in my retirement, I have a choice of investing in the American stock market, which is basically a play on change, bright people, working internationally in teams, around the world, and chasing the margin every day of their lives… OR… I can do what you’re suggesting and buy an inanimate object that sits in a dark, damp cellar somewhere, that may or may not be in short supply, may or may not glitter in the correct light, but really has no productive power. Isn’t gold the ultimate Ponzi scheme?”

Faber’s response:

“No, I don’t think it’s a Ponzi scheme, and it’s not a liability of someone else… it’s quantity cannot be increased at the same rate as you can print money… I’m not saying that the dollar will go straight away down because other currencies like the euro are even worse at the present time. But eventually if you print money, the purchasing power will lose.”

So who do you expect to win in a race? The Fed printing press or gold miners? The supply of dollars is indeed likely to grow faster than that of gold, but it still remains to be seen whether gold has already gone too far too fast. His argument above also simply argues for why gold should outperform cash kept under your mattress, not stocks or all kinds of other investments going forward.

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