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Buy Gold "Outside the US" Says Marc Faber

THE U.S. FEDERAL RESERVE's new dose of quantitative easing will boost "well-to-do people" and asset prices but not the economy, says out-spoken author and wealth manager Marc Faber.

Urging Bloomberg TV viewers to Buy Gold, "The trend for gold prices will be steady, but the trend for the Dollar and other currencies will be down," Faber explained in a video-link interview Friday.

"So the Gold Price in Dollars will go higher.

"You ought to own some gold, but don't store it in the US. The Fed will take it away from you one day."

Asked for his view of monetary policy, and accusing the US central bank's policies of "destroying the world", the Swiss-born Faber, now based in Thailand, says that "Mr. Bernanke is a money printer and, believe me, if Mr. Romney wins the [US presidential] election the next Fed chairman will also be a money printer.

"And so it will go on. The Europeans will print money. The Chinese will print money. Everybody will print money and the purchasing power of paper money will go down.

"The fallacy of monetary policy in the US is to believe that this money will go to the man on the street. It won't. It goes to the Mayfair economy, and the West 15 economy of the well-to-do people, and to boost the asset prices of Warhols [paintings] and condo's - Sandy weill [of Citigroup] sold his for $85 million, now you're viewers can buy one for $95 million."

Telling Bloomberg that, at these "unbelievably distressed prices", he has become a buyer of Portuguese, Italian, Spanish and French equities for the first time, Faber went on to say that "I don't like bonds. I don't particularly like equities, but I think equities are a better space to be in than bonds."

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