Marc Faber: Now's the Time to Buy Mining Stocks, Oil and Gas Image: Marc Faber: Now's the Time to Buy Mining Stocks, Oil and Gas (DPC)
By F McGuire | Friday, 20 May 2016 12:14 PM
Marc Faber, author of the Gloom, Boom & Doom Report, says he is bullish on mining stocks as well as oil and gas shares despite his well-known gloomy outlook.
"Some depressed sectors are showing signs of major lows," Faber told CNBC. "I am still negative about stocks but I can see more money printing in the future, which will lift some sectors."
However, he is bullish on mining, oil and gas because if the values of currencies become depressed, gold and other commodities could see additional demand from those hoping to use them as stores of value.
"The most attractive asset in my view is gold shares and oil and gas shares," Faber told CNBC's "Trading Nation." "I think they still have significant upside potential this year."
As far as general investing advice, he touted the cliché of variety is the spice of life.
"You need to be diversified," he said. "To own some real estate makes sense, to own some equities makes sense, to own some cash and bonds probably makes sense, and to own some precious metal makes sense."
But his overall assessment of the U.S. economy was his typical gloom and doom.
"The market will not go up. Technically, the market isn't looking very good."
Faber isn't the only respected financial voice in warning about the economy.
Raoul Pal, a former hedge-fund manager and founder of the Global Macro Investor, a macroeconomic research service, warns that the United States is at risk of another recession.
The global macro analyst told Yahoo Finance he is seeing many of the same signs he saw back in year 2000 just before the tech bubble burst.
“It just feels like everyone is willing the market to go up, but something is going wrong in the overall underlying dynamics of the market,” he said of the overall stock market volatility this year.
Poster Comment:
Faber wants some tall cash for that report.