Marc Faber of the Gloom, Boom, & Doom Report says the current market conditions remind him of those that preceded the 1987 crash. “I’m afraid that nothing is safe anymore,” he tells FOX Business Network, adding, “The safety is in diversification.” Faber says it is “not a good time to buy stocks.” There is one asset he likes, however.
“I think the precious metals is the one sector in the market that is very depressed,” Faber says. “We’ve had a huge correction, we might go down somewhat more but — compared to say stocks where the sentiment is very optimistic — the sentiment on precious metals is extremely pessimistic. Everyone thinks it will go down further, it may still go down somewhat but I think that people should own some gold in their asset allocation, they should own some real estate but not all of it in the U.S., they should diversify.”