Faber: Market May Fall Below 1,100

Marc Faber told CNBC yesterday that he thinks the S&P500 could fall to as low as 1010 by the end of the ongoing sell-off. Faber also believes gold could fall. However, he believes both markets are oversold and is more keen to buy gold on a rebound than equities.

Also note Marc’s comments on China where he sees the selloff in Dr. Copper as a sign of a slowing Chinese economy. In his view, recent market turmoil has more to do with China than Greece. Longer-term, he is still bullish on Asia.

Note: this post has been altered to reflect Faber’s view that it is equities which could have further to fall despite being oversold instead of gold.

About 

Edward Harrison is the founder of Credit Writedowns and a former career diplomat, investment banker and technology executive with over twenty years of business experience. He is also a regular economic and financial commentator on BBC World News, CNBC Television, Business News Network, CBC, Fox Television and RT Television. He speaks six languages and reads another five, skills he uses to provide a more global perspective. Edward holds an MBA in Finance from Columbia University and a BA in Economics from Dartmouth College. Edward also writes a premium financial newsletter. Sign up here for a free trial.