Faber also cited weakness in the high-end as another key catalyst that's very negative.

"There are more and more stocks that are breaking down -- economic sensitive stocks and companies that cater to the high-end," he said. "That suggests to me the economy is likely to weaken and the huge asset run is likely to come to an end with significant asset deflation."


[Regarding a Greek exit,] it's worth noting that Faber is talking hypothetically; he does not think Greece exits the EU in the near future.

"What I think will happen is that Germany will show more flexibility and issue more euro bonds."

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