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.