Marc Faber closed PDAC 2009 with a message to the mineral and mining industryies…..

“What you should all do is buy a farm and learn how to drive a tractor,” Faber told a chuckling audience. “In the future you don’t want to be in a city, especially a financial centre.”

War

Faber is predicting the likelihood that the serious economic recession or even depression that he is expecting will lead to war.

“It won’t be the traditional war, it will be poison in the water systems of major cities like New York or London,” he said.

On an economic turnaround

An uptrend in commodity prices will continue once the global economy recovers, Faber did however predict.

“When the global economy recovers, inflation and interest rates are likely to increase along with rising commodity prices”