Marc Faber likes gold, oil, mining stocks

One of the many Dr. Dooms these days, this one the author of the "Gloom, Boom, and Doom Report", Dr. Marc Faber thinks 2009 is going to be an "economic catastrophe" and favors gold, oil, and mining stocks.

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He starts out by describing how the bailout of Long Term Capital Management in 1998 led to the current financial crises, blames the Federal Reserve, identifies the U.S. Treasury as the biggest bubble of them all, and then moves on to many other topics.

Here's the summary from Bloomberg:

00:00 Forecasts economic catastrophe next year
01:14 Government bailouts, prefers doing nothing
03:17 U.S. treasuries, sees markets drifting lower
06:03 Chinese stocks, sees fluctuations in prices
06:56 Sees "bad" recession in China, equity outlook
07:45 Favors gold, gold miners, oil, BHP, Rio, Vale
08:34 Madoff, regulation, says SEC "fell asleep"
10:16 Calls for more accountancy regulation in U.S.
11:26 Sees volatility, S&P, dollar "disastrous"

On where to put money in the year ahead:

I continue to like gold and, at the present time, what is very depressed compared to physical gold are gold miners - the exploration companies. I would also say that oil at around this level is becoming attractive and oil companies are reasonably attractive, so these are the investments I would carry out at the present time. And the big mining companies - CVRD, Rio Tinto, BHP, and larger gold producing companies like Newmont and also Barrick.