Marc Faber’s Latest on Banks, U.S. Equity Valuations, Gold

The humble and wise Mr. Faber talks to Bloomberg TV. Highlights:

• “Quite a lot” of technical support on the S&P 500 at 1045
• Stocks are oversold near-term
• “Quite happy” to hold physical gold over other asset classes
• There was no real recovery, look at tax receipts — they are lower YoY
• June/July rally is likely, but won’t go above major resistance at 1220
• Market will probably be lower by late Fall 2010
• Fed will use strong bond market to ease “massively”
• Banks worldwide would be “gone” if not for massive government support and easy money
• Still very bearish on U.S. economy long-term, due to banksters ruining economy (my slightly-biased take on what he said)