If you're not careful, Jamie Dimon will send your physical gold to Hugo Chavez...

Last week on CNBC the following classic exchange occured:

Faber: "I prefer if investors hold physical gold in a safe deposit box, ideally outside the US, in various locations - Switzerland, Singapore, Hong Kong, Australia, Canada. I think it’s important in today’s very uncertain world to diversify, not only the various asset classes, but also the custody of your assets should be in different jurisdictions."

CNBC: "Uh, so do you thus not trust US banks or US custodians? Do you think they might fail or abscond with the gold?"

Laughter and smirking from CNBC.

Faber: "I don’t trust anyone."

Uncomfortable silence.

CNBC: "Hmmm. Interesting."

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