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Marc Faber Kicked Off Three Gold Companies After Racist Comments

Kitco News

(Kitco News) - The precious metals sector is distancing itself from racially charged comments from famed investor and gold bug Marc Faber, who has been removed from the boards of directors of three companies.

The first to announce Faber's removal was Sprott Inc., a global leader in the precious metals market, managing a variety of gold trusts, funds and exchange-traded products. Currently, the firm manages assets valued at around $10 billion.

““The recent comments by Dr. Faber are deeply disappointing and are completely contradictory with the views of Sprott and its employees,” said Peter Grosskopf, CEO of Sprott. “We pride ourselves on being a diverse organization and comments of this sort will not be tolerated. We are committed to providing an inclusive workplace for all of our employees and we extend the same respect to our clients and investors.”

Following Sprott's announcement, Nova Gold said that it had asked and accepted Faber's resignation from its board of directors. Also, late Tuesday evening, Ivanhoe Mines (TSX: IVN) removed him from its board.

"Ivanhoe Mines’ values of equality, respect and dignity for all people are a fundamental underpinning of the company’s enterprise and the conduct of every aspect of its business. There is zero tolerance for racism. Ivanhoe Mines disagrees with, and deplores, the personally held views about race that Marc Faber has published in his current investment newsletter," the company said in a statement.

Faber is being spurned by the investment community following comments in this latest newsletter, saying that the U.S. is great primarily because it is ruled by white people.

"And thank God white people populated America, and not the blacks. Otherwise, the U.S. would look like Zimbabwe, which it might look like one day anyway, but at least America enjoyed 200 years in the economic and political sun under a white majority," he wrote.

When Kitco News reached out for a comment, Faber said, "apologize for what? For stating the truth?"

Disclaimer: The views expressed in this article are those of the author and may not reflect those of Kitco Metals Inc. The author has made every effort to ensure accuracy of information provided; however, neither Kitco Metals Inc. nor the author can guarantee such accuracy. This article is strictly for informational purposes only. It is not a solicitation to make any exchange in commodities, securities or other financial instruments. Kitco Metals Inc. and the author of this article do not accept culpability for losses and/ or damages arising from the use of this publication.