Marc Faber explained his gold investment philosophy to CNBC. Like Peter Schiff, Faber is a contrarian who doesn’t buy into the consensus view that the United States dollar is going to remain a strong currency. While the price of gold in Chinese yuan has risen steeply recently, Faber still believes it is a great time to buy gold in US dollars as well.

Highlights from the interview:

“I still think [gold] is a desirable asset. An asset that is like an insurance policy. We didn’t have a major accident, because of the bailouts by the Federal Reserve and other central banks. But the accident may happen with some delay, and I recommend every investor to have some money outside the financial markets and outside the financial sector. I think that gold is still a very desirable asset, especially at this price…

“I think [that even in US dollar terms, this is a good time to buy gold], because I don’t trade gold. I accumulate gold as an insurance policy. Secondly, the consensus is that the dollar will stay a strong currency. That is not necessarily my view. I think eventually the dollar will weaken again, and at that time, gold should perform reasonably well.”