2012, Faber claimed that there was a "100% chance" of a global economic recession later that year or in early 2013. Subsequently, the average world product grew steadily by 3.4% in each of 2012, 2013 and 2014, and 3.5% in 2015. In 2012, Faber predicted that the S&P 500 index would fall at least 20% within 6–9 months following the re-election of Barack Obama. Subsequently, the S&P 500 index rose from a low of 1359.88 on November 16, 2012 to 1480.40 as of January 1, 2013, 1570.70 on April 1, 2013 (up 15% from the November low, 6 months after Faber's prediction), 1668.68 on July 1, 2013 (up 22% from the November 2012 low) and 1783.54 on November 1, 2013 (up 31%). On March 27, 2013, Faber said that the U.S. was creating nowhere-to-hide bubbles in many emerging economies such as Indonesia, Philippines, and Thailand (up four times from 2009 lows). On January 14, 2015, Faber predicted that gold prices would rise by 30% in 2015. Gold prices subsequently fell by 14% from $1234 on January 14, 2015 to $1060 on December 31, 2015. On July 23, 2015, Faber stated that investors must hold cash for better buying opportunities after correction. Writings Faber writes the monthly paper investment newsletter The Gloom Boom & Doom Report, as well as the online subscription letter "Monthly Market Commentary". He has also authored several books, such as The Great Money Illusion; The Confusion Of The Confusions (1988), Riding the Millennial Storm: Marc Faber's Path to Profit in the Financial Markets (1998) and Tomorrow's Gold: Asia's Age of Discovery (2010). Faber has been a contributor to Forbes and International Wealth (a sister publication of the Financial Times). He has contributed regularly to several websites such as Financial Intelligence, Asian Bond Portal, Die Welt, Finanzen, Boerse, AME Info, Swiss Radio, Apple Hong Kong and Taiwan, Quamnet, Winners, Wealth and Oriental Daily. He has also written occasionally for the International Herald Tribune, Wall Street Journal, and Borsa e Finanza. Faber has been long-term bearish about the American economy for a number of years, and continues to be so. He concluded his June 2008 newsletter with the following mock quote: "The federal government is sending each of us a $600 rebate. If we spend that money at Wal-Mart, the money goes to China. If we spend it on gasoline it goes to the Arabs. If we buy a