After a week that saw global stock markets reeling, today one of the top money managers in the world told King World News that China may be in a state of chaos, but they possess a staggering 15,000 – 18,000 tonnes of gold.
Stephen Leeb: “Right now you have some questions emerging about China. Maybe I’m the only bull left on China but I still think that China will come out of this and I still think commodities will see another ray of light….
Continue reading the Stephen Leeb interview below…
Trouble In Saudi Arabia And The Oil Market & What This Means For Gold?
“You should see much, much higher oil prices (going forward). Low oil prices have put tremendous pressure on Saudi Arabia and they just can’t maintain that. Fighting wars and low oil prices just don’t make a lot of sense for a country whose only source of real income is oil.
They (Saudi Arabia) have had to borrow money in the debt markets, so there are a lot of reasons to believe that the oil price should come back. The wildcard clearly is China and this does tie directly to gold. If China really is seeing major outflows of currency, and there certainly are signs that there are outflows, one thing they can do very quickly and very easily is start buying more gold and start ratcheting up the price of gold.
China Possess A Staggering 15,000 – 18,000 Tonnes Of Gold
My feeling is that this will probably be their strategy. China has much more gold than what was recently indicated by their central bank. The real number (of their true gold reserves) could be 15,000 – 18,000 tonnes (including gold held by the state-owned banks). And the central bank is free to take as much gold as they want (from the state-owned banks, etc). And if the price of gold goes up 10 percent, so does the amount of their true reserves.
But longer-term China will be successful. You will see a Silk Road and a massive spend on infrastructure and a massive reversal on commodities. As I look at China today they still have a lot of rabbits they can pull out of the hat. They still have close to $4 trillion in reserves. But the only real viable asset on the screen is going to be something like gold or gold related….” (discussion continues in the audio) ***KWN has now released the incredible audio interview with Stephen Leeb, where he discusses the chaos in global markets and China, what investors can do to prepare and protect themselves, why gold, silver, and commodities are headed higher and much more, and you can listen to it by CLICKING HERE OR ON THE IMAGE BELOW.
***KWN has also now released the incredible audio interview with Egon von Greyerz, where he discusses the worldwide collapse, chaos in China, what investors can do to prepare and protect themselves, why gold and silver are headed to new all-time highs and much more, and you can listen to it by CLICKING HERE OR ON THE IMAGE BELOW.
***ALSO JUST RELEASED: The Collapse Of A Deluded Fantasy And The Most Devastating Reality Check Of All CLICK HERE.
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