Today one of the top money managers in the world spoke with King World News about China's massive and growing gold hoard and their plans to back the yuan with gold. He also answered the question: Is the price of gold really headed above $19,000?
Stephen Leeb: “Gold is a little bit weak (right now) but I can tell you that it’s going to be Chinese buying and U.S. selling and maybe U.S. shorting. You have to own gold under these kinds of conditions if you are living in a country that has become desperate and you are looking at a new monetary system starting to unfold….
Continue reading the Stephen Leeb interview below…
“Russia and China are already trading in yuan and rubles and China is collecting all this gold. There is so little doubt in my mind that you are going to have some form of gold currency or gold backing.
China To Back The Yuan With Gold And Is Gold Really Headed To $19,000?
So gold is going to have to go up dramatically because at today’s prices, its dollar value is not that much. My calculations, Eric, are for gold to reach $19,000. And we are getting so close to the point where China says, ‘We’ve got 4,000 tonnes (or so of gold). Then (later) they may say they have 8,000 tonnes and all the sudden they are the biggest gold holder in the world. And then they start backing their yuan with gold.
What currency are you going to hold? If you see the yuan being partially backed by gold and then you see the U.S. printing money like its going out of business, what currency do you want to own? It’s clear that all these infrastructure banks and the BRIC bank and other institutions that China is setting up that are going to govern the East are going to do their transactions in some of currency that is backed by gold.
Wherever you look, Eric, everything is flowing to the East. Right now the focal point is Greece. And anyone who would have told you that little Greece would snub their nose at the IMF and refuse to make a payment, which is what they just did, would have been sent out to the loony bin. But the reason Greece can do such a thing is they’ve got two major countries on their side right now and that’s Russia and China. And Germany is more aligned with the East as well.
The End Of The Beginning Of A New World Order
So things are happening and you could wake up one morning and the world will look unbelievably different that it does today. Right now, Eric, this is the end of the beginning of the New World Order. Basically we’ve played out all the innings and now the transition starts taking place, and that means gold should start rising very, very soon.” ***KWN has now released the powerful audio interview with Stephen Leeb, where he discusses China's massive gold hoard, what surprises to expect next, and much more, and you can listen to it by CLICKING HERE OR ON THE IMAGE BELOW.
***KWN also has now released the extraordinary audio interview with Andrew Maguire, where he discusses the gold and silver takedown, what surprises to expect next, how much physical gold tonnage has been taken out of the market and much more and you can listen to it by CLICKING HERE OR ON THE IMAGE BELOW.
***ALSO RELEASED: The Public's Illusions Are About To Be Crushed As The Biggest Ponzi Scheme In World History Implodes CLICK HERE.
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The audio interviews with Stephen Leeb, Andrew Maguire, Michael Pento, Dr. Paul Craig Roberts, Gerald Celente, Eric Sprott, Robert Arnott, David Stockman, Chris Powell, Rick Rule, Bill Fleckenstein, John Mauldin, Egon von Greyerz, James Turk, Dr. Philippa Malmgren, Marc Faber, Felix Zulauf, John Embry and Rick Santelli are available now and you can listen to them by CLICKING HERE.