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Stephen Leeb - This Will Drive Silver to $100 Rapidly

With gold trading $37 higher and silver up almost $1, today King World News interviewed acclaimed money manager Stephen Leeb, Chairman & Chief Investment Officer of Leeb Capital Management. When asked about the action in the metals, Leeb responded, “I think gold is just confirming a breakout here. We have clearly had a breakout and I would not be at all surprised to see gold finish the year at $2,000. Investors are slowly coming to believe that QE3 is on the way and with inflation already close to 4%, you are starting to look at very ,very high inflation.”

Stephen Leeb continues:

“You have no safe currencies that are left, other than gold. There is nothing else that people are comfortable holding. As long as resource scarcity is there, and everything I look at says it’s there and getting worse by the day, you haven’t seen anything yet with regards to gold.

Before this is over it will be a huge bull market in gold. We will have to add another digit to the gold price. Every day that goes by makes that ever more likely.

Here’s silver near $35, up from $20, so it’s up 75% in price in just over a year and people are bearish. To me this just means that silver is going dramatically higher. Solar is already taking 11% of silver production. How long before it takes 100%?

Solar is just on the tarmac, solar hasn’t even taken off. And we are not even talking about silver as a monetary metal. That’s basically silver’s history, that of being a monetary metal. So the question is what drives the price of silver to $100 more rapidly, monetary or industrial use or some combination?....

Continue reading the Stephen Leeb interview below...

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Goldcorp discuss which company he invested $50 million

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“I’m very surprised to see a metal that is up 75% in just over a year that has very low sentiment readings. The fact that no one likes silver is even more reason to expect this thing could explode. Silver could break $50 much faster than people think. I think people are going to be stunned and still scratching their heads when they see silver go over $50, as if it weren’t even resistance.”

Leeb also added, “We now have crude oil trading at $95 a barrel so $4 gas is on the way. China is the big story here because they are no longer in a tightening mode. Selectively the Chinese are going to start loosening policy and spurring growth.

You have one country that has shifted from dead in the water to trying to climb out slightly and that’s the US. Europe remains a basket case and China seems ready to accelerate. With these hints of growth we are getting really strong moves in commodities. This just makes the bullish case for gold that much stronger.”