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Gold & Silver To Surge As Money Pours Into These Markets
Today Stephen Leeb told King World News, “There is no plan for growth, and so in this type of environment people are going to remain very frightened.” Leeb, who is Chairman of Leeb Capital Management, also predicted, “This will lead to an ocean of paper money moving into the gold and silver markets.”
The acclaimed money manager also discussed Europe and the US, but first, here is what Leeb had to say about the ongoing crisis: “One thing that defines us today is fear, at least in this country. We are a very frightened people right now. For the first time that I’ve seen we’ve had a dramatic drop in median income. I’m not talking over the last 20 or 30 years, I’m talking about since this horrible recession began.”
Stephen Leeb continues:
“In the US as an example, median income in this country has fallen 10%. That’s unheard of and it’s enough to scare anybody to death. The US is a country that has been used to seeing its incomes rise. To find this double digit drop in median incomes is really horrifying.
How this relates to today is when people get scared, that means they become scared of their own currency....
Continue reading the Stephen Leeb interview below...
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“That is when gold and silver really begin to shine. I mean many people are hungry and can’t afford to fill up their gas tanks. Unemployment is sky-high in many countries.
For people that have savings, where do they go with that savings? So you are going to see a ground swell toward gold and silver. Where else do people turn in a world where they are scared to death? A world where you can’t earn any interest on your money.
This week we are going to have decisions by the European Central Bank and by the Federal Reserve as to how to provide some stimulus. Whatever they decide to do may work for a little bit, but it’s not going to work forever. And eventually they will create a lot of inflation and that’s going to scare people even more.
There is no plan for growth, and so in this type of environment people are going to remain very frightened. When people are frightened they turn to alternative types of investments. This will lead to an ocean of paper money moving into the gold and silver markets.
This eleven year bull market in gold, I don’t see it ending any time soon. The Chinese and Middle-Eastern countries are trying to shove gold into the hands of their populations, and they are trying to accumulate as much as they can, but the West isn’t even mentioning it.
I’m on record as saying we’re going to $5,000 to $10,000, but gold may go even higher. Civilizations have come and gone, paper money has come and gone, but gold and silver have remained money for 5,000 years. Gold and silver are in very strong bull markets and should remain so for many years to come.”
© 2012 by King World News®. All Rights Reserved. This material may not be published, broadcast, rewritten, or redistributed. However, linking directly to the blog page is permitted and encouraged.
author of “Red Alert: How China's Growing Prosperity Threatens the American Way of Life”
Just released, to order from Amazon CLICK HERE.
The interviews with legendary Art Cashin ($612 billion UBS), Gerald Celente, Don Coxe ($538 billion BMO) and Eric Sprott are available now. Also, be sure to listen to this week’s line-up of other KWN interviews which include MEP Nigel Farage, Peter Schiff, John Embry and Egon von Greyerz by CLICKING HERE.
Eric King
© 2012 by King World News®. All Rights Reserved. This material may not be published, broadcast,
rewritten, or redistributed. However, linking directly to the blog page is permitted and encouraged.
July 30, 2012
