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Stephen Leeb continues:


“Obviously there would be an even bigger flight from the dollar and into gold right now if Basel had ruled the other way.  Imagine a world in which the US dollar is no longer the reserve currency.  That day is coming.  Under those conditions QE becomes tremendously difficult and interest rates explode....


Continue reading the Stephen Leeb interview below...




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“This plunging dollar and rising interest rates would be taking place as the dollar lost its status as the world’s reserve currency.  No one can get away with the kind of money printing and the kind of debt we have.  People have to remember that a lot of our debt is owned by others.


Japan can get away with a great deal of monetary stimulation because their debt is owned by the Japanese.  No one outside of Japan really has any Japanese debt.  But everyone outside of America has American debt, and we just keep funneling money out there.


If the US dollar is not the reserve currency, the US will be in big trouble.  When the yuan takes over and backs their currency with gold it will be lights out for the dollar.  You will see a panic out of the dollar as that comes to fruition.  So there is this desperation by the US to keep gold from rallying, and to keep gold from qualifying as anything that has to do with a basket of currencies. 


We may be successful at this for a little while longer.  I mean the Chinese will play along for a little while longer because they want to buy gold as cheap as they possibly can.  The Chinese can exercise patience here, it’s to their advantage.  But eventually this situation is going to explode, and when it does you are going to see the bull market in gold really begin.


Take a look at gold vs currency reserves.  Gold remains at 1.5% of currency reserves.  That hasn’t really changed much this century.  Gold has yet to become a more meaningful part of reserves.  That is still to come.  When you start to see the price of gold soaring to the upside, this is when gold will soar as a percentage of currency reserves.  It will be very difficult for investors to get on board as gold is accelerating during that phase.


The Chinese and other countries are competing now to accumulate gold on price drops.  This is why gold remains firm, even in the face of the entire mainstream media trumpeting the end of the gold bull market.  If you want to be really wealthy and successful in this world going forward, follow the Chinese.  They are buying gold in a very, very controlled fashion.  When they have enough, they will let the price go wild.  Of course the West will be left holding the bag when this process is all over.”


© 2013 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.


Dr. Stephen Leeb: Chairman & Chief Investment Officer of Leeb Capital Management and the

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 John Hathaway, Gerald Celente, Eric Sprott, Art Cashin, Michael Pento, MEP Nigel Farage, and Michael Belkin are available now.  Also, be sure to listen to the other recent KWN interviews which included James Dines, William Kaye, John Embry, Jean-Marie Eveillard, Rick Rule and Pierre Lassonde by CLICKING HERE.


Eric King

KingWorldNews.com

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