Leeb:  “Eric, you have to like the technical action in gold.  At one point gold dipped below $1,200 and that marked the bottom.  Gold reversed that day and despite pauses, it has been in a steady uptrend since then.

Gold may consolidate some of the recent gains at these levels, but it’s clear to me that nothing has changed fundamentally in terms of the big picture for gold....

Continue reading the Stephen Leeb interview below...


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“Europe is attempting to recover.  Today we got pretty strong manufacturing data from Europe.

When you look at China, there is a great deal of negative press right now regarding China, but they will be a  superpower long-term.  No country is going to grow at 10% forever, so certainly there have been some adjustments taking place in China.

The slowdown in growth in China was to be expected, but I don’t think it will be serious in the bigger-picture.  The reality is that China will continue to be avid consumers of commodities.  Also, the Chinese are on a path this year to buy virtually all of the world’s production of gold.  Just the Chinese!

Unlike India, which has been a major importer of gold for many years and now has the government trying to clamp down on gold buying at the behest of the West, the Chinese have been stepping up their gold buying.  Gold trading in Shanghai has taken off.

As a result, China is accumulating massive amounts of gold.  Despite all of the news that China is in some bubble or free fall, they are still growing, and more importantly they have dramatically increased their gold buying.  China is also making its financial system more transparent.

As I mentioned in an earlier interview, places from Zurich, to Frankfurt, to London, are all competing to become become hubs of yuan trading.  So China’s currency is already well on its way to becoming more recognized and utilized in international transactions.

Part of what the Chinese are looking to gain from this increased transparency is to eventually move the yuan to the forefront of international currency trading.  The Chinese are not buying up all of the gold the world produces annually just because the Chinese citizens are accumulating gold. 

They buying massive amounts of gold because, as I’ve said to you for well over a year, they are going to back the yuan with gold.  The Chinese want the yuan to eventually become the world’s reserve currency, and the West is playing right into China’s hands by suppressing the price of gold so the Chinese can buy enormous amounts of it at highly discounted prices.

So the Chinese are planning for the next 5-to-10-years, and at the rate they are accumulating gold there is going to be no way the West can stop them from achieving their goal.  The West has been too busy mortgaging our children’s futures, trying to keep a collapsing financial system together and suppressing the price of gold.

The West, involving the Bank for International Settlements (BIS), has thrown everything it can at gold in a desperate attempt to convince people around the world that gold is not a currency.  It is quite clear at this point that this desperate gamble by the West has failed miserably. 

In the fullness of time, the West will be seen as having failed at its desperate gamble to stop gold from becoming a vital part of the global monetary system.  The blowback from the failed gold price suppression scheme will just add additional fuel to the coming fire that will burn down the Western financial system.”

Leeb also added:  “The West has been losing tremendous amounts of physical gold in this price suppression scheme, but gold is already starting to bounce back and over time it will head to $10,000 to $15,000. 

More and more people around the world are realizing that the primary way for them to protect their savings is by owning physical gold and physical silver.  This advance in gold and silver will be so violent that I don’t think it will be like anything any of us have seen in our lifetime.   

Eric, I just want to say something in closing about the mining shares.  As more and more people around the world continue to buy physical gold and silver, eventually these high quality junior mining companies are going to go into the stratosphere.  So I hope investors add some of these quality companies to their portfolios.”

© 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.

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Eric King

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