Leeb:  “Germany, as we know, is repatriating their gold from the United States.  Everybody has talked about that -- ‘Why is it taking years to get a few hundred tons back to Germany (from the United States)?’  But guess who else they are repatriating their gold from?  France.

Now, the German comment is, ‘Well, there’s no need to store it in France because we’re all one currency now.’  Really?  And you expect to remain one currency for the next 10 or 20 years?  And if you’re just one currency, why not leave it in France?

Germany is getting very serious about their gold....

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“So they are the one Western exception.  The rest of the gold is headed East big time ... The reason Germany entered my head is because all of the sudden you see Germany, Toronto, London, all vying to be hubs for yuan trading.  That’s trading in Chinese currency.

All of the sudden the yuan is on the verge of becoming a reserve currency.  If you think that trend is going to stop any time soon, forget it.  But Germany continues to go it alone.  They continue to be the one European country after gold.  They want to be the hub of yuan trading.  So you can see how the world is developing, Eric.”

Leeb also added:  “This was inevitable that you would have a big decline in gold.  Ultimately the West, and in particular the United States, is desperate to keep the dollar at the forefront, to keep the dollar as the reserve currency.

The United States allegedly has 8,000 tons of gold.  So why do they (the BIS) exclude gold (as a top-tier holding)?  Why?  Because they are scared to death if they had said that gold could be a liquidity buffer, something banks and governments could hold in case of emergency, they would be blessing the concept that gold is a currency.

And once that happens gold goes to the moon.  If you call the ‘moon’ five-digits, that’s where it (gold) is going.  That’s what the United States is scared to death of.  Once you let that little secret out of the bag (that gold is a top-tier currency), there is no stopping gold.  There is no stopping silver.

When you look at what’s happened (to gold) in 2013, it will go down as the last desperate attempt to hold gold back.  The West still had one gun left and they fired it in 2013.  This was something that had to happen.  The West was going to do whatever it could to keep gold down.  But eventually it won’t be enough.

And China has the right idea.  They know they need gold.  So there’s no top (on gold).  This will go down as a chapter in a book titled, ‘Western desperation, the last gasp of the dying West.’  And the last chapter of the book will be titled, ‘Five-Digit Gold.’”

IMPORTANT - The KWN audio interview with Dr. Stephen Leeb covering the gold and silver smash, plus much more is available now and you can listen to it by CLICKING HERE.

© 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 audio interviews with Marc Faber, Stephen Leeb, Dr. Benn Steil, Eric Sprott, Andrew Maguire, John Hathaway, Dr. Paul Craig Roberts, MEP Nigel Farage, Rob Arnott, Egon von Greyerz and Art Cashin are available now.  Also, other outstanding recent KWN interviews include Jim Grant and Felix Zulauf by CLICKING HERE.

Eric King

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