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Leeb:  “Silver has been the star of the show lately, but I just want to point out that suddenly good news on the economy is good news for gold.  This is a major trend change.  How long ago was it that the U.S. would have good economic news and gold would take a huge hit?


Now, all of the sudden, every bit of good news on the economy sends the gold price moving solidly to the upside.  Today the U.S. had consumer sentiment numbers reported that were higher than expected -- and gold starts advancing to the $1,425 area.  Silver also continued its seemingly relentless advance....


Continue reading the Stephen Leeb interview below...




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“We are not just seeing strength in gold, we are also seeing strength across the board in commodities.  Crude oil is up $3, nearing the $110 level.  So we are seeing very, very big moves taking place right now.  We are also seeing signs of economic growth.  Europe has made a bottom.  Europe had seen six consecutive quarters of negative GDP growth, but that has finally been replaced by a positive GDP number.


One of the biggest economic stories, however, is China.  The Economist, in their latest issue, had an article discussing the extreme pessimism toward the Chinese economy.  But China is rapidly moving to a consumer-oriented growth economy. 


As China plans to urbanize the equivalent of 80% of the entire U.S. population, this will only fuel the need for all commodities, particularly oil.  This will also contribute to the internal spending and growth in China.  The Chinese leadership is also aggressively attacking corruption inside of China.  This will only serve to strengthen China in the long run.


But circling back to the United States, one of the big decisions being made is, who will become Chairman of the Federal Reserve?  Janet Yellen and Larry Summers have been considered top contenders.  But it is possible that Timothy Geithner may end up being chosen for this position.


Larry Summers and Janet Yellen are both very strong personalities and will run the Fed as they see fit.  But President Obama may decide he will have a better chance to get the economy rolling and create more inflation by choosing Timothy Geithner as the next head of the Fed.


The last time the world saw commodities enter a major period of strength, which is what I believe we are now beginning to see once again, we saw the Fed tighten a bit and as commodities began to soar there were derivatives blowups at major firms such as Bear Stearns, Lehman Brothers, AIG, etc.  This helped to set off the worst recession since the Great Depression.


Now, with commodities surging once again, we may well be in danger of seeing the beginning of a repeat of what set the stage for the massive collapse of 2008.  So I believe President Obama will move to get inflation soaring in order to wipe out much of the U.S. debt burden, and also to avoid a repeat of 2008.  Regardless of how this all unfolds, I strongly believe that gold and other commodity prices are set to soar in the future because nobody running the Fed will pull the rug out from under the economy.


We are nearing an inflection point for the price of gold, and I expect that gold has already begun the advance toward the $10,000 long-term target I have predicted on KWN.  If I am right and Geithner is chosen to head the Fed, the entire apparatus of the Fed will be in the hands of someone who is aiming for huge inflation.  This is what could seriously unleash the price of gold.


We may see some backing and filling in the price of both gold and silver, but then it will be off to the races.  The prices of both of these metals will literally explode after some backing and filling and consolidation of the recent price gains.”


Leeb also added:  “I just want to end by talking about silver.  Silver has been the star of the show because lately silver has been gold on steroids.  Not only does silver get the monetary boost, but it’s also getting the industrial metal boost.


Virtually every country around the world has realized they are going to need a lot of solar and other renewable energies to run their economies in the coming century.  Once you start talking about solar, you are looking at massive demand for physical silver. 


Silver is already highly sought after because of its extraordinary properties.  When you compound that with the increased demand from future photovoltaics, triple-digit silver is in the bag.  Investors will look back and say, ‘Can you believe silver was under $20 an ounce in 2013?’


But as gold heads toward the major inflection point that will launch its historic move to $10,000, silver will begin to move headed hundreds of dollars higher.  The bottom line is that both gold and silver are going to have moves that will be written about in the history books for a long, long time.”


© 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.


The audio interviews with Eric Sprott, Egon von Greyerz, Michael Pento, James Dines, William Kaye, Grant Williams, Dr. Paul Craig Roberts, Gerald Celente, Hugo Salinas Price, Art Cashin and Marc Faber are available now. Also, other outstanding recent KWN interviews include Jim Grant and Felix Zulauf to listen CLICKING HERE.


Eric King

KingWorldNews.com

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