Leeb:  “Eric, the Ukraine story, while very important, is almost a side bar to what’s really happening in the world, and in particular, Europe, Russia, and China.  What did not make the headlines was that the President of China, Xi, made a call to Germany....

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“This had to do with the fact that the trade relationship between China and Germany has greatly expanded.  China is Europe’s third largest trading partner, right behind the Netherlands and France.

One of the interesting things to note is that the trains which connect central China to Germany are controlled in part by Russia.  So the Russians control a significant portion of the rails that connect trade between China and Germany.  Meaning, the rebuke you hear from Merkel to Putin is just politics.  The Europeans and the West are in no position whatsoever to punish Russia for anything it does.

Russia also has a half a trillion dollar contract to supply them with hydrocarbons.  So there is a huge connection between Russia, China, and Germany, in which they are emerging as a ‘New Economic World Order.’  And on the other side, you have North America, which is Canada, Mexico, and the United States.

The problem is that the United States has ‘bet the house’ on fracking.  This is in sharp contrast to the Russians, Chinese, and Germans, who are betting the house on continued gains in conventional oil, as well as massive expenditures on renewable energies.

Now, if they succeed, and the Middle East senses that the Russians, Germans, and Chinese, are succeeding, it’s just a matter of time before you see oil priced in currencies other than the dollar.  Obviously, any basket of currencies will include gold.

And just look at the flow of gold from West to East.  It’s hard to overstate how important this will be to the gold market.  This will require a lot of gold to back up all the oil and other commodities that are traded.  So as the West continues to hemorrhage gold out of its vaults, they are just setting up the Russians and Chinese to ultimately crush the dollar.  This worries me. 

The West had better wake up and realize what’s going on here and do something about it.  Also, Lukoil just started production of oil in Iraq.  So the Russians are very active in Iraq and so is China.  So the balance of power is rapidly shifting to the East, and as I said, the West has to wake up or it will be crushed in the long run.”

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