Today an acclaimed money manager told King World News that China is causing massive worry for the gold shorts, but also said investors need to keep an eye on silver because it’s headed to triple-digits. Stephen Leeb also discussed the fact that gold is heading back into the world monetary system.
Leeb: “2015 and 2016 will be among the most important in the history of capitalism. They are really going to determine the world’s fate and whether or not the West can somehow make a comeback, which I think is looking less and less possible, or whether we will see China really emerge as the center of the world. I think we will know the answers to these questions within the next 18 months….
Continue reading the Stephen Leeb interview below…
Eric King: “Stephen, I find it interesting because you kept warning there would be a final downdraft in the gold market, but China would put a floor in gold. We had the interview with you where pointed out that a mystery buyer came into the market (at $1,150) and took on all short sellers for hours at a time in overseas gold trading. They bought every single ounce of gold offered. You said that was China. Where are we headed from here?”
Leeb: “Eric gold is headed way higher. Even the best case scenario I can see for the U.S. is not one in which the dollar retains its hegemony. You are going to (eventually) have gold as part of worldwide currency. The doubts are disappearing that gold is headed for a much, much more important role in the world’s monetary system.
You don’t try to stop a falling knife at $1,150 — no one does that — unless they say they want as much (gold) as you can give them. Why is China also accumulating so much oil? Things are changing rapidly and you are having this massive shift (of power) to the East. It’s not a pretty picture sitting here as an American. I don’t like saying these words but you’ve got to tell the truth.
And, Eric, if I told you where I thought (the price of) silver was going to end up you would probably have people with white coats at my house putting me in the insane asylum. I don’t think there’s a number you can put on silver but let’s just say three-digits minimum is where silver is going over the next several years.
And the amount of silver that we will need by the very early part of the next decade exhausts all current (annual global) production. Where are you going to get it (the silver) from? Silver is going to make you rich, there’s no other way around it.” KWN has now released a second written interview with London metals trader Andrew Maguire, and his remarkable audio interview is now available.
IMPORTANT – KWN has many more interviews being released today.
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The audio interviews with Stephen Leeb, Andrew Maguire, John Embry, Gerald Celente, Rick Rule, Bill Fleckenstein, Ben Davies, Greyerz-Turk-Stamm, David Stockman, William Kaye, Eric Sprott, Rick Santelli, John Mauldin and Marc Faber are available now. Other recent KWN interviews include Jim Grant and Felix Zulauf — to listen CLICK HERE.