Today one of the top money managers in the world told King World News that John Hathaway is right that the price of gold is going to skyrocket.
Eric King: “Stephen, I know you’ve had a chance to look at the KWN interview with John Hathaway — your thoughts on what John had to say.”
Stephen Leeb: “John is absolutely right. Eric, I don’t think people really appreciate how little gold there is in the world. If you add it all up, the value of all of the physical gold in the world is something like $7 trillion….
In a King World News interview I spoke with the man who predicted the Swiss National Bank would experience staggering losses and that the Fed would also experience massive losses that will destabilize the global financial system! His company is the only one in the world offering a precious metals investment service outside the banking system, with direct ownership and full control by the investor. He has also become legendary for his predictions on QE, historic moves in currencies, and major global events. To find out what he and his company can do to help answer that age old question for you CLICK HERE.
Stephen Leeb continues: “That may sound like a lot, but consider about half of that is in the form of jewelry, and a large portion of gold is held by central banks. That leaves very little gold available for ETFs and investment purposes.
So when the conditions that John describes start to unfold, good luck finding physical gold. He’s absolutely right that it will drive the price of gold through the roof when that scramble for physical gold unfolds. Who understands this? The Chinese, Russians and the Indians. The Chinese have actually been building new vaults to house their massive gold hoard.
So investors need to buy physical gold while it is still deeply discounted. Investors might also want to invest in high quality mining companies just in case we get an FDR type of situation where they start confiscating gold. But the main point for investors to understand is that there is a minuscule amount of gold available for the public buy.
Eric, when it comes to projecting where the price of gold is headed, if we see a shortage of commodities in the future, gold will head dramatically higher. We will see prices of $10,000, $15,000, $20,000. But no matter what scenario unfolds, we will see a major rise in the price of gold. It’s too late for any central bank or government to stop that from happening.” ***KWN has now released the extraordinary audio interview with legend Art Cashin discussing his greatest fear and the the implication of this for the gold market and you can listen to it by CLICKING HERE OR ON THE IMAGE BELOW.
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