Leeb – What to Look for Next in Gold, Silver Oil & Copper
February 27, 2012
Today acclaimed money manager Stephen Leeb told King World News that gold is already the de facto reserve currency in the world. Leeb also said oil is headed much higher and soon the Chinese will look to make a move in the silver market. Leeb is Chairman & Chief Investment Officer of Leeb Capital Management. Here is what he had to say: “I am not surprised there are no significant pullbacks in gold. I think it’s essential that individuals own gold here. The gold market definitely wants to power ahead on a short-term basis. I don’t think you can separate oil, gold and copper from one another.”
Stephen Leeb continues:
“I think scarcity in oil is a dramatic tailwind for gold. Politicians will inflate. They don’t want oil to bring down the economy like it did in 2008. Remember, this inflation will take place with commodity prices already high. So this will create significant inflation.
This means higher gold and silver. Gold at $3,000 by the end of the year, easy. Silver $60, $70, easy. What else do you buy? What currency do you buy? Do you buy the euro or the dollar when we are inflating? You can’t buy the Chinese yuan because it’s not freely traded.
Do you buy the yen with the Japanese pumping money into their economy? There are no other answers. Gold right now is the de facto reserve currency in the world….