Leeb: QE3 Is Now 80% – 90% & I’m Going All-In Gold If It Dips
April 19, 2012
With the release of the jobless claims number, the Dow at roughly 13,000 and gold near $1,650, today King World News interviewed acclaimed money manager Stephen Leeb, Chairman & Chief Investment Officer of Leeb Capital Management. Leeb surprised KWN when he mentioned if there is a break in the gold price, he is investing almost everything he has into gold and even some juniors. But first, when asked about the latest jobless claims number, Leeb responded, “388,000 is close to 400,000 and 400,000 is a number normally associated with a recession. We had about two or three months where all of the economic statistics were on the plus side, positive surprises.”
Stephen Leeb continues:
“Now, all of the sudden yesterday’s report on manufacturing and today, this is a standout negative surprise. This is exactly what Bernanke has been saying, that this economy is not growing enough to generate jobs and reduce unemployment. The reason gold got a bid this morning is because this 388,000 (number) brought us much closer to QE3.
You cannot sustain the US economy with 8%, 8.5% unemployment. And we’re getting suggestions right now that we may have seen the best of the good news. That’s bad news for the people out there, but it is pretty good news for gold….