KING WORLD NEWS ABOUT THE FOMC MEETING YESTERDAY !!! READ
Today acclaimed money manager Stephen Leeb spoke with King World News about the FOMC meeting and what is happening with gold and silver. Here is what Leeb had to say: “Eric, yesterday was Fed day and the Fed didn’t surprise too many people when they announced they were going to buy $85 billion worth of government paper each month. If you do the calculations that comes to $1 trillion per year. This leaves me speechless $1 trillion worth of paper each year.”
Stephen Leeb continues:
“Combine that with what Japan is doing. The Japanese yen yesterday was getting crushed because they are now in the midst of doing the same thing. Here you are in world where every major economic bloc is printing money as fast as they can. This is really making me angry.
I care about this country and the people that live here, and when you see money being printed like tissue paper, you know most bond certificates are going to be used to burn wood and keep houses warm....
“$1 trillion each year the Fed is buying is a ‘1’ with 12 zeros after it. A huge number of people in this country only have $500 in savings, and many have nothing. You start thinking about $1 trillion and it’s hard to get your mind around it.
So right now there is a sense of desperation about gold. All of the developed world economies have been built on paper currencies. This is why governments are so active manipulating gold. That’s just the way it is. If people read the ‘Holy Grail’ article on your site they will realize we are headed to a point of inflection where the manipulators will have to eventually give up.
Right now you can buy gold, which is headed to $10,000, at $1,700. So these prices which are manipulated are simply a gift. When I said oil was a $100 commodity, it was trading lower than where silver is today. Everybody said I was crazy. I’m not crazy. Gold is heading to $10,000 with or without people reading this. Gold and silver are really the de facto currencies in today’s world and they will be the leaders going forward, not paper assets.
The one caveat would be the miners. Quality miners are a paper asset investors can believe in. A great deal of big money has been patiently positioning themselves in key mining stocks just waiting for the explosion they know is eventually coming.
But everyone should own physical gold and silver. Once you start buying gold and silver it’s hard to stop. Once you get it in your hands you just want more. So for people who are discouraged in physical gold or mining shares, don’t be. Your day is coming and it’s coming sooner than you think.”