With the dollar moving solidly lower and gold and silver rebounding, today acclaimed money manager Stephen Leeb told King World News that more and more fund managers are telling him they are buying physical gold with their own money, not GLD, and they are storing it themselves or in a vault outside of the banking system. Below is what Leeb had to say in this powerful interview.
Leeb: “We have the US dollar down over 1% today and gold has reacted by moving firmly above the $1,400 level. Silver is also moving higher. I think the question now is how fast are the metals going to advance? That will depend on a number of things, but one thing is certain and that is the selling is over.
Gold is going to be the single most important currency in the world going forward. That’s the way it is headed. One of the catalysts which may ignite the gold price would be if things erupt in the Middle-East. If we move aggressively into Syria then you are talking about Russia, the US, Iran, etc….
“Who knows what would happen in that environment? Oil could become very scarce in a very short period of time. But the bottom line for investors is the only way they can protect themselves and emerge from all of the coming chaos over the next several years, and with enough capital to secure a decent way of life, is through gold.
As I continue to speak with fund managers, more and more of them are telling me they are buying physical gold, not GLD. These people are taking their own money, buying gold and literally storing it themselves or in a private vault outside of the banking system. This is with their own personal money. What does that tell you?
I have never been one to distrust government, but more and more I am getting to that point. When you look at what’s happening in this country, many things are in the interest of powerful corporations and not in the interest of the country itself.