Today an acclaimed money manager told KWN that investors need to prepare themselves because the Chinese are going to push the price of gold, silver, and oil dramatically higher. Stephen Leeb also said the Chinese are going to start loaning money to companies to produce gold and they will demand physical gold as repayment.
Leeb: “Eric, right now the new dynamic is Germany, China, Russia, and India becoming the new economic leaders in the world. There will also be a new economic bloc involving China, Russia, and Germany....
“A major Russian gold
producer, Polyus Gold, is now in discussions with the Chinese about
getting loans because they need money to produce their gold. They have
one of the largest deposits in the world and they have turned to the
Chinese to help fund their gold production.
My
guess is that Polyus will be funded to some extent by China and the
Chinese will end up with some sort of stake in that mine. It will be
interesting to see whether the Chinese will accept payment for their
loans in gold, yuan, or rubles. I guarantee you the Chinese will take
payment in physical gold.
Gold
will end up being the currency the Chinese elect to take as repayment
for their loan to Polyus. Despite the propaganda, the Chinese are
accumulating gold as fast as they can, and they are making it more
difficult for the West to see how they are doing it and how much gold
they are accumulating.
It
used to be that gold just came in through Hong Kong and we got a
report. Now gold is coming in through Shanghai,and Russia. Who knows
how many other ways the Chinese are accumulating gold? It’s impossible
to keep track of how much gold the Chinese are accumulating. Obviously
the Chinese are very serious about building up their gold reserves as
fast as they can.
I
also want to mention once again that Germany wants a portion of its gold
back from the United States. In my opinion this is part of the planned
alliance between Germany, Russia, and China. This is a sign that the
world is moving toward a currency where gold is going to play a much
more prominent role.
The
role for gold will be much bigger than the Bank for International
Settlements wanted gold to play. Every day the role the BIS plays is
getting smaller, and with every ounce of gold the Chinese, Russians,
Indians, and Germans accumulate, the BIS becomes weaker. This means
that Western banks have less control.
The
largest company in France, Total, essentially just said, ‘There is no
reason to pay for oil in dollars. Pay for it in euros.’ That is
another sign of the dollar’s demise. A year or two ago no European
would have had the guts to say something like that, but now they are
saying it. And if it is going to be paid for in euros, then make it the
German mark because that is by far the most important currency in the
euro basket.
So
day by day, story by story, you are seeing this point of inflection
coming closer and closer. The message for your readers is they have got
to own gold. This is becoming a world where you should not be as
diversified as you once were. You should be overweighting gold in your
portfolio, and you have to have energy in your portfolio. That means
owning physical silver as well. So own gold, silver, and energy. Those
should be the bulk of everyone’s portfolio at this point in history.”
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