Today an acclaimed money manager told King World News that "2015 and 2016 will be among the most critical years in Western civilization." He also said that gold is going to regain it prominence in the monetary system and silver is headed into the stratosphere.
Stephen Leeb: “Above
all I am focused on oil prices and its temporary negative effect on
gold. But longer-term what is developing is phenomenally bearish for
the West and bullish for the East. Several reports from brokerages,
Goldman Sachs among them, have been released in recent days saying that
if oil prices stay near current levels you could see a $1 trillion
reduction in capital expenditures across the globe.
“The
implications of that would probably be a 7 or 8 percent fall in oil
production worldwide. This would lead to dramatically higher oil
prices….
"I
believe these lower oil prices were engineered by the Saudis and the
Chinese and I think the Russians have been good soldiers and have gone
along with it. But the kind of volatility you will see in the future in
the oil market is something we have never witnessed before.
I
also believe that 2015 and 2016 will be among the most critical years
in Western civilization. I know that the dollar is no longer going to
be king of the hill at the end of this. So the United States is no
longer going to have any real control of our fate. I also think it’s way
too late for the U.S. to start trying to build an alternative energy
based economy. The Chinese are way ahead of us in that space.
Instead
we have placed our faith in fracking and deep-water drilling. But it’s
going to be impossible to do this stuff with oil prices anywhere near
where they are today. You need to get 4 or 5 barrels of oil for each
barrel you use in procuring energy. But we are lucky if we get 3
barrels of oil for every 2 we use when fracking. So the fracking
industry is headed for catastrophe.
Now,
the Russians are going to have a very bad year with the ruble under
pressure, but I don’t think they are that worried. I think the Russians
will trade a bad year if they believe the coming years will be some of
the best in their history. The Russians will be the primary
beneficiaries of the wipeout in the oil patch and especially the
fracking industry. The Russians have an incredible amount of energy
resources and money is going to pour into that economy in coming years.
So
Russia is going to turn out to be a major winner before this is over.
And China has already been a major winner. They have been buying oil
hand-over-fist, and you will also continue to see a massive flow of gold
to these Eastern countries. These nations know the dollar has a much
less important roll in tomorrow’s world. And Eastern countries, led by a
gold-backed yuan, are preparing to seize the head seat of world
dominance.
Just
a side note on silver, Eric. We will continue to see some volatility
but silver is headed into the stratosphere over time because of
dramatically increased demand from China. So gold will be the world’s
currency of choice in the future but silver is where investors will see
the biggest gains. By the way, these rumors that Russia will be forced
to sell some of its gold are fairy tales. This talk is just being used
to jawbone the gold market lower. But investors simply need to
disregard this anti-gold propaganda and own gold and silver and forget
about the paper markets because they will eventually burn.”
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