Gold and silver to surge on Asian demand: Leeb
Renowned investment expert Stephen Leeb says gold and silver are set to embark upon "the greatest bull market people will ever see in their lifetimes" amidst an industrial squeeze and a surge in appetite for precious metals from Asia.
Speaking to King World News Leeb said that the key factor spurring a surge in bullion prices will be a large-scale shift in gold from east to west:
It’s taking the Fed 7 years to send only 300 tons of gold back to Germany. But China is importing 700 to 800 tons of gold through Hong Kong in a single year. So gold is flowing from the West to the East. Meanwhile, Germany is pleading with the Fed, ‘Can we get some of our gold back?’
Following up on previous claims, Leeb continues to assert that China is amassing bullion in order to back its currency with the precious, and establish the yuan as a global reserve currency.
China's burgeoning economy will also push silver higher, due to industrial demand from the nation's photovoltaic sector. According to Leeb silver could well outperform gold, on the back of a dual industrial and investment squeeze.