Silver to blow through triple digits, gold to hit $10,000: Leeb
Storied money manager Stephen Leeb says silver is set to blast through the $100 threshold and gold will reach $10,000 due to rabid money printing by indebted governments.
In an interview with King World News Leeb says the Japanese have joined the US and EU in a race to print money and "see who can debase their currency the fastest."
The inflation that excessive money printing triggers will lend huge tailwinds to commodities prices, with gold and silver spearheading gains.
Leeb also points out the unsettling ambiguities in Bernanke's plans for a third round of quantitative easing, failing to provide a timeline for monetary expansion measures. According to Leeb the Fed chairman is "going to continue this policy well after the economy recover(s)" in order to spur consumer spending with inflationary expectations.
A final factor spurring inflation and a precious metal price surge will be China's stimulus spending on infrastructure projects, including $2 trillion over the long-term on a smart grid.
This is going to be a world in which the tailwind on commodities is going to be enormous. The big winner in all of this is going to be gold and silver. Silver will blow right through $100 and continue higher.
I have been saying to your readers that gold will hit $10,000. Well, Barron’s ran something over the weekend saying it could happen. Gold is rapidly becoming the premier currency of the world and this trend will continue.
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