For those of you who are fans of Dr Stephen Leeb you might be interested to know that he has just given an interview with Eric king of KWN. Below is a short snippet of what they talked about and also a link to Eric’s website so that you can listen to the complete audio.
With the release of the jobless claims number, the Dow at roughly 13,000 and gold near $1,650, today King World News interviewed acclaimed money manager Stephen Leeb, Chairman & Chief Investment Officer of Leeb Capital Management. Leeb surprised KWN when he mentioned if there is a break in the gold price, he is investing almost everything he has into gold and even some juniors. But first, when asked about the latest jobless claims number, Leeb responded,
“388,000 is close to 400,000 and 400,000 is a number normally associated with a recession. We had about two or three months where all of the economic statistics were on the plus side, positive surprises.”
“Now, all of the sudden yesterday’s report on manufacturing and today, this is a standout negative surprise. This is exactly what Bernanke has been saying, that this economy is not growing enough to generate jobs and reduce unemployment. The reason gold got a bid this morning is because this 388,000 (number) brought us much closer to QE3.
You cannot sustain the US economy with 8%, 8.5% unemployment. And we’re getting suggestions right now that we may have seen the best of the good news. That’s bad news for the people out there, but it is pretty good news for gold....
“QE3 seems to be an 80% probability within the next three or four months. It may even be 90%, given that there is an election out there. I certainly don’t see any reason not to be in gold at this point. Long-term the case is so powerful.
Please click here to listen to the audio on KWN.
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