Today acclaimed money manager Stephen Leeb told King World News, “There is no doubt that the Fed is going to print hundreds of billions of additional dollars.” Leeb also said, “They (the Fed) will have created multiple trillions of dollars and it won’t stop.” Leeb also said that in this environment, “… silver is easily going to $150.”
But first, here is what Leeb had to say about the situation in Europe: “I think the German high court decision was expected. It won’t have any effect on Europe’s ability to reflate. Bond purchases will take place, and Europeans now recognize they are all interrelated. If something happens to any of those big economies, Spain, Italy, etc., they all go down.”
“That’s a big deal, Eric. That’s the big takeaway from the last couple of months. Europe, they are going to be creating a great deal of money. The implications for precious metals, gold, etc., are very, very positive. They’ve printed a ton of euros already, but guess what? The euro today, at 1.29, is higher by about 5% vs its average since the beginning of the century.
This is with Europe experiencing tremendous problems. Now what does that say about the US dollar? It says that it’s a terrible currency….
“If our currency is underperforming the euro, it means there aren’t any other (paper) currencies you can turn to. And if there are no paper currencies you can turn to, you have to turn to gold.
I don’t know if gold is going to shoot up to $2,000 in the next month, but I know that the direction over the next several years is going to be dramatically higher. The bottom line here is that the dollar has underperformed the euro, even with all of the problems Europe faces, and that does not bode well for the future.
There are very serious reasons why the dollar has underperformed. Data released today showed that median incomes in the US have fallen about 10%, and median income for the middle class have probably fallen by about 12% to 13%. Almost 50 million people in the US are now on food stamps.
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