"
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.”
Stephen Leeb
continues:
“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..."
No comments:
Post a Comment