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Legendary investor Stephen Leeb says that in the current economic climate investors should expect gold to continue riding strong “until it just breaks out in a major way.”
Speaking to King World News the veteran money manager observes that growth in the developed world has stalled and recessions in leading economies are deepening.
Austerity measures in the EU have failed to take effect, and the Europeans are now realizing monetary expansion must continue. In the US, despite the provisional boon provided by a bounce-back in housing, no new industries are being developed to continue growing the economy.
Leeb’s conclusion is that gold continues to remains the top pick for prudent investors.
This all leads back to gold as being the number one currency of choice. No one in the mainstream really acknowledges the bull market in gold. What better evidence is there for a continued move higher in gold? What you hear from the mainstream media is that it’s too late for gold.
The storied investment guru also expects a major breakout in gold soon, and looking back to historic prices patterns in the late 1970’s advocates investing in junior gold miners.
The lessons from the late 1970s are that these are the kinds of stocks which can fool people. They can trade dull for quite a long time and even drift lower. But in the 1970s, all of the sudden they just took off.
Image of Stephen Leeb courtesy of Youtube
