Ecuador court gives green light for Silvercorp, Salazar’s El Domo project
The ruling removes the last major obstacle for the $250 million project, located 150 km northeast of Guayaquil.
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.
Image courtesy of RTNews via Youtube
6 Comments
packrat
Before gold hits $10,000 an OZ I think currency will be used as wall paper and bartering will be widespead. I am expecting to mine gold on a very small scale and trade it for supplys because no economy in history has ever survived an endless increase in money supply and it always reaches an endpoint resulting total collapse and then decades of slow rebuilding.
Florida Patriot II
It’s called hyper inflation. It has happended before (Germany during WW II) and it will happen again. And Edna is wright, the world as we know it is over.
Jack Koch
Hope-Hope-Hope. I should get so lucky?
Edna Waters
I do not know what this is eating or smoking, but, if he is RIGHT the end of the World as we know it is OVER…
sailormac
Baloney !!
JIRICEK
Steven Leeb exagerates somewhat and he knows it. $2.000 to 2.500 a troy ounce is a possibility. No more, not in this decade. Yes, it is a problem that defies a reasonable solution. How else is U.S. going to repay it’s debt other than by debasing, er inflating its currency? Every other country starting with Japan is printing money. So is the ECB of the European Union. It is quickly becoming a contest of which country can print faster to gain an economic advantage over the other.The Germans paid the unrealistic WW1 reparations by printing carloads of Reichsmark. Yes, this gave Adolf Hitler the opportunity to rise to power. Nothing new and the life will go on in the olde USA. Not just the same, of course. A variation of “Mein Kampf” mentality may ensue. Once the dollar loses its dominance, finally, finally, the so self-assured often overbearing Americans will need to learn how to live within their means. A bit of humility will do them a world of good in the long run…..