With continued uncertainty in global markets, today acclaimed money manager Stephen Leeb warned King World News that what we are seeing right now is the “calm before the storm” as the world heads dangerously into a second “meltdown.” Below is what the acclaimed money manager had to say in this candid interview.
Leeb: “In Europe, despite Merkel’s overwhelming victory, she still has to bring together a coalition. There are great concerns inside Germany about how much money Germany has lent out in order to support the weaker economies. Also, there is concern about what the long-term effects of that lending will be.
So, the prognosis for the euro is not particularly good….
“Another problem the world is facing is the declining oil production in the Middle East. US oil production has increased, but it hasn’t been able to make up for the falling production in the Middle East. There are also great concerns in the US about what is going to happen to the federal government because of the debt ceiling situation.
We also have a rudderless Fed in the US because no one knows for sure who is going to be the next Fed chairman. So, why isn’t gold rallying at this point? It’s because it is temporarily being shackled by desperate Western governments, but the reality is that gold is going to be the best performing long-term asset in the future. Also, right now there are oceans of liquidity out there and at the moment money is chasing stocks.
Read the full story at KING WORLD NEWS.
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