- Chinese To Increase Gold & Silver Storage A Staggering 180%!
Today acclaimed money manager Stephen Leeb told King World News the West is becoming even more desperate as the Chinese are going to increase storage a staggering 180% this year for gold, silver and other metals. Leeb continues to believe that when the Chinese eventually have gold underlying their currency the game is over. Here is what Leeb had to say: “I’m focused on this battle between the West and the East right now, and the Basel III situation. The Basel III ratios that discuss liquidity ratios the BIS wants the banks to maintain so they can survive a bank run are utterly baffling. The puzzling thing was what they said banks could hold in the event of a run on the banks or a liquidity squeeze.”
Why didn’t the BIS say it? I’ll tell you why, it’s because they are scared to death. What you are seeing on the part of the West is ever-increasing desperation. Now, is it a coincidence that Warren Buffett, right after these ridiculous Basel III regulations came out on liquidity, said, ‘He guarantees us that US banks are in great shape?’
What the BIS and Basel III people just did was say to them, ‘Take your time, China.’ Well, it’s almost game over. That’s what you are seeing play out right now. Gold probably has a downside of $1,600 here, and the upside is the moon. That’s just the way this is going to end and nothing can stop it now.”