Spark for Epic Gold Bull in Gold (& Silver) This is an excerpt from the recent article on King World News written by Dr. Stephen Leeb. The recent action by China to launch their oil benchmark backed by gold is a blessing to PM investors. This is estimated to take place before the end of the year.
“An Epic Bull Market In Gold”
To reiterate what I have been saying: the launching by China of an oil benchmark backed by gold will mark a major inflection point that will be the spark for an epic bull market in gold.
In sum, the days of the petrodollar, a crucial element in the dollar’s reserve currency status, are coming rapidly to an end. With the world’s most important oil benchmark trading in yuan and backed by gold, the role of the dollar in global trade inevitably will collapse, and the shift to a new gold-centric reserve currency supplanting the dollar will rock the world. Predicting that development has been part and parcel of my argument for an unprecedented bull market in gold.
This event signifies that an epic bull market in the yellow metal is in its very early stages. The outlook for other commodities ranging from oil to copper to zinc to cobalt is also staggeringly bullish. There are many implications for the U.S., both good and bad, that I will try to flesh out in future interviews, but by far the biggest conclusion is that if you don’t want to be a bagholder of collapsing fiat paper, own as much gold as you can.”
PikKid