From Stephen Leeb today.... I have known this guy for years and he has been total establishment investor ....now listen to THIS
I spoke to you last time about how the establishment has banks taking in customer’s gold and turning right around and leasing it to the bullion banks in order to suppress the price of gold. The banks continue to charge the customers for holding their gold as ‘allocated,’ even though the gold has gone out the door to aid in the gold price suppression scheme.
This is fraud plain and simple, but this fraud is being encouraged by the establishment. I would say I’ve never really believed in conspiracies, but for the first time I am saying that if you want to have gold, you have to have the physical gold. This can be accomplished by owning something like the Sprott Gold Trust. But I’m getting nervous about the ETF GLD. You cannot accept GLD as being safe anymore.
So you really have the makings of a war between establishment and the non-establishment. And what makes this so intriguing is that on the non-establishment side you have a very, very big partner in China. In China, let’s say you have a $10 million account and you go into a bank and say you want $500,000 of gold, they’ll give it to you.
Contrast that to the Western banks which are leasing out the gold that customers have entrusted to them. The Chinese want their citizenry to own gold. The total amount of gold in China has to be enormous and growing.
All of the factors I’m discussing with you today are precisely the reasons why I no longer believe gold has major downside risk. At one point I was telling KWN readers that if Europe cracked we could see some major selling of gold and a bout of weakness. I no longer believe that to be the case. KWN today
MOSCOW, July 18 (Reuters) - A Russian government commission on food security met on Wednesday and discussed state intervention in the domestic grain market as the preferred method of cooling prices this year, an Agriculture Ministry spokesman said.
"There is no new information on interventions," Dmitry Bobkov said by telephone. "The issue is still under discussion and depends on market conditions."