Stephen Leeb: Silver to Hit $200 Within 24 Months

With the Dow trading up 429 points and gold hitting new all-time highs, [Aug 9th] King World News interviewed acclaimed money manager Stephen Leeb to get his thoughts on where things are headed. When asked about the action in the stock market Leeb replied, “Well I think the action in the market, the sharp, sharp decline, it really was an incredibly sharp decline, stems from the fact that investors started to realize that no one in Washington knows what they are doing.

There is no real prospect for coming to agreement…if that’s the hand you are dealt and you’ve got an economy you want to grow, then start talking about cutting taxes or cutting expenditures. But you don’t talk about things you know a big group won’t agree with. What does this make America look like? What does a typical citizen feel when he sees his Congress and his administration with absolutely no plan for a future with growth in it? It makes them feel sick and I think that was really the major reason for the selloff, it was a psychological reason.” (more)