Apart from saying the Chinese are suppressing the price of gold to buy for their new gold ETF, He had this to say about silver-
"Leeb also had a shocking forecast in terms of future silver demand: “Silver is not just a medium of exchange. It has a longer history as a medium of exchange than even gold, but it’s much more than that. So when I talk about photovoltaics, I’m talking about just one use of this incredible metal. But this one use, by my calculations, will consume an inordinate amount of silver within the next five to seven years.
I’m talking about the need for 700 gigs of photovoltaics between now and 2020. The amount of silver that we are going to need just for photovoltaics will amount to 30% of all the world’s yearly supply. In other words we will need 30% of those tons (of world silver production) just for this one use. By 2020, the amount that we will need (is a staggering) 50% of the world’s (yearly silver) mine supply.
Now consider the fact that silver is also used for all of these other industrial uses, investment (purposes), jewelry, and so many other kinds of applications. There is no way I can see of connecting these dots (in terms of silver supply). I would stock up on silver.
Governments will soon wake up and realize we can’t let people hold silver as an investment because it’s just too valuable. Governments will have to close down the silver market. What this means is that the silver mines will have a tremendous premium placed on them.
It goes back to the 1930s, Eric, when the government didn’t allow people to own gold. But Homestake (Mining) was a leading gold mine back in the 1930s, and was just about the best performing stock. Homestake was producing a metal that was needed as currency. It (gold) has a lot of roles, but it didn’t have a critical role in the functioning of the world, in people’s lives. And silver does have that role.
For that reason, they are going to mandate stockpiles, or (as I said), preclude investors from holding it. The government, even though they might now let the public hold silver, is going to do everything they can to encourage silver producers to produce as much silver as they possibly can.
There really are very few dedicated silver mines. Silver usually comes as a byproduct of zinc, copper, gold, lead. There are very few mines that produce primarily silver. These stocks, in my opinion, I don’t what to put a number on it because I think the people in white coats will come and carry me off. But I just cannot connect the dots without seeing silver surge beyond what anyone really has in mind.”
