Stephen Leeb told King World News that: I believe the Chinese will step in to the gold market and support at these levels because they have a populace which owns a lot of it, and they certainly have the wherewithal to fight any selling, especially if that selling is short selling. So I’m bullish. I’m flat out bullish on gold.
Any selling that’s going on here is just selling to the Chinese. The gold that is reported to be flowing to the Chinese through Hong Kong is only part of the story. The Chinese are importing gold from other sources. Certainly within the next 2 or 3 years China is going to be the largest gold holder in the world.