“And now we are at the lower bound, where technical adjustments are not going to be possible any longer.”

~ Mario Draghi, President of the ECB, when asked, in cutting interest rates, if there is a risk that undermines the reliability of his forward guidance and communications on the policy outlook for the financial markets to the public.

Dear Mountaineers,

The slang “cement shoes” comes from a term adopted by the American mafia (or perhaps the mafia as portrayed in Hollywood?) for a form of execution in which the victim’s feet are weighted down before being thrown in the river.

But I think the term could perfectly apply to Europe’s potential role right now in the recovery of the world economy. The ECB is clearly ready to walk in the well-worn path of the US with its’ recent proposal of greater emphasis on fiscal stimulus over austerity. Interest rates have been cut further, an action that probably means more on paper than it will mean for the financial markets.

Europe also lays at the forefront of some of the world’s current geo-political challenges. If Russian sneezes, Europe might catch a cold, and we will likely see soon how this issue will play out.

Without stealing any more thunder, today we want to share with you the Global Gold Outlook Report from the managing director of Global Gold, Claudio Grass, and his team. He shares his current thoughts on the Eurozone and how the ECB’s decision will impact the ongoing crisis. In the Report, Dr. Albert Alexander Stahel also focuses on the geopolitical situation of Europe in relation to the ongoing problems in the Middle East and the Ukraine. Finally, Claudio shares the potential scenarios of what he sees for the coming months.

On that note, if you want to learn even more about what is happening in Europe, or how the ECB’s recent decisions will affect the global economy, we still have some space left for our upcoming BFI Inner Circle Wealth Forum taking place on September 29th and 30th, at the JW Marriott Resort and Spa in Summerlin, Nevada.

Frank, Dirk, Claudio and I all be there to discuss what we see here on the front lines of what is happening in Europe. Will we continue to see dollar strengthening? How will Europe’s QE program help…or hinder? What does ECB low interest rates mean for investing in world currencies? Has gold seen the bottom, or can we go lower?

Jeff Deist, president of the Ludwig von Mises Institute, will also be joining us with a keynote speech during brunch on the first day of the Forum.

And, as part of your registration, you’ll be joining your Mountain Vision team for an evening with Cirque du Soleil.

For more information on the BFI Inner Circle Wealth Forum, the program, and registration, visit the main website of BFI Wealth Management at www.bfiwealth.com, or click on the Forum link. Write me an email and mention you read this Mountain Vision and I’ll be sure you still receive the Early Bird registration rates.

Enjoy the following Global Gold Outlook, and we hope to see you in a few weeks at the Forum in Las Vegas!


Scott Schamber

Go to Global Gold Outlook

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