The current monetary order is nearing its end

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Interview with Dimitri Speck

Claudio Grass (CG): After a decade of aggressively expansionist policies by central banks, it would seem we stand at an impasse. Central bankers cannot normalize their policies without risking a market crash and a toxic debt meltdown, while their current overstretched position means they won’t have enough ammunition to fight the next crisis. How do you see this playing out?

CG: The Federal Reserve already reversed its plans and announced that there will be no interest rate hikes this year and its intentions to slow down its tightening and end it in September. As it is currently facing increased pressure from President Trump to cut rates and even to resume QE, what is your assessment of this dovish policy direction and its expected impact on the economy?

CG: Europe appears to be particularly vulnerable, with a stalled economy and an ailing banking sector, with banks like Deutsche Bank and Italian lenders in serious trouble, as well as incredible amounts of public debt in the bloc. What do you think the implications are for the outlook of the Eurozone?

CG: How do you interpret the steady gold accumulation by central banks in recent years, e.g. Russia, China, etc.?

CG: How about silver’s outlook? Do you think that because it has been dormant for so long, many investors tend to overlook its potential?

CG: You have extensively analyzed the history of manipulation in the gold market, making a compelling case in your book, “The Gold Cartel”. Based on your insights, what the relevant effects and implications for investors and is this something they should also bear in mind today?

CG: Overall, given the truly grim prospects of stock markets and the economy at large, how would you evaluate the importance of physical gold holdings as an insurance in the coming years?

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