Whether or not the Swiss National Bank was the “first domino to fall” remains to be seen. With central banks in Denmark, Turkey, India, Peru, and Canada all lowering rates and China pumping $8 billion into its banking system via a reverse repo operation, it’s clear that 2015 promises to see central banks be much more involved in managing an unwieldy financial system.

This morning we take a look at the European Central Bank’s €1 trillion QE plan – likely the worst kept secret in the financial system. With QE programs in the US and Japan offering mixed results at best, one wonders if ECB officials remember Albert Einstein’s words when he defined insanity as “doing the same thing over and over and expecting a different result”. The results, whatever they may be, could be constructive for higher gold and silver prices in 2015. 

As always, thank you for taking the time to consider our ideas,

Chris