Central banks appear to compete over having the largest balance sheet in the world. Past month, the European Central Bank (ECB) had the dubious honor of breaking its own previous high. The ECB crossed the €3,130 billion-mark in total assets. In June alone, the central bank grew its balance sheet another €53 billion.

But the ECB is running into its limits. Last year, I raised the possibility that the ECB’s stimulus program might end prematurely. There are simply not enough eligible

Gold investors tend to fear “bail-in” laws for banks, but it seems Italy cannot avoid a “bail-in” for its bankrupt banking system. Last month, I showed how delinquency rates are moving up in the Eurozone. However, most delinquencies are concentrated in the country of Italian prime minister Matteo Renzi. Matteo Renzi complained about the European bail-in law. And why wouldn’t anyone want to make an exception for the Italians? We will see that the concept of a bail-in is perfectly fine,

While I was expecting that the ‘Remain’-vote would reach a majority in the British EU-referendum, the British surprised the world by, with a million votes difference, opting for a Brexit. The British will leave the European Union in a trajectory that, they expect, will take over two years of negotiations. They will have to go through this tedious process, however, without British Prime Minister David Cameron. He threw in the towel after it became clear that a majority wants out of the European Union. The news shocked financial markets: gold rose over 4% (in dollars), the EUR/USD lost almost 2%, and bank stocks were hit hard. Yet the biggest danger still lies ahead.