Miraculously, we have historical data on the evolution of interest rates in the Netherlands - arguably the birthplace of capitalism - dating back all the way to 1540. Yet during the past 476 years we have never experienced what we experience today: negative interest rates. After the European Central Bank (ECB) began charging negative interest rates to commercial banks (the central bank is the bank of banks), interest rates turned negative elsewhere as well. However, from the point of view of

Followers were able to read in previous articles what my opinion about gold is. In the short run, despite the rally at the beginning of this year, I remain cautious. In the mid-long run I remain extremely “bullish.” This leads us naturally to the following question: what can we expect from gold’s little brother? Will silver, the“poor man’s gold,” perform better than gold? Where is the silver price headed?

The president of the European Central Bank (ECB) Mario Draghi took the decision to turn interest rates negative with full conviction. That same Mario Draghi lowered interest rates further to negative -0.4% with even more conviction. Hubris? The answer to this question should be a resounding “yes,” if we look at how the current European negative interest policy might have some unintended consequences.