Gold Price Hits Record High in Terms of the Euro

The European Central Bank, earlier today, announced its biggest package of rate cuts and economic stimulus in three years.

The central that it would cut its interest rate for deposits by 10 basis points to minus 0.5%,

It also announced that it would launch a new round of quantitative easing, promising to buy €20 billion ($22 billion) in bonds and other financial assets per month starting in November. The bank said it would continue the purchases for "as long as necessary."

The gold price reacted with a spike to a record high, though it pulled back a bit in later trading.

I am warning in the EPJ Daily Alert that we are on the edge of a near-global breakout of intense price inflation.

-RW