ECB President Mario Draghi is desperately trying to weaken the euro, yet he is not going to succeed much further, said Axel Merk, Chief Investment Officer for Merk Investments. Merk added that if Greece exits the European Union it would not have a major effect because its economy is so small and its outstanding debt is not significant. He said a Greek exit would destroy Greece’s economy and would scare any other country from a similar strategy. As for the Japanese yen, Merk said he is negative on the currency in the long term and it should weaken further. Finally, Merk said he remains bullish on gold as rates remain at rock bottom levels and geopolitical worries are heightened due to Ukraine.
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