Fed Chair Janet Yellen has made it clear she will not raise rates in the foreseeable future and that is unquestionably bullish for gold, says Axel Merk, President of Merk Investments. Merk also expects the British pound to strengthen, saying he expects Bank of England Governor Mark Carney to raise interest rates in 2015, well ahead of other central bankers. On the other hand, Merk believes the stalled Japanese Yen is headed lower because Prime Minister Shinzo Abe will double down on his efforts to weaken the currency. Finally, he says the Euro will strengthen despite ECB Chief Mario Draghi's best efforts.

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