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Takeaway: As Europe heads into protracted recession, Gold will be the biggest winner.

Currency Wars: Who Wins, Who Loses & What To Buy - currency wars large  1

Last day of the quarter is a good one to reiterate that one of our Top 3 Macro Themes for Q3 and beyond remains #EuropeImploding – a protracted recession in the South of Europe looks like a high probability outcome; it should manifest in reported GDP throughout 2017 – Draghi and European Banks will have to react in kind.

Since it’s going to be one of the big winners of the Currency War (devalued currencies and the credibility of central bankers lose), Gold will end the month and quarter on a strong note, +0.5% = +25.1% year-to-date with an immediate-term risk range of $1311-1352/oz.

Editor's Note: The snippet above is from a note written by Hedgeye CEO Keith McCullough and sent to subscribers this morning. Click here to learn more.