For weeks, I've been writing that stocks and other risky assets were headed higher despite signs of economic stalling, confirmed by Friday's GDP report showing a pitiful 1.5% annual growth rate in the second quarter. That was because, as inflation has cooled, the Eurozone crisis has reignited, and China set about managing a once-in-a-decade leadership change, central bankers were poised to unleash a globally synchronized dose of cheap money.

Over the past few days, stocks and commodities, especially precious metals, have taken flight as both the Federal Reserve and the European Central Bank have indicated that more stimulus is coming -- potentially as soon as next week.

In the past 72 hours, we've seen a flurry of activity out of Europe. The big news came Thursday morning, courtesy of European Central Bank chief Mario Draghi, who said the widening spread between Germany and peripheral bond yields (in Spain and Italy) were damaging the ability to transmit monetary policy throughout the Eurozone.

This problem, he said, was within the ECB's mandate to act on and the bank is ready to do whatever is necessary to preserve the euro. In a throwback to classic central banking chest pounding, he closed by saying, "Believe me, it will be enough."

This was enough to strike fear in the hearts of speculative traders who had built extreme short-euro/long-doll​ar positions in the futures market. They were sent scurrying. And risk assets across the board took flight in response as 10-year Spanish yields dropped below the critical 7% level.

Traders were interpreting Draghi's comments as meaning that the ECB's bond-buying program, or some other method to cap Spanish and Italian borrowing costs, was forthcoming, possibly at the bank's Aug. 2 policy announcement, which comes just one day after the Federal Reserve's next announcement. Next week could be very exciting indeed.

In his comments at a global investment forum in the United Kingdom, Draghi added that the Eurozone had made remarkable progress on fiscal reforms over the past six months (something Draghi and the Germans have been waiting to see before taking additional pro-growth measures), that the euro was irreversible and that the interbank market was not functioning across countries (funding drying up for peripheral banks). 

This also came after ECB policymaker Ewald Nowotny suggested on Wednesday that the ECB could support giving the Eurozone's new €500 billion bailout fund a banking license, which would greatly expand the fund's firepower. There is also chatter that the ECB could alleviate Greece's debt burden by taking a 30% "haircut" on its Greek bond holdings, pushing down Athens' debt-to-GDP ratio to a more tolerable 100% from 120% (for a total reduction of between €70 and €100 according to reports).

What's really exciting about all this is that the intransigent Germans finally appear to be shifting from their strict resistance to any pro-growth, crisis-quelling measures.

The catalyst appeared to have been triggered Tuesday when Spanish Economy Minister Luis de Guindos brought up the prospect of Spain's tapping Europe's existing bailout fund (which has only about €150 billion left in it) to the tune of €300 billion to German Finance Minister Wolfgang Schaeuble. This highlighted the fact that, aside from a disastrous breakout of the euro, Berlin had no choice but to acquiesce to more help from the ECB as a way to buy time until the new bailout fund is up and running.

Now German officials appear to be warming to the idea of allowing the new bailout fund to borrow directly from the ECB.

This is all music to my ears.

Other policymakers in the pro-growth camp -- which has been urging the ECB and Germany to do more to quell the crisis -- were similarly pleased. Officials at the International Monetary Fund said Draghi's comments were a welcome reiteration of the ECB's commitment. Spanish economic minister Guindos said Draghi's comments were well timed, by which he means they were able to catch out the short sellers preying on his government's bonds. And Japan's finance minister said he welcomed Draghi's stance if it meant more direct and aggressive measures to help Spain.

Analysts at Societe Generale believe the most likely outcome will be a restarting of the ECB's bond-purchase program as a way to take short-term pressure off of Spain -- as its offering of unlimited three-year liquidity late last year did for Italy -- and given Eurozone governments time to deploy their new bailout fund (awaiting approval by the German constitutional court), fund the recently approved Spanish bank bailout, and figure out what to do with Greece's August bond redemption.

For now, risky assets should continue higher, led by precious metals.

Trading update

I continue to recommend my newsletter subscribers focus on gold, silver and the related mining stocks, as well as small, fast-moving energy services and semiconductor plays. I'm adding three new positions to my Edge Letter Sample Portfolio: Energy transporter Teekay (TK), Middle East oil play TransGlobe Energy (TGA), and semiconductor packaging service and test provider Amkor Technology (AMKR). 

Disclosure: Anthony has recommended TGA to his newsletter subscribers.

Check out Anthony's investment advisory service The Edge. A two-week free trial has been extended to MSN Money readers. Click here to sign up. Contact Anthony at anthony@edgeletter.c​​​om and follow him on Twitter at @EdgeLetter. You can view his current stock picks here. Feel free to comment below.