March 11, 2020

As a Swiss citizen and voter, I cherish the privilege of open discourse on political issues and problems. Having heated political discussions and arguments is part and parcel of Switzerland’s direct democracy. However, in business, as in my contributions to this blog, I generally shy away from politics. In the increasingly polarized environment we live in, I have learned that one’s words can easily be taken out of context or m...

Secret numbered accounts, code words, bank statements tucked away inside a newspaper, 50,000 dollars in an envelope, diamonds hidden in a tube of toothpaste…the cloak and dagger style of Swiss banking we know from the movies, actually was prevalent amongst those US account holders keen on avoiding their US tax obligations.

August 7, 2019

According to research conducted by the World Gold Council, central banks acquired and bunkered more gold in 2018 than in any year since 1971. In 2018 alone, central banks bought 651 tons of gold, up 74% compared to 2017. And the trend continues this year.

Yes. The last time I thought there was a time for greed for stocks in general was in March of 2009. What I did, if you remember, was to say that any purchase of stocks or ETFs was fine and gave several examples. Had I been managing money for people at that time, I would have had a field day, buying "hugely", to quote an American president.

THE ONLY TIME GOLD RISES IN A SUSTAINED GENERATIONAL BULL MARKET: Gold only “really” rises materially when the after-tax returns of both the bond and equity markets are, or are expected to be, less than inflation for a considerable time.  Such periods of “Negative Real Returns” (NRR) give rise to generational bull markets, which only happen when the following two conditions in the article are met simultaneously.

May 27, 2019

For centuries, East Indians have regarded gold as the primary source of wealth. All Indians own gold if they can afford to. They keep it as close as possible, sometimes in coin form, but often as jewelry, since “wearing wealth” means that it can be kept very close. They’re often especially reluctant to trust banks to hold their gold.

May 1, 2019

A new report issued by McKinsey & Company is worth your attention. It gives an in-depth review on the state of the mining industry. At a time when you may be considering (re)investing in mining shares, this is a valuable piece of background information.

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