Savings

Until recently, physical gold used to flow mainly from refineries to the BRICS countries. Now, over the past two months, it's the US market that's acting as a veritable vacuum cleaner, absorbing an ever-increasing share of the physical gold market.

There is an argument against buying gold that really ticks me off (and the same goes for bitcoin): it offers no return, no interest and no dividend, unlike conventional investments (stocks, bonds, life insurance, bank savings accounts, rental property). It would be a second-rate asset, imperfect...

Physical gold now plays the same role in the United States as it did in China last year: a safe alternative in the face of economic and financial instability.

Traditional portfolios, divided between equities and bonds, are less resilient to economic shocks than they used to be, as the two assets increasingly react in tandem, reducing their diversification and resilience. Another asset must therefore be included: physical gold.

After successive interest rate hikes, prices finally seem to be slowing down, but there are still many uncertainties. So can we look forward to a return to normal, or should we expect a new economic reality marked by high inflation?

By bolstering its gold reserves, China is anticipating the risks of a weakening dollar, linked to budgetary pressures and possible monetary expansion needed to absorb the debt wall.

What is the future for a country with a debt of over 3 trillion euros, which finds itself sanctioned by a transnational institution - the European Commission - for its budgetary situation? What is the future, finally, for France, which, in addition to this disastrous situation, also finds itself...

In this 48-minute discussion, Ronni and Egon cover various topics, including the evolution of gold versus Bitcoin, predictions for rising gold prices, central banks' reserve shifts, and global economic risks.

For the third year running, our forecasts for the price of gold have come true. While a sharp fall in the gold price seems unlikely in 2025, attention is now focused on the intensity of the trend.

The question of the timing of the next rise in the gold price remains uncertain: at what point will a market crash, worsening household fragility or increased pressure on the banking system prompt the authorities to make a decisive pivot in monetary policy to avoid a systemic recession?