Publications

Slide into recession in Q1. -20% contraction expected in Q2. Record budget for growth. Economic pick-up in Q3. Drop in corporate earnings. Excessive valuation of the Nikkei. Key Points Japan’s GDP resisted well to Covid-19 in Q1 Recession is likely to take a turn for the worse in Q2 Record budget approved to support Japan’s […]

-10% contraction expected in Q2. Economic recovery will take place in H2. SNB will not change course. Weakening of the franc. Gradual rebound of long-term rates. Reduce equity risk. Key Points Switzerland’s GDP contracts more sharply in Q1 than experts expected The drop in GDP in Q1 is actually due to only two weeks of […]

Fundamentals favourable to precious metals. Sharp rise in investment demand. Reduction of the gold/silver price ratio favourable to silver. Palladium benefits from a special situation. Key Points Stock market panic temporarily weighed on precious metals in March 2020 Most key factors for precious metal prices are favourable Sharp rise in investment demand 100 million gold […]

Renewed tensions with China inevitable. Who will be the best president to contain China? Market have not yet factored in political tensions. Key Points Presidential campaign already focusing on Covid-19 crisis President Trump can no longer count on a positive economic record Time has come for a frontal attack Monetisation of debt will lend wings […]

Beware the new wave of euphoria. Return of volatility in May. Liquidity driving the stock market recovery. Reduce risk after best month since 1987. Buy gold and silver. Key Points New wave of euphoria after wave of panic Beware the return of volatility in May Stock market recovery mainly driven by massive liquidity injections Low […]