GOLD: Back to the future - Reutersshare.thomsonreuters.com/events/pdfs/TRCS ARGOR.pdf · GOLD: Back to the future Bernhard Schnellmann Argor Heraeus S.A. Juni 2014 . al You as . MIDVALE

GOLD: Back to the future

Bernhard Schnellmann

Argor Heraeus S.A.

Juni 2014

Traditional Supporters of Gold

Elegant...

Less elegant...

Powerful...

But also scary...

Normal folks...

Highly educated...

Analysts...

95 2000 2005 2010

0

1.5

3

4.5

6

0

500

1000

1500

2000(V

iag

ra,

Cia

lis,

Levit

ra)

Ere

cti

le D

ysfu

ncti

on

pil

l sale

s,

$ b

illi

on

Go

ld p

ric

e $

/oz

Erectile Dysfunction

pill sales

gold price

Sources: 10k reports Pfizer, Eli Lilley, Bayer

Rising markets

1600

1700

1800

1900

2000

2050

2100

0

1000

2000

4000

6000

8000

Wo

rld

GD

P p

er

head

, $1990

0

200

400

600

800

So

uth

Sea C

om

pan

y £

sh

are

pri

ce

[

daily, A

ug

1719 -

No

v 1

720]

World GDP per head

South Sea Company

share price

Sources: Angus Maddison; Yale School of Management

Innovations

Nobody understands gold prices and I don’t pretend to understand them either...

GOLD: Back to the future

Bernhard Schnellmann

Argor Heraeus S.A.

Juni 2014