GOLD: Back to the future Bernhard Schnellmann Argor Heraeus S.A. Juni 2014
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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
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