Jean-Pierre Riepe

Why are bonds becoming attractive again? Good-quality bond investments are currently becoming very attractive and are once again an asset that adds solidity to a portfolio: - historically, interest rates have reached attractive levels - they could become a hedge against the risk of recession in Western economies - they could yield 150 to 200 bp in the event of a medium-term recession - real yields have returned to positive territory as inflation has eased in recent months - risk/reward is becoming more attractive than equities given the level of the economic cycle. Consult a financial adviser before taking any decisions regarding the management of your capital.    

Gold physical premium In recent weeks, China has raised its import quotas for physical gold, but premiums remain very high. An ounce of gold is worth $75 more on the Shanghai exchange than in London. The arbitrage opportunities between Shanghai, which is more attractive than London, on the one hand, and the Chicago Comex on the other, are likely to speed up requests for physical deliveries on the COMEX. This could make it even more difficult for participants wishing to protect their short positions to control gold futures prices. There is also a risk that the stocks of physical metals backing Comex contracts will dwindle, jeopardising this attractive business for gold producers. Ultimately, supply tensions on the Chinese market could enable the gold market to move closer to a genuine price-determining mechanism linked to physical demand. The contango on gold and silver reflects this situation on the COMEX, since it is now only 1%. Since the recent BRICS+ meeting, we have seen tha ...

Depuis quelques semaines, la Chine a relevé ses quotas d’importation d’or physique, mais les primes restent très élevées. L’once d’or cote 75 $ de plus sur la bourse de  Shangaï qu’à Londres. Les opportunités d’arbitrage entre Shangaï, plus attractive, par rapport à Londres d'une part et le Comex de Chicago d'autre part, risquent d'accélérer les demandes de livraisons physiques sur le COMEX. Cela risque de compliquer encore plus le contrôle des prix de l'or à terme par les participants qui désirent protéger leurs positions vendeuses. Les stocks de métaux physiques, garantissant les contrats Comex, risquent aussi de diminuer et mettre en danger cette activité, attractive pour les producteurs d'or. En définitive, les tensions d’approvisionnement sur le marché chinois pourraient permettre au mar ...