Incrementum
Chartbook
In GOLD we TRUST 2015
Charts And Conclusions Of This Year‘s Gold Report*
+ Update On Recent Developments Ronald
-
Peter Stoeferle & Mark J.
Valek
Se
ptember
7,
2015
*The entire report can be downloaded at:
2
Due to structural over-indebtedness and the resulting addiction to low/negative real interest rates, we believe that the traditional approach to financial markets and asset management is no longer beneficial for investors.
Therefore, at Incrementum we evaluate all our investments not only from the perspective of the global economy but also in the context of the current state of the global monetary regime. This analysis produces what we consider a truly
holistic view
of the state of financial markets. We believe that the Austrian School of Economics provides us with the appropriate intellectual foundation for our investment assessment and decisions, especially in this demanding financial and economic environment.
Ronald-Peter Stoeferle, Mark J. Valek
Financial markets have become highly dependent on central bank policies. Grasping the consequences of the
interplay between monetary inflation and deflation
is crucial for prudent investors.
Our Conviction
-5-2147101316195219591966197319801987199420012008
y o y G r o w t h
GDP growthTotal Credit Growth (adjusted for inflation)
y = 4,3817e
0,0002x
R² = 0,9915
010203040506070
1 0 0 0 b n . U S D
GDPTotal Credit Market DebtExpon. (Total Credit MarketDebt)
We Are
S
ystemic
D
ebt And Inflation
A
ddicts: Total Debt
H
as
T
o Grow
E
xponentially
T
o
C
reate
S
ufficient GDP Growth
3
Sources: Federal Reserve St. Louis, Incrementum AG
Total debt/GDP growth below
“feel good level”
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