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Boeckh Investment Letter

Investment and economic commentary by J.Anthony Boeckh and Robert Boeckh

Gold And The Credit Pyramid

Subscribers will be aware that we recently increased our gold weighting from 5-10% to 10-15%. We have become increasingly concerned that investment risks, both short and long term, appear to be rising. This reflects four major issues: 1) an extraordinary over-indebtedness in the rich world (OECD total public debt is over 96% of GDP in 2011); 2) the near-certainty of well below normal growth due to public and private deleveraging and the continuing long wave economic decline; 3) a seriously flawed international monetary system and eurozone structure; and 4) dysfunctional politics and profound lack of leadership in Europe, the U.S. and Japan.

As a result of these risks and a clear sense that no “solution” is in sight, risks have escalated to an unknown but substantial degree.

Over thousands of years, gold has a track record of preserving wealth. With no central bank guaranteeing a fixed price since 1971, it has become extremely volatile and therefore is only suitable for those, apart from speculators, trying to preserve wealth over the long run.

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The Boeckh Investment Letter is a comprehensive service that provides analysis of factors affecting financial markets and broad investment recommendations* within an asset allocation context.  The service includes 12 to 18 issues per year (approximately every 3 to 4 weeks), depending on market conditions, i.e., changes in views, important new developments, etc.

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