Now is perhaps the right moment to reflect upon the gold market. The gold price recently dropped below $1,300 per troy ounce and currently stands at a little bit less than $1,280/oz. After a strong beginning of the year, gold prices have suffered from a setback in recent months. To such an extent that the year-to-date return on gold measured in euro´s has turned slightly negative (-1.1%). The euro, after all, strengthened against the dollar. In effect, gold investors have nothing to show for... »

Two weeks ago, the Trump administration presented a detailed version of one of Trump’s most important election promises: a tax reform. Not only does the Trump administration propose to lower corporate taxes, their proposal also includes other tax reforms. However, the trouble is that Trump wants to lower taxes without cutting spending. As a result, the budget deficit and the enormous public debt are bound to swell. And, moreover, what does all this have to do with the Federal Reserve?

“I know that the key to my success has not been so much what I know as much as how I deal with my not knowing,” writes Ray Dalio in his recently published book “Principles: Life and Work.” Ray Dalio is perhaps the most successful hedge fund manager in history. He built Bridgewater Associates from the ground up to later become the largest hedge fund in the world. A year ago, he and Bridgewater had 150 billion dollars in assets under management (AUM) and employed over 1,700 workers. Dalio became billionaire and appeared on a prominent spot in the Forbes 500 list of the world´s most wealthy individuals. And maybe even more important to our readers, Ray Dalio invests 15% of his “All Weather” fund in gold. But Dalio was not always as successful as today. As he explains himself, he