Below are a few macro themes and a few charts before the downloads:
Here is an excerpt from their latest letter spelling out the current fundamentals of the gold market.
Chart 13 shows the inflation-adjusted gold price using the world CPI from the IMF as the deflator. Significantly higher inflation in emerging markets especially during the 1985-1995 period results in a much lower real price for gold from an international perspective. Using the IMF’s CPI data as a deflator over very long periods is not suitable for a precise calculation, but it does serve to illustrate a key point. Gold looks a lot less frothy to the many billions of people who live in high inflation countries.
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It has been proven time and time again that investment success has two key ingredients – understanding and acting on the few things that really matter, and focusing on sound process. Consistently good outcomes are the result of following those principles. This is what The Boeckh Investment Letter strives to bring to its clients and is why it has an outstanding track record.
Our approach is based on the following:
- Money and credit movements are critical in determining basic trends in key investment markets;
- Eclecticism and reliance on a variety of different tools and thought processes produce consistency in results;
- Simplicity is essential in cutting through the constant chatter of the noise peddlers and getting to the key factors affecting markets;
- Challenging collective “wisdom”;
- Focus on aligning investment policy with the long-term fundamental forces such as Schumpeter’s creative destruction, Kondratiev’s long wave, corporative profitability, inflation and interest rate trends and the debt supercycle.