The foundation of a return to “sound money” has been laid Guilt without atonement? Excessive structural debt suggests further appreciation of gold Negative real interest rates continue to provide gold with a perfect environment No reason for “AUROPHOBIA” Adieu “Exorbitant Privilege“ Why gold is (still) no bubble Excursus: the creation of money from the perspective of the Austrian School of Economics The monetary system at the crossroads – on the way to anew gold standard? Gold as portfolio insurance Gold mining shares with historically low valuations Risk/return profile of gold investments remains very favorable Next target price at USD 2,000 At the end of the parabolic trend phase we expect at least USD 2,300/ounce -