New Year's Interview 2023

Dr. Franz Hölzl, Board Member of Auvesta, expresses his views on the topic “Inflation protection with gold”

Benedikt Hausler:

Why are so many people buying gold, even if 2022 was a rather weak year for the shiny precious metal - is gold still a protection against inflation at all?

Dr. Hölzl:

Those who want to protect themselves against the consequences of inflation and want to have every wave of inflation ironed out in the short term are on the wrong track. You have to look at the long term. I recall the period between 1980 until about 2002. In 1980, Persia became Iran, with all the side effects. There was the threat of a major war. At first, the metal price went through the roof, then normalised again and was then in a sideways movement with short-term fluctuations for almost 20 years. After that, it went up considerably. This can then be seen as an inflationary adjustment.

Anyone who regularly bought metal with smaller amounts during this entire period between 1980 until about 2002 can laugh up their sleeve today. They did everything right because they were looking for long-term security for their asset mix. And they got it.

I always say that adding gold to an investment is like an insurance. At first, the insurance costs money. But then, when you need it and don't have it, you look pretty stupid.

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