{"id":33529,"date":"2025-12-07T08:16:43","date_gmt":"2025-12-07T07:16:43","guid":{"rendered":"https:\/\/xoinvestments.ch\/?p=33529"},"modified":"2025-12-10T20:24:06","modified_gmt":"2025-12-10T19:24:06","slug":"gold-at-the-hearth-of-the-monetary-system-4","status":"publish","type":"post","link":"https:\/\/xoinvestments.ch\/en\/actualites\/gold-at-the-hearth-of-the-monetary-system-4\/","title":{"rendered":"Gold at the hearth of the monetary system"},"content":{"rendered":"\t\t
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XO INVESTMENTS’ services for private clients range from wealth management to pension advice.<\/p>\t\t\t\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t

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\n\t\t\t\t\t\n\t\t\t\t\t\t\n\t\t\t\t\t\t\n\t\t\t\t <\/line> <\/line> <\/line><\/svg>\t\t\t<\/span>\n\t\t\t\t\t\t\t\t\tBack to blog posts<\/span>\n\t\t\t\t\t<\/span>\n\t\t\t\t\t<\/a>\n\t\t\t\t<\/div>\n\t\t\t\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t\t<\/div>\n\t\t<\/div>\n\t\t\t\t\t<\/div>\n\t\t<\/section>\n\t\t\t\t\t<\/div>\n\t\t<\/div>\n\t\t\t\t
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\r\n\t\t\t<\/span>\r\n\t\t\t\r\n\t\t\t\tAugust\r\n\t\t\t\r\n\t\t\t<\/h4>\r\n\t\t

\r\n\t\t\t\r\n\t\t\t\tGold at the hearth of the monetary system\r\n\t\t\t\r\n\t\t\t<\/h1>\r\n\t\t
The customs duties imposed and then removed on Switzerland for the delivery of gold billion highlight the growing role of gold in global geopolitics and central bank policy <\/div><\/div>\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t
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\r\n\t\t\t\r\n\t\t\t\tSwitzerland : the nerve centre of refining \n\n\r\n\t\t\t\r\n\t\t\t<\/h2>\r\n\t\t<\/div>\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t
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Switzerland is one of the countries hardest hit by the Trump administration’s customs duties, with tariffs of 39%. This 39% corresponds to the 39 billion trade deficit in goods between the United States and Switzerland. The 39 billion is largely due to exports of refined gold from Switzerland. While customs tariffs initially also applied to 1kg ingots, President Trump quickly changed his mind, ultimately exempting all gold exports, even though they were the cause of the US deficit… <\/p>

The turnaround on gold is simply a consequence of Switzerland’s dominant position in refining. Indeed, 70% of global refining is carried out in Switzerland, so it is easy to understand how such restrictions would make it difficult for the United States to source precious metals. <\/p>\t\t\t\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t

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\r\n\t\t\t\r\n\t\t\t\tAnnual gold refining worldwide\r\n\t\t\t\r\n\t\t\t<\/h2>\r\n\t\t<\/div>\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t
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\r\n\t\t\t\r\n\t\t\t\tCapacity of major refineries\r\n\t\t\t\r\n\t\t\t<\/h2>\r\n\t\t<\/div>\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t
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Si on normalise ces donn\u00e9es en les retraitant par rapport \u00e0 un million d\u2019habitants, la Suisse a vu ses capacit\u00e9s de projection r\u00e9duites de 60%. La France et les Etats-Unis voient leurs capacit\u00e9s augmenter, avec une l\u00e9g\u00e8re baisse sur la derni\u00e8re d\u00e9cennie pour les USA.<\/p>

La demande est malheureusement orient\u00e9e \u00e0 la baisse depuis le d\u00e9but des ann\u00e9es 1980 dans les 3 pays s\u00e9lectionn\u00e9s. Les populations vont moins souvent au cin\u00e9ma. Un Am\u00e9ricain moyen se d\u00e9place aujourd\u2019hui 4 fois par an au cin\u00e9ma contre 5 fois en 1985. En France la population se d\u00e9place en moyenne 3 fois par an pour voir un film, et seulement 1 fois pour un Suisse. La Suisse d\u00e9note donc par rapport aux autres pays.<\/p>\t\t\t\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t

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\r\n\t\t\t\r\n\t\t\t\tsupply and demand for gold (tonnes)\r\n\t\t\t\r\n\t\t\t<\/h2>\r\n\t\t<\/div>\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t
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\r\n\t\t\t\r\n\t\t\t\tDemand for gold (%)\r\n\t\t\t\r\n\t\t\t<\/h2>\r\n\t\t<\/div>\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t
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\r\n\t\t\t\r\n\t\t\t\tRatio prix billet cin\u00e9ma \/ salaire horaire\r\n\t\t\t\r\n\t\t\t<\/h2>\r\n\t\t<\/div>\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t
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Demand for gold has been slightly lower than supply for the past 10 years. Four major sectors account for this demand: jewellery (45%), technology (5%), investment (26%) and central banks (24%). The latter has seen the most growth since 2010. Demand from central banks has exceeded the increase in supply over the period. Central banks have therefore more than captured the growth in gold production since 2010. <\/p>\t\t\t\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t

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Avec une demande un peu moins \u00e9lev\u00e9e en Suisse, il n\u2019est pas \u00e9tonnant de constater des revenus du secteur en baisse depuis 20 ans. Avec des revenus globaux de 180 millions, 2025 est similaire \u00e0 2005, loin derri\u00e8re 2019 (260 millions) mais en r\u00e9cup\u00e9ration depuis le Covid. Le revenu par salle en Suisse est constant depuis 2000 avec environ CHF 600’000.<\/p>\t\t\t\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t

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\r\n\t\t\t\r\n\t\t\t\tCin\u00e9ma suisse\r\n\t\t\t\r\n\t\t\t<\/h2>\r\n\t\t<\/div>\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t
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\r\n\t\t\t\r\n\t\t\t\tProduction de films par pays\r\n\t\t\t\r\n\t\t\t<\/h2>\r\n\t\t<\/div>\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t
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Nevertheless, the proportions vary greatly from one country to another. The United States remains the largest holder of gold, even though an audit of reserves, which have not been audited since 1954, promised by E. Musk, has not yet been carried out. European countries follow (Italy, France, Switzerland) as well as the major players in this world: Russia, China, India and Japan. <\/p>\t\t\t\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t

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\r\n\t\t\t\r\n\t\t\t\tCentral bank gold reserves\r\n\t\t\t\r\n\t\t\t<\/h2>\r\n\t\t<\/div>\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t
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Changes in central bank holdings reflect geopolitical dynamics. For the past 25 years, Russia and China have been buying gold on a massive scale, acquiring nearly 2,000 tonnes. While Russia stepped up its purchases with the onset of the Ukrainian crisis in 2014, China has been proceeding in stages. The last three years have been marked by continuous purchases every month. On the other side of the spectrum, France and Switzerland sold gold in the early 2000s. <\/p>\t\t\t\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t

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\r\n\t\t\t\r\n\t\t\t\tTaille du march\u00e9 audiovisuel mondial (mia USD)\n\n\n\n\n\n\r\n\t\t\t\r\n\t\t\t<\/h2>\r\n\t\t<\/div>\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t
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\r\n\t\t\t\r\n\t\t\t\tZapping de revenus\n\n\n\n\n\n\r\n\t\t\t\r\n\t\t\t<\/h2>\r\n\t\t<\/div>\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t
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Thus, the percentage of reserves allocated to gold is rising sharply in Russia and China, although the latter still lags far behind European countries. It is difficult to imagine the massive purchases that would be necessary to achieve a similar percentage of holdings… <\/p>\t\t\t\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t

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\r\n\t\t\t\r\n\t\t\t\tGold reserves (% of the reserves) \n\n\n\n\n\n\r\n\t\t\t\r\n\t\t\t<\/h2>\r\n\t\t<\/div>\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t\t<\/div>\n\t\t<\/div>\n\t\t\t\t\t<\/div>\n\t\t<\/section>\n\t\t\t\t
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Every year, the World Gold Council conducts a survey of central bankers (73 respondents in 2025). This survey highlights a number of phenomena, in particular the place of gold in estimated reserves over the next five years. Three-quarters of respondents in 2025 believe that gold will see its share increase over the next five years. This sentiment is growing stronger with each passing year. <\/p>\t\t\t\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t

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\r\n\t\t\t\r\n\t\t\t\tProportion of gold in reserves estimated by central bankers in 5 years\u2019 time\n\n\n\n\r\n\t\t\t\r\n\t\t\t<\/h2>\r\n\t\t<\/div>\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t
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Le Box-Office repr\u00e9sente le d\u00e9but du cycle de vie d\u2019un film et plus l\u2019entier de sa vie. Avec environ 30 \u00e0 50 jours de programmation dans les salles obscures, c\u2019est la premi\u00e8re \u00e9tape d\u2019un cycle qui passera ensuite par le Streaming, la t\u00e9l\u00e9vision puis le catalogue \u00e0 long terme des diffuseurs.<\/p>\t\t\t\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t

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\r\n\t\t\t\r\n\t\t\t\tHow central bankers anticipate central bank gold reserves over the next 12 months\n\n\n\n\n\n\r\n\t\t\t\r\n\t\t\t<\/h2>\r\n\t\t<\/div>\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t
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Over the next 12 months, 95% of respondents believe that gold reserves will increase on balance sheets, and 43% anticipate an increase on their own central bank balance sheets. This is therefore a major signal of central bank behaviour. It is mainly the central banks of emerging countries that are moving in this direction, confirming the massive purchases made by Russia and China. <\/p>\t\t\t\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t

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\r\n\t\t\t\r\n\t\t\t\tR\u00e9partition des revenus d\u2019un film\r\n\t\t\t\r\n\t\t\t<\/h2>\r\n\t\t<\/div>\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t
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L\u2019\u00e9conomie du cin\u00e9ma et de l\u2019audiovisuel se modifie progressivement devant nos yeux. Les fen\u00eatres de diffusion se r\u00e9duisent. La salle de cin\u00e9ma perd de son exclusivit\u00e9, ce qui accentue la pression \u00e9conomique sur les cin\u00e9mas. Le streaming est un v\u00e9ritable pivot qui repr\u00e9sente la principale source de revenus post-salle. Les salles ont donc moins de temps pour amortir un film, ce qui fragilise les exploitants ind\u00e9pendants. L\u2019histoire de nombre d\u2019industries (commerce de d\u00e9tail, services,\u2026)<\/p>

Mais finalement, qu\u2019allons-nous regarder lors des f\u00eates de fin d\u2019ann\u00e9e\u00a0? Probablement un blockbuster. Si on cherche \u00e0 regarder le film le plus g\u00e9n\u00e9rateur de profits de l\u2019histoire, il faudra visionner Avatar (2009) avec pr\u00e8s de 3 trilliards d\u2019USD de recettes. Mais ce n\u2019est que le 10\u00e8me film en termes de rentabilit\u00e9. Si on s\u2019int\u00e9resse \u00e0 ce crit\u00e8re il faudra regarder Paranormal Activity (2007) qui a permis de r\u00e9aliser un record de 12’900 fois le budget investi\u2026 No\u00ebl avant l\u2019heure\u00a0!<\/p>\t\t\t\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t

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\r\n\t\t\t\r\n\t\t\t\tHow central bankers anticipate their gold reserves over the next 12 months\n\n\n\n\n\r\n\t\t\t\r\n\t\t\t<\/h2>\r\n\t\t<\/div>\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t
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The management of a central bank’s balance sheet serves many purposes. The three main areas of interest identified in the annual study on central bank reserves are interest rate management, inflation management and geopolitics. However, the issues considered relevant by central bankers differ between central banks in Western countries and those in emerging countries. <\/p>

For example, ESG (Environmental, Social and Governance) is a Western concern, not an emerging one. Conversely, central banks in emerging countries give greater weight in their decisions to issues such as trade conflicts, shifts in economic power, geopolitics and geopolitical polarisation. The world is gradually fragmenting into two camps. <\/p>\t\t\t\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t\t<\/div>\n\t\t<\/div>\n\t\t\t\t\t<\/div>\n\t\t<\/section>\n\t\t\t\t<\/div>\n\t\t","protected":false},"excerpt":{"rendered":"

The dynamic US economy is focusing investors’ attention on equities with strong growth prospects.
The level of interest rates should not detract from the attractiveness of international bonds in the
current environment.<\/p>\n","protected":false},"author":3,"featured_media":33533,"comment_status":"closed","ping_status":"open","sticky":false,"template":"elementor_header_footer","format":"standard","meta":{"_acf_changed":false,"inline_featured_image":false,"footnotes":""},"categories":[53,55],"tags":[72,73,71],"class_list":["post-33529","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-economie","category-geopolitique","tag-investors-en","tag-marketing-en","tag-payment-en"],"acf":[],"yoast_head":"\nGold at the hearth of the monetary system | XO Investments<\/title>\n<meta name=\"description\" content=\"Gestion de fortune et conseil pour investisseurs priv\u00e9s et institutionnels. Comment, o\u00f9, quand investir? 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