{"id":33961,"date":"2026-04-05T11:48:10","date_gmt":"2026-04-05T09:48:10","guid":{"rendered":"https:\/\/xoinvestments.ch\/?p=33961"},"modified":"2026-04-08T11:22:20","modified_gmt":"2026-04-08T09:22:20","slug":"gold-at-the-hearth-of-the-monetary-system-6","status":"publish","type":"post","link":"https:\/\/xoinvestments.ch\/en\/actualites\/gold-at-the-hearth-of-the-monetary-system-6\/","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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\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\tMarch\u00e9 immobilier cot\u00e9\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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En termes g\u00e9ographique il y a une \u00e9norme disparit\u00e9 entre les produits, n\u00e9cessitant alors pour l\u2019investisseur un r\u00e9el travail d\u2019analyse s\u2019il d\u00e9sire se positionner de mani\u00e8re cibl\u00e9e sur des zones privil\u00e9gi\u00e9es. En effet les march\u00e9s immobiliers genevois ou zurichois sont tr\u00e8s diff\u00e9rents de l\u2019espace \u00ab\u00a0Mittleland\u00a0\u00bb.<\/p>

Les fonds immobiliers permettent d\u2019acc\u00e9der avec une liquidit\u00e9 quotidienne au march\u00e9 immobilier. Seule diff\u00e9rence majeure, il est n\u00e9cessaire de payer un \u00ab\u00a0agio\u00a0\u00bb, soit une prime entre la valeur estim\u00e9e des immeubles (Net Asset Value ou NAV) et le prix boursier. Cette prime, repr\u00e9sentant une facilit\u00e9 d\u2019acc\u00e8s (liquidit\u00e9) \u00e9volue dans le temps et a \u00e9volu\u00e9 dans les 5 derni\u00e8res ann\u00e9es entre 5% et 45%.<\/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\tAgio moyen des fonds immobiliers\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\tFacteurs explicatifs de l'agio\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\u2019agio est d\u00e9termin\u00e9 par les n\u00e9gociateurs des produits.\u00a0 On peut s\u00e9parer en deux les d\u00e9terminants de l\u2019agio\u00a0: les facteurs macro-\u00e9conomiques, comme le taux sans risque, et les facteurs idiosyncratiques des fonds (diversification, liquidit\u00e9, \u2026).<\/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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Le taux sans risque est un facteur puissant d\u2019explication de l\u2019agio. Les statistiques permettent d\u2019obtenir un mod\u00e8le explicatif robuste\u00a0: plus le taux sans risque progresse, plus l\u2019agio baisse, et inversement. Cette consid\u00e9ration est naturelle. Mais quels autres facteurs peuvent expliquer ces diff\u00e9rences d\u2019un fonds \u00e0 l\u2019autre\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\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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C\u2019est ce que XO Investments a cherch\u00e9 \u00e0 d\u00e9terminer en cr\u00e9ant un mod\u00e8le statistique incluant 8 autres d\u00e9terminants potentiels. Par exemple\u00a0: les frais des fonds, le levier du fonds ou son score de durabilit\u00e9.<\/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\tVariables influen\u00e7ant l'agio\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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\r\n\t\t\t\r\n\t\t\t\tAgios non expliqu\u00e9s par fonds\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\tStrat\u00e9gie d\u2019investissement sur la base des agios non expliqu\u00e9s\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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Ne reste plus qu\u2019\u00e0 cr\u00e9er une strat\u00e9gie d\u2019investissement sur la base de ces agios non expliqu\u00e9s. Par exemple en achetant les fonds pr\u00e9sentant des agios non expliqu\u00e9s tr\u00e8s n\u00e9gatifs, ou en vendant les fonds poss\u00e9dant des agios non expliqu\u00e9s tr\u00e8s positifs.<\/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\tPerformance des fonds en fonction des agios non expliqu\u00e9s \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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Cette strat\u00e9gie permet en peu de transactions de g\u00e9n\u00e9rer une surperformance comme le montre la ligne noire par rapport \u00e0 la ligne bleue du graphique suivant<\/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\tPerformance de la strat\u00e9gie d\u2019investissement\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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Les fonds immobiliers suisses pr\u00e9sentent l\u2019avantage d\u2019offrir une alternative \u00e0 l\u2019investissement direct en immobilier. La fiscalisation attractive comme atout est contre-balanc\u00e9e par un risque li\u00e9 \u00e0 \u00ab\u00a0l\u2019agio\u00a0\u00bb. Il est donc n\u00e9cessaire pour un investisseur d\u2019appr\u00e9hender cet agio et de faire de l\u2019immobilier suisse cot\u00e9 non seulement un outil de diversification \u00e0 l\u2019int\u00e9rieur d\u2019un portefeuille global mais \u00e9galement une source de performance durable. C\u2019est ce qui peut \u00eatre r\u00e9alis\u00e9 avec une analyse compl\u00e8te des fonds et la mise en place d\u2019une strat\u00e9gie de rebalancement ou d\u2019investissement sur la base des statistiques et mod\u00e8les d\u00e9velopp\u00e9s ici.<\/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\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":33974,"comment_status":"closed","ping_status":"open","sticky":false,"template":"elementor_header_footer","format":"standard","meta":{"_acf_changed":false,"inline_featured_image":false,"footnotes":""},"categories":[53,12,55,52],"tags":[72,73,71],"class_list":["post-33961","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-economie","category-finance","category-geopolitique","category-marches-financiers","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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