Dear Ladies and Gentlemen,

We are delighted to send you the 13th edition of our annual In Gold We Trust report, titled “Gold in the Age of Eroding Trust”. The report’s leitmotif refers to the erosion of trust in politics, society, and the global monetary architecture.

Among others, the following topics are covered in the In Gold We Trust report 2019:

• Review of the most important events in the gold market over the past 12 months
• “The Monetary U-Turn” and its impact on the gold price
• The increasing importance of gold as reserve asset in a time of de-dollarization
• Gold and cryptocurrencies – a solidifying friendship
• Gold stocks: reasons for our confidence (ESG, technology, valuation)
• Outlook for gold price development

Further highlights of this issue are:
Exclusive interviews with

• Jim Rogers, the world-renowned investor: “Whenever you see problems, remember weiji!”
• Freegold/FOFOA: In Gold We Trust 2019 contains the highlights of an interview with the legendary blogger. The entire interview can be downloaded from our website at www.ingoldwetrust.report/freegold

Guest contributions by    

• Prof. Steve Hanke: “Hyperinflation: Much Talked About, Little Understood.”
• Keith Weiner on “Gold Bonds”
• Mark Burridge (Baker Steel): “Reforms, Returns and Responsibility - How can gold mining equities become more important during the next gold cycle?” 

We are proud that for the first time our In Gold We Trust report will also be published in Chinese, on June 18, 2019.

English version:
Extended Version - English (340 pages) 
Compact Version - English (100 pages) 

German version: 
Extended Version - Deutsch (325 Seiten) 
Compact Version - Deutsch (100 Seiten) 

International press releases: 
Press release (English)
Pressemitteilung (Deutsch)

We would like to invite you to join us on our annual journey and hope you enjoy reading our 13th In Gold We Trust report as much as we enjoyed writing it.
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Have a great day and please do not hesitate to contact us if you have any questions! 

Yours truly,
Ronald-Peter Stoeferle & Mark J. Valek
Incrementum AG

By Hugh Hewitt
May 26

If and when journalists read the best analysis to date of the second part of special counsel Robert S. Mueller III’s report, they’ll be in for a shock.

Part one of the report, though heavily redacted, has a simple conclusion that continues to reverberate through American politics: There was no conspiracy between President Trump, any member of his family or campaign staff, indeed between the Russian government and any American. Having come up empty on conspiracy charges — against anyone — the Mueller report turned to a series of accounts that can be summarized as “The president did these things, and they might be obstruction of justice.” (It is indeed possible to violate prohibitions on obstruction of justice without an underlying crime. While rare, such cases do exist.

You can click here to read the rest of this article. 

By CONRAD BLACK, Special to the Sun | May 23, 2019

If the Democrats are really tempted by impeachment, bring it on.

Since the day after the 2016 election they have been threatening this, placing their chips on the Russian-collusion fantasy and then on the phantasmagoric charade of obstruction of justice. The attorney general accurately gave the ingredients of the offense of obstruction of justice in his four-page summary of the Mueller report: a corrupt act for corrupt purposes in contemplation of a legal proceeding.

The attorney general, William Barr, the then deputy attorney general Rod Rosenstein, and the Justice Department counsel concurred that none of the elements was present in the conduct of the president as recounted by Mr. Mueller. The dream died, except in the febrile imagination of the Democrats, who launched an unfounded attack on the attorney general’s integrity.

​To read the rest of this article, click here.

After a decade of justice denied — under Barack Obama, Hillary Clinton, Eric Holder, John Brennan, James Comey, and others — Bill Whittle thinks he now detects a whiff of fear among those in that cabal. Former CIA Director John Brennan, usually a cool calculating man, seems frightened about the probe into how the Russia collusion investigation began. ​

Ladies and gentlemen, it’s a blemish on the age that so many of us know the name of the Federal Reserve chairman. In a better world, that government functionary would be as obscure as what’s-his-name, the home plate umpire who got no arguments calling balls and strikes at Yankee Stadium the other night.

Who elected the Greenspans, Bernankes, and Powells to be the arbiters of interest rates, asset prices, the rate of inflation and who knows what else? It wasn’t Alexander Hamilton. Nor was it the Fed’s own founders. If the authors of the 1913 Federal Reserve Act could return to earth to inspect their handiwork, the shock might kill them all over again.

Congress envisioned an institution to function in the context of the international gold standard. This meant a dollar defined as a fixed weight of gold. You should have heard old Carter Glass, the congressional father of the Fed, berate the critics who dared to suggest that he was scheming to replace the gold dollar with a scrap of green paper.

Well, Glass himself is to blame for much of the evil that followed. The legislative preamble to the act that Woodrow Wilson signed describes a bill “to furnish an elastic currency, to afford means of discounting commercial paper, to establish a more effective supervision of banking in the United States—and for other purposes.”
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These other purposes quickly became the principal ones.

Click here for the rest of this transcript.

Liberal cities across America are collapsing into Third World status. It’s not just the fact that San Francisco’s streets are now littered with drug needles and human feces, either. Seattle is also collapsing into rampant homelessness and drug addiction, creating an entire class of impoverished, homeless residents who are breeding grounds for HIV and other infectious diseases.
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Yet Seattle’s liberal city leaders — like all “progressives” — are unwilling to take any action to resolve the problems in the first place. Instead, they enact new policies that make the problems worse while calling it “progress.”

To read the rest of this article, click here.

By Phil Gramm and Thomas R. SavingJan. 1, 2019 3:26 p.m. ET


As the Trump economic revival doubled economic-growth rates over the last two years, interest rates, which had fallen in the final two years of the Obama era, have risen by more than 40%. Today no news cycle is complete without speculation about how much the Federal Reserve will raise interest rates or how the president has blasted the Fed for setting rates too high. The latest saga played out last month, with the Fed raising rates for the fourth time in 2018 even though market rates were down slightly since the last Fed hike, in September. Extraordinarily, this debate is occurring at the very moment the Fed—shackled by its bloated asset holdings and the resulting excess reserves of the banking system—has less ability to control interest rates than it has had in its entire 105-year history.+

When the subprime crisis caused financial markets to freeze up in 2008, the Fed responded by pumping liquidity into the banking system. It also did something that was not widely discussed at the time and even a decade later is almost never taken into account: It started to pay interest on reserves, in essence paying banks not to lend. This effectively converted the reserves of the banking system into interest-bearing securities.

Click here for the rest of this article.