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CIO UPDATE

In Gold We Trust

Foreword
Dear reader
Despite mounting growth concerns, we do not believe a global recession is the most likely scenario. Monetary and fiscal policy stimuli already implemented in many regions around the world should bring about a fresh upswing towards the end of this year. However, this forecast carries a high degree of uncertainty because the current growth trend is downward and political disruptions could further delay the recovery. As a result, we are retaining our cautious investment approach in all asset classes and are focusing on defensive strategies. As traditional bonds are very expensive, we focus, wherever possible and appropriate, on gold as a way to diversify the portfolio.
Yours faithfully
Philipp E. Bärtschi, CFA
Chief Investment Officer

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