Hinde Gold Fund: Singularity - Transcendent Money
Hinde Gold Fund: Singularity - Transcendent Money
Hinde Gold Fund: Singularity - Transcendent Money
All material is compiled from sources believed to be accurate, but no accuracy can be guaranteed. The presentation is for information purposes only and is not a solicitation to invest. Unauthorized reproduction or distribution is strictly prohibited.
SINGULARITY - MATHEMATICAL
03
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04
All material is compiled from sources believed to be accurate, but no accuracy can be guaranteed. The presentation is for information purposes only and is not a solicitation to invest. Unauthorized reproduction or distribution is strictly prohibited.
05
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SINGULARITY TECHNOLOGICAL
The singularity will allow us to transcend the limitations of our biological bodies and brains. There will be no distinction, post singularity, between human and machine.
COUNTDOWN TO SINGULARITY
06
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07
All material is compiled from sources believed to be accurate, but no accuracy can be guaranteed. The presentation is for information purposes only and is not a solicitation to invest. Unauthorized reproduction or distribution is strictly prohibited.
08
All material is compiled from sources believed to be accurate, but no accuracy can be guaranteed. The presentation is for information purposes only and is not a solicitation to invest. Unauthorized reproduction or distribution is strictly prohibited.
09
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SINGULARITY - PRODUCTIVITY
Half-lifes or Doubling times.
10
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11
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SINGULARITY PRODUCTIVITY
Demand outstrips deation in cost of information technologies.
TOTAL BITS SHIPPED
12
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13
All material is compiled from sources believed to be accurate, but no accuracy can be guaranteed. The presentation is for information purposes only and is not a solicitation to invest. Unauthorized reproduction or distribution is strictly prohibited.
All material is compiled from sources believed to be accurate, but no accuracy can be guaranteed. The presentation is for information purposes only and is not a solicitation to invest. Unauthorized reproduction or distribution is strictly prohibited.
Cost of ageing
Structural deficit
15
All material is compiled from sources believed to be accurate, but no accuracy can be guaranteed. The presentation is for information purposes only and is not a solicitation to invest. Unauthorized reproduction or distribution is strictly prohibited.
10, 000. 0
5 0, 000. 0
8, 000. 0
40, 000. 0
6 , 000. 0
30, 000. 0
4, 000. 0
20, 000. 0
2, 000. 0
10, 000. 0
0. 0 D ec - 5 8 D ec - 6 0 D ec - 6 2 D ec - 6 4 D ec - 6 8 D ec - 7 0 D ec - 7 2 D ec - 7 4 D ec - 7 8 D ec - 80 D ec - 82 D ec - 84 D ec - 88 D ec - 90 D ec - 92 D ec - 94 D ec - 98 D ec - 00 D ec - 02 D ec - 04 D ec - 08 D ec - 10 D ec - 12 D ec - 6 6 D ec - 7 6 D ec - 86 D ec - 96 D ec - 06
0. 0 D ec - 5 8 D ec - 6 0 D ec - 6 2 D ec - 6 4 D ec - 6 8 D ec - 7 0 D ec - 7 2 D ec - 7 4 D ec - 7 8 D ec - 80 D ec - 82 D ec - 84 D ec - 88 D ec - 90 D ec - 92 D ec - 94 D ec - 98 D ec - 00 D ec - 02 D ec - 04 D ec - 08 D ec - 10 D ec - 12 D ec - 6 6 D ec - 7 6 D ec - 86 D ec - 96 D ec - 06
M 2 (U SD
b illion)
T otal D eb t (U SD
b illion)
16
All material is compiled from sources believed to be accurate, but no accuracy can be guaranteed. The presentation is for information purposes only and is not a solicitation to invest. Unauthorized reproduction or distribution is strictly prohibited.
7.5
7.0
6.5
6.0 Sep-04 Sep-97 Aug-00 Dec-95 Nov-98 May-02 Aug-07 Jun-06 Jun-99 Jan-00 Dec-02 Nov-05 Feb-97 Feb-04 Mar-01 Jan-07 Jul-96 Oct-01 Jul-03 Apr-98 Apr-05
17
All material is compiled from sources believed to be accurate, but no accuracy can be guaranteed. The presentation is for information purposes only and is not a solicitation to invest. Unauthorized reproduction or distribution is strictly prohibited.
Recessions
18
All material is compiled from sources believed to be accurate, but no accuracy can be guaranteed. The presentation is for information purposes only and is not a solicitation to invest. Unauthorized reproduction or distribution is strictly prohibited.
19
All material is compiled from sources believed to be accurate, but no accuracy can be guaranteed. The presentation is for information purposes only and is not a solicitation to invest. Unauthorized reproduction or distribution is strictly prohibited.
SINGULARITY E.F.S.F.
European Financial Stability Facility or European FUBAR Slush Fund?
It is tied to higher risks of losses and to increased sharing of risks. The way they are constructed, the leveraging instruments are not too different from those which are responsible for creating the crisis, because they are concealed risks.
Jens Weidmann, President of the German Bundesbank 20
All material is compiled from sources believed to be accurate, but no accuracy can be guaranteed. The presentation is for information purposes only and is not a solicitation to invest. Unauthorized reproduction or distribution is strictly prohibited.
SINGULARITY MONOLINE
AMBAC: the muni and sub-prime monoline insurer. A taste of things to come for the EFSF monoline insurer?
AMBAC US (SHARE PRICE)
100.0
90.0
80.0
70.0
60.0
50.0
40.0
30.0
20.0
10.0
0.0 Jul-91 Jul-92 Jul-93 Jul-94 Jul-95 Jul-96 Jul-97 Jul-98 Jul-99 Jul-00 Jul-01 Jul-02 Jul-03 Jul-04 Jul-05 Jul-06 Jul-07 Jul-08 Jul-09 Jul-10 Jul-11
21
All material is compiled from sources believed to be accurate, but no accuracy can be guaranteed. The presentation is for information purposes only and is not a solicitation to invest. Unauthorized reproduction or distribution is strictly prohibited.
3,000 500,000
2,500 400,000
200,000 1,000
100,000 500
0 Jun-06 Sep-06 Jun-07 Sep-07 Jun-08 Sep-08 Jun-09 Sep-09 Jun-10 Sep-10 Dec-06 Dec-07 Dec-08 Dec-09 Dec-10 Jun-11 Sep-11 Mar-07 Mar-08 Mar-09 Mar-10 Mar-11
0 Jun-06 Sep-06 Jun-07 Sep-07 Jun-08 Sep-08 Jun-09 Sep-09 Jun-10 Sep-10 Dec-06 Dec-07 Dec-08 Dec-09 Dec-10 Jun-11 Mar-07 Mar-08 Mar-09 Mar-10 Sep-11 Mar-11
22
All material is compiled from sources believed to be accurate, but no accuracy can be guaranteed. The presentation is for information purposes only and is not a solicitation to invest. Unauthorized reproduction or distribution is strictly prohibited.
1,600,000
90%
80%
1,400,000
70%
1,200,000
60%
1,000,000
50%
800,000
40%
30%
600,000
20%
400,000
10%
200,000
0% Jun-09 Aug-09 Jun-10 Aug-10 Dec-08 Dec-09 Dec-10 Jun-11 Feb-09 Feb-10 Aug-11 Apr-09 Oct-08 Oct-09 Apr-10 Oct-10 Feb-11 Apr-11 Oct-11
0 Apr-98 Oct-98 Apr-99 Oct-99 Apr-00 Oct-00 Apr-01 Oct-01 Apr-02 Oct-02 Apr-03 Oct-03 Apr-04 Oct-04 Apr-05 Oct-05 Apr-06 Oct-06 Apr-07 Oct-07 Apr-08 Oct-08 Apr-09 Oct-09 Apr-10 Oct-10 Apr-11
Agencies
MBS
US Treasuries
23
All material is compiled from sources believed to be accurate, but no accuracy can be guaranteed. The presentation is for information purposes only and is not a solicitation to invest. Unauthorized reproduction or distribution is strictly prohibited.
1, 7 00
480 6 00
1, 5 00 5 5 0 1, 300 5 00 1, 100 45 0 900 400 7 00 35 0 5 00 Jan- 08 Jan- 09 Jan- 10 Jul- 08 Jul- 09 Jul- 10 Jan- 11 Apr- 08 Oc t- 08 Apr- 09 Oc t- 09 Apr- 10 Oc t- 10 Apr- 11 Jul- 11 Jan- 06 Jan- 07 Apr- 06 Oc t- 06 Apr- 07 Oc t- 07 Oc t- 11 Jul- 06 Jul- 07 300 Jan- 08 Jan- 09 Jan- 10 Jul- 08 Jul- 09 Jul- 10 Jan- 11 Oc t- 08 Oc t- 09 Oc t- 10 Apr- 08 Apr- 09 Apr- 10 Apr- 11 Jul- 11 Jan- 06 Jan- 07 Oc t- 06 Oc t- 07 Apr- 06 Apr- 07 Oc t- 11 Jul- 06 Jul- 07 400 420 440 46 0
QE 1 QE 2 On H old to 2013
S& P BAA C orp Spread (sc aled ) QE 1 QE 2 On H old to 2013 Asian C urrenc y I nd ex (R H S) C ontinuous C om m od ity I nd ex
24
All material is compiled from sources believed to be accurate, but no accuracy can be guaranteed. The presentation is for information purposes only and is not a solicitation to invest. Unauthorized reproduction or distribution is strictly prohibited.
Gold P rice
25
All material is compiled from sources believed to be accurate, but no accuracy can be guaranteed. The presentation is for information purposes only and is not a solicitation to invest. Unauthorized reproduction or distribution is strictly prohibited.
26
All material is compiled from sources believed to be accurate, but no accuracy can be guaranteed. The presentation is for information purposes only and is not a solicitation to invest. Unauthorized reproduction or distribution is strictly prohibited.
14.0
12.0
10.0
8.0
6.0
4.0
2.0
0.0 Jan-80 Jan-82 Jan-84 Jan-86 Jan-88 Jan-90 Jan-92 Jan-94 Jan-96 Jan-98 Jan-00 Jan-02 Jan-04 Jan-06 Jan-08 Jan-10
27
All material is compiled from sources believed to be accurate, but no accuracy can be guaranteed. The presentation is for information purposes only and is not a solicitation to invest. Unauthorized reproduction or distribution is strictly prohibited.
40
28
(%)
All material is compiled from sources believed to be accurate, but no accuracy can be guaranteed. The presentation is for information purposes only and is not a solicitation to invest. Unauthorized reproduction or distribution is strictly prohibited.
38
HINDE GOLD FUND November 2011 Singularity Transcendent Money Condential
36 34
60
40
(20)
FOREIGN CENTRAL BANKS SHARE OF TREASURY MARKET HAS PEAKED 40 38 36 34 30 30 28 26 24 22 20 18 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 (%)
29
90
HINDE GOLD FUND November 2011 Singularity Transcendent Money Condential
85 80
28
26
SHARE OF TREASURY MARKET NOT OWNED BY CENTRAL BANKS 90 85 80 75 70 65 60 55 50 1961 1966 1971 1976 1981 1986 1991 1996 2001 2006 2011 (%)
30
The presentation is for information purposes only and is not a US PAPER COMMERCIAL OUTSTANDING solicitation to invest. Unauthorized reproduction or distribution is strictly prohibited.
All material is compiled from sources believed to be accurate, but no accuracy can be guaranteed.
55
US commercial paper outstanding is falling as government issuance crowds out private sector.
US PAPER COMMERCIAL OUTSTANDING 2,200 2,000 1,800 1,600 1,400 1,200 1,000 800 2007 2008 2009 2010 2011 (US$bn)
US CORPORATE PROFITS AFTER TAX (NIPA DATA) AND S&P500 REPORTED EPS
Source: Russell Napier, CLSA
1,100 1,100
HINDE GOLD FUND November 2011 Singularity Transcendent Money Condential
31
(US$bn)
90 80 70
900 800
All material is compiled from sources believed to be accurate, but no accuracy can be guaranteed. The presentation US CORPORATE PROFITS AFTER TAX is for information purposes only and is not a solicitation to invest. Unauthorized S&P500 REPORTED EARNINGS (RHS) reproduction or distribution is strictly prohibited.
1,600
1,400
US CORPORATE PROFITS AFTER TAX (NIPA DATA) AND S&P500 REPORTED EPS 1,100 1,100 900 800 700 600 500 400 300 200 100 0 81 83 85 87 89 91 93 95 97 99 01 03 05 07 09 11
US CORPORATE PROFITS AFTER TAX S&P500 REPORTED EARNINGS (RHS)
(US$bn)
90 80 70 60 50 40 30 20 10 0
32
200
20 10 0
100
33
All material is compiled from sources believed to be accurate, but no accuracy can be guaranteed. The presentation is for information purposes only and is not a solicitation to invest. Unauthorized reproduction or distribution is strictly prohibited.
34
All material is compiled from sources believed to be accurate, but no accuracy can be guaranteed. The presentation is for information purposes only and is not a solicitation to invest. Unauthorized reproduction or distribution is strictly prohibited.
35
All material is compiled from sources believed to be accurate, but no accuracy can be guaranteed. The presentation is for information purposes only and is not a solicitation to invest. Unauthorized reproduction or distribution is strictly prohibited.
36
All material is compiled from sources believed to be accurate, but no accuracy can be guaranteed. The presentation is for information purposes only and is not a solicitation to invest. Unauthorized reproduction or distribution is strictly prohibited.
All material is compiled from sources believed to be accurate, but no accuracy can be guaranteed. The presentation is for information purposes only and is not a solicitation to invest. Unauthorized reproduction or distribution is strictly prohibited.
SINGULARITY
Twitter, and Facebook more widely used in India, Indonesia vs any other countries.
38
All material is compiled from sources believed to be accurate, but no accuracy can be guaranteed. The presentation is for information purposes only and is not a solicitation to invest. Unauthorized reproduction or distribution is strictly prohibited.
39
All material is compiled from sources believed to be accurate, but no accuracy can be guaranteed. The presentation is for information purposes only and is not a solicitation to invest. Unauthorized reproduction or distribution is strictly prohibited.
SINGULARITY DEMOTIX
A citizen journalism and photo agency website. Co-founded by Jonathan Tepper of Hinde Capital. Now in partnership with Corbis, a Bill Gates owned company.
A Hindu woman lights lamps on the occasion of Diwali and Laxmi Puja. Diwali is popularly known as the Festival of Lights. 40
All material is compiled from sources believed to be accurate, but no accuracy can be guaranteed. The presentation is for information purposes only and is not a solicitation to invest. Unauthorized reproduction or distribution is strictly prohibited.
41
All material is compiled from sources believed to be accurate, but no accuracy can be guaranteed. The presentation is for information purposes only and is not a solicitation to invest. Unauthorized reproduction or distribution is strictly prohibited.
LEAD All material is compiled from sources believed to be accurate, but no accuracy can be guaranteed. The presentation is for information purposes only and is not a solicitation to invest. MODERATEprohibited. Unauthorized reproduction or distribution is strictly COLLABORATE
5,000,000 JAN 09 MAR 09 MAY 09 JUL 09 SEP 09 NOV 09 JAN 10 MAR 10 MAY 10 JJUL 10 SEP 10 NOV 10 JAN 11 MAR 11
Power Law of Participation. Content created by the few taken up by the many.
COLLECTIVE INTELLIGENCE
READ
FAVORITE
TAG
All material is compiled from sources believed to be accurate, but no accuracy can be guaranteed. The presentation is for information purposes only and is not a solicitation to invest. Unauthorized reproduction or distribution is strictly prohibited.
Source: World Federation of Exchanges, The Economist, McKinsey, IMF and CPM Group 44
All material is compiled from sources believed to be accurate, but no accuracy can be guaranteed. The presentation is for information purposes only and is not a solicitation to invest. Unauthorized reproduction or distribution is strictly prohibited.
Percent
Source: World Federation of Exchanges, The Economist, McKinsey, IMF and CPM Group, as of end of Dec. 2010 45
All material is compiled from sources believed to be accurate, but no accuracy can be guaranteed. The presentation is for information purposes only and is not a solicitation to invest. Unauthorized reproduction or distribution is strictly prohibited.
46
All material is compiled from sources believed to be accurate, but no accuracy can be guaranteed. The presentation is for information purposes only and is not a solicitation to invest. Unauthorized reproduction or distribution is strictly prohibited.
47
All material is compiled from sources believed to be accurate, but no accuracy can be guaranteed. The presentation is for information purposes only and is not a solicitation to invest. Unauthorized reproduction or distribution is strictly prohibited.
$ 1, 000 Pr i c e o f Go l d ( $ o z ) $ 100
$ 10 1920 195 4 195 9 196 4 196 9 197 4 197 9 1983 1988 1993 1998 2003 2008 1945
40%
M onetary Base
48
All material is compiled from sources believed to be accurate, but no accuracy can be guaranteed. The presentation is for information purposes only and is not a solicitation to invest. Unauthorized reproduction or distribution is strictly prohibited.
7 0, 000
6 3, 849
3.5%
6 0, 000
3.0%
5 0, 000
2.5%
40, 000
2.0%
30, 000
24, 5 04
20, 000
1.5%
16 , 336
1.0%
10, 000
0.5%
Jan-99
Jan-00
Jan-01
Jan-02
Jan-03
Jan-04
Jan-05
Jan-06
Jan-07
Jan-08
Jan-09
Jan-10
Jul-99
Jul-00
Jul-01
Jul-02
Jul-03
Jul-04
Jul-05
Jul-06
Jul-07
Jul-08
Jul-09
Jul-10
Jan-11
*The underlying methodology is worth emphasizing. Global means the ECB, Fed and the PBOC (China) The implied value of Gold is found by taking the average gold backing 2010/11 times latest gold price and assuming a 40% backing The gold used as backing of the money supply is equal to the latest holdings of Gold in FX reserves held by the ECB, the Fed and the PBOC (IMF data)
49
All material is compiled from sources believed to be accurate, but no accuracy can be guaranteed. The presentation is for information purposes only and is not a solicitation to invest. Unauthorized reproduction or distribution is strictly prohibited.
Jul-11
Glob al M 2
T otal C red it (U S)
U SM 2
0.0%
4.0%
3.5%
3.0%
2.5%
2.0%
1.5%
1.0%
0.5%
0.0% Nov-84 Nov-85 Nov-86 Nov-87 Nov-88 Nov-89 Nov-90 Nov-91 Nov-92 Nov-93 Nov-94 Nov-95 Nov-96 Nov-97 Nov-98 Nov-99 Nov-00 Nov-01 Nov-02 Nov-03 Nov-04 Nov-05 Nov-06 Nov-07 Nov-08 Nov-09 Nov-10
50
All material is compiled from sources believed to be accurate, but no accuracy can be guaranteed. The presentation is for information purposes only and is not a solicitation to invest. Unauthorized reproduction or distribution is strictly prohibited.
I n AU D
I n Gold
An investment in gold for an AUD dominated investor with a high exposure to the real estate market is a good hedge.
51
All material is compiled from sources believed to be accurate, but no accuracy can be guaranteed. The presentation is for information purposes only and is not a solicitation to invest. Unauthorized reproduction or distribution is strictly prohibited.
5,000.0
4,000.0
3,000.0
2,000.0
1,000.0
0.0
-1,000.0 Dec-58 Dec-61 Dec-64 Dec-67 Dec-70 Dec-73 Dec-76 Dec-79 Dec-82 Dec-85 Dec-88 Dec-91 Dec-94 Dec-97 Dec-00 Dec-03 Dec-06 Dec-09 Dec-12 Dec-15 Dec-18 Dec-21
52
All material is compiled from sources believed to be accurate, but no accuracy can be guaranteed. The presentation is for information purposes only and is not a solicitation to invest. Unauthorized reproduction or distribution is strictly prohibited.
53
All material is compiled from sources believed to be accurate, but no accuracy can be guaranteed. The presentation is for information purposes only and is not a solicitation to invest. Unauthorized reproduction or distribution is strictly prohibited.
SINGULARITY HYPER(BOLE)INFLATION?
High (Hyper) Ination is a political occurrence. The gures demonstrate clearly that decits amounting to 40 per cent or more expenditures cannot be maintained. They lead to high ination and hyperinations...
Peter Bernholz Monetary Regimes & Ination pp.71
High (hyper) ination is caused by nancing huge public decits through money creation. Even 20% decits were behind but four cases of hyperination. The US government decit is 10% of GDP, but currently the US decit is over 30% of all government spending. The world reserve currency is in the red.
54
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SINGULARITY HYPERINFLATION
Decit levels relative to expenditures before hyperination.
BUDGET DEFICITS BEFORE FIVE HYPERINFLATIONS 100% FRANCE BOLIVIA 80% % of Spending monetised BRAZIL POLAND GERMANY 60%
40%
20%
30% -4 -3 -2 -1 0 1
All material is compiled from sources believed to be accurate, but no accuracy can be guaranteed. The presentation is for information purposes only and is not a solicitation to invest. Unauthorized reproduction or distribution is strictly prohibited.
56
All material is compiled from sources believed to be accurate, but no accuracy can be guaranteed. The presentation is for information purposes only and is not a solicitation to invest. Unauthorized reproduction or distribution is strictly prohibited.
MONETARY SINGULARITY TRANSCENDENT MONE MONEY INTERNET REFORMATION FINANCIAL OPPRESSION LAW OF DIMINISHING RETURNS LAW OF ACCELERATING RETURNS SINGULARITY
57
All material is compiled from sources believed to be accurate, but no accuracy can be guaranteed. The presentation is for information purposes only and is not a solicitation to invest. Unauthorized reproduction or distribution is strictly prohibited.
SINGULARITY
Gold the secret key to the nancial universe.
58
All material is compiled from sources believed to be accurate, but no accuracy can be guaranteed. The presentation is for information purposes only and is not a solicitation to invest. Unauthorized reproduction or distribution is strictly prohibited.
59
All material is compiled from sources believed to be accurate, but no accuracy can be guaranteed. The presentation is for information purposes only and is not a solicitation to invest. Unauthorized reproduction or distribution is strictly prohibited.
60
All material is compiled from sources believed to be accurate, but no accuracy can be guaranteed. The presentation is for information purposes only and is not a solicitation to invest. Unauthorized reproduction or distribution is strictly prohibited.
HGF - TOTAL ' OUTPERFORM ANCE' TO GOLD FROM 90% H GF ' s outperf orm anc e to gold in % pts f rom Novem b er 2008 stand s at alm ost 7 9% (net of f ees). 7 0%
NOV 2008
5 0%
30%
10%
- 10% Aug- 09 Aug- 10 D ec - 09 D ec - 10 Apr- 09 Oc t- 09 Apr- 10 Jun- 09 Jun- 10 Oc t- 10 F eb - 11 Jun- 11 F eb - 09 F eb - 10 Aug- 11 Apr- 11 Oc t- 11
61
All material is compiled from sources believed to be accurate, but no accuracy can be guaranteed. The presentation is for information purposes only and is not a solicitation to invest. Unauthorized reproduction or distribution is strictly prohibited.
120
7 0
20 Oc t- 08 Oc t- 09 Jan- 08 Jan- 09 Jan- 10 Oc t- 10 Apr- 08 Apr- 09 Apr- 10 Jan- 11 Jul- 08 Jul- 09 Jul- 10 Apr- 11 Jul- 11 Oc t- 11
62
All material is compiled from sources believed to be accurate, but no accuracy can be guaranteed. The presentation is for information purposes only and is not a solicitation to invest. Unauthorized reproduction or distribution is strictly prohibited.
6 0% H GF has show n less volatility in its returns than other w ell- k now n gold f und s
5 0%
40%
30%
20%
10%
0% Sep- 09 Sep- 10 Nov- 09 Nov- 10 Jan- 11 Jul- 09 Jul- 10 M ay- 09 M ay- 10 M ay- 11 Jan- 09 Jan- 10 M ar- 11 M ar- 09 M ar- 10 Sep- 11 Jul- 11
63
All material is compiled from sources believed to be accurate, but no accuracy can be guaranteed. The presentation is for information purposes only and is not a solicitation to invest. Unauthorized reproduction or distribution is strictly prohibited.
15%
10%
5%
0%
-5%
Q4 2008
Q1 2009
Q2 2009
Q3 2009
Q4 2009
Q1 2010
Q2 2010
Q3 2010
Q4 2010
Q1 2011
Q2 2011
Juniors (Gross)
Q3 2011
-10%
64
All material is compiled from sources believed to be accurate, but no accuracy can be guaranteed. The presentation is for information purposes only and is not a solicitation to invest. Unauthorized reproduction or distribution is strictly prohibited.
Spot Gold Typical ETF Typical Gold Equity Fund Hinde GF*
0% -0.4% 0% +15%
(table is illustrative) *Idealized returns on a 12m rolling basis for given return in gold. Actual return may deviate from this.
65
All material is compiled from sources believed to be accurate, but no accuracy can be guaranteed. The presentation is for information purposes only and is not a solicitation to invest. Unauthorized reproduction or distribution is strictly prohibited.
66
All material is compiled from sources believed to be accurate, but no accuracy can be guaranteed. The presentation is for information purposes only and is not a solicitation to invest. Unauthorized reproduction or distribution is strictly prohibited.
Default Risk
Increased Risk
Wealth Store
Wealth Store
Safer
67
All material is compiled from sources believed to be accurate, but no accuracy can be guaranteed. The presentation is for information purposes only and is not a solicitation to invest. Unauthorized reproduction or distribution is strictly prohibited.
Legal UK Cummings
68
All material is compiled from sources believed to be accurate, but no accuracy can be guaranteed. The presentation is for information purposes only and is not a solicitation to invest. Unauthorized reproduction or distribution is strictly prohibited.
All material is compiled from sources believed to be accurate, but no accuracy can be guaranteed. The presentation is for information purposes only and is not a solicitation to invest. Unauthorized reproduction or distribution is strictly prohibited.
All material is compiled from sources believed to be accurate, but no accuracy can be guaranteed. The presentation is for information purposes only and is not a solicitation to invest. Unauthorized reproduction or distribution is strictly prohibited.
71
All material is compiled from sources believed to be accurate, but no accuracy can be guaranteed. The presentation is for information purposes only and is not a solicitation to invest. Unauthorized reproduction or distribution is strictly prohibited.
72
All material is compiled from sources believed to be accurate, but no accuracy can be guaranteed. The presentation is for information purposes only and is not a solicitation to invest. Unauthorized reproduction or distribution is strictly prohibited.