Time for an investment that’s worth its weight in gold Buy and hold investment-grade bullion bars and coins in the exact weight and purity you require. Store your precious metals in our secure vault in Guernsey and benefit from no VAT or GST on any of your purchases or our services. excellence in precious metals Gold | Silver | Platinum | Palladium | Call 01481 706767 or visit bullionrock.com/invest Part of the Ravenscroft group of companies BullionRock is the trading name of Ravenscroft Precious Metals Limited (“RPML”) (company number 54550) which has its registered office address at PO Box 222, Level 5, The Market Buildings, Fountain Street, St Peter Port, Guernsey, GY1 4JG. RPML is registered with the Guernsey Financial Services Commission as a Non-Regulated Financial Services Business. 102 <strong>En</strong> <strong>Voyage</strong> | Aurigny’s Magazine
Business ALL THAT GLISTERS IS NOT… GOLD ALWAYS BELIEVE IN YOUR SOUL. YOU’VE GOT THE POWER TO KNOW YOU’RE INDESTRUCTIBLE. ALWAYS BELIEVE IN ‘CAUSE YOU ARE GOLD Spandau Ballet, 1983 BY ROBIN NEWBOULD, MANAGING DIRECTOR, BULLIONROCK Brexit, the possibility of “Italeave”, the on-off trade war between the US and China, and mixed messages about inflation and interest rates from the Bank of <strong>En</strong>gland, all add up to a muddled political and economic backdrop. Historically, such an environment has been profitable for precious metals. With the recent return to our ranks of Robin Newbould – MD of BullionRock and one of the founders of Ravenscroft in the Channel Islands – it seemed apposite to ask whether it is indeed a good time to own, in Bruno’s words, some “24 karat magic”. Robin, over to you… ‘I often assume that everyone knows what I know about precious metals, but then I remember that some of the “fundamental truths” of investing in gold, silver, platinum and palladium were new to me six years ago when I established the business that is now BullionRock. As someone who can, for fun, boggle my own mind calculating financial mathematics, the world of precious metals is an oasis of simplicity and common sense. The pricing of gold, at least for valuation, is based around a benchmark that is fixed twice daily by the London Bullion Market Association (LBMA), whilst the moves-up-and-down-all-day price is made in the same manner as, say, the exchange rate for GBP and USD – a ‘spot’ price that reflects market participant supply and demand. The external factors that can usually be found changing the price of gold seem fairly obvious, being the fluctuating state of: • global economics – gold generally does well during global economic slowdown, since it is considered a safe haven, but historically performed less well during boom times • geopolitics – again, gold tends to do well during geopolitical uncertainty, but not as well during times of real (or imagined) stability • the US dollar – the gold price is typically denominated in US dollars and this implies that the exposure gained from buying / selling gold is influenced by the changes in the exchange rate of US dollars compared to other leading currencies and to the base currency of the investor. The strengthening of the US dollar has historically resulted in a decrease in the value of gold • Central Bank activity – these are major holders of gold as a reserve asset. Selling and buying by Central Banks can materially impact the gold price • interest rates – increases in interest rates generally tend to have downward pressure on prices, since the opportunity cost of holding gold, which generates no income, increases; and • inflation – decreases in global inflationary pressures tend to drive demand away from gold and more towards other assets, negatively affecting the price of gold. Conversely, during times of rising inflation, gold prices have, historically, risen, as investors are put off by falling or low real (inflation adjusted) returns from bonds and cash So, now we are all up to speed, back to the question: is this a good time to invest in gold? Well, unfortunately, I have not yet been able to get my hands on the requisite crystal ball, but I do see a world where it could be argued that: • the current health of the world economy is questionable • geopolitics is on the agenda, seeing changes on an almost-daily basis • the US dollar could be set for a tumble as the US trade deficit hits record highs and erodes that currency’s safe-haven status • emerging-market gold reserves have almost doubled in the last 10 years; and • interest rates are forecast to be slow to rise – and might only do so if inflationary pressures take hold Whilst every reader will have their own investment circumstances and objectives to consider, I am always intrigued by those who could afford to have some exposure to gold but decline. After all, what is not to like about a liquid, non-correlated asset held, without counterparty risk, in the exact form requested and available for collection at any time?’ 103
- Page 1 and 2:
FREE TO TAKE AWAY Aurigny’s leisu
- Page 3 and 4:
TO TRAVEL IS TO LIVE Hans Christian
- Page 5 and 6:
Jewellers of Distinction Let your L
- Page 7 and 8:
CONTENTS 7 WELCOME ABOARD! Message
- Page 9 and 10:
WELCOME ABOARD! MARK DARBY CHIEF EX
- Page 11 and 12:
HUNT FOR THE GOLDEN TICKETS We’ve
- Page 13 and 14:
11
- Page 15 and 16:
SAFETY FIRST HAND BAGGAGE Once you
- Page 17 and 18:
15
- Page 19 and 20:
DANCING IN CANDIE GARDENS IMAGE COU
- Page 21 and 22:
Small Island, Big Events Alderney
- Page 23 and 24:
THE RECIPE FOR THE PERFECT GUERNSEY
- Page 25 and 26:
FOR A SMALL ISLAND GUERNSEY PACKS A
- Page 27 and 28:
A GOURMET PARADISE AN INSTITUTION I
- Page 29 and 30:
27
- Page 31 and 32:
22 July MOTORSPORT SEAFRONT SUNDAY
- Page 33 and 34:
So, of course this test (OK, quiz,
- Page 35 and 36:
Arts for Impact is a registered cha
- Page 37 and 38:
ST PIERRE PARK HOTEL, SPA & GOLF RE
- Page 39 and 40:
LONDON> CONNECTING SPONSORED BY GER
- Page 41 and 42:
EATING & DRINKING German food is so
- Page 43 and 44:
DIP INTO A BIT OF CULTURE FLY DIREC
- Page 45 and 46:
WE UNDERSTAND GUERNSEY Livingroom
- Page 47 and 48:
DAY 1 10AM - A MAGICAL BEGINNING St
- Page 49 and 50:
Why settle for second best? We’ve
- Page 51 and 52:
Sixty years ago, the simple idea of
- Page 53 and 54: GUERNSEY’S ONLY FIVE STAR HOTEL S
- Page 55 and 56: Victoria is now the place to stop,
- Page 57 and 58: LEEDS HOTEL PICKS MANCHESTER IBIS M
- Page 59 and 60: BLUEBELLS CANVAS COTTAGE WITH HOT T
- Page 61 and 62: GUERNSEY’S FAVOURITE SUPERSTORE F
- Page 63 and 64: 61
- Page 65 and 66: IMAGES COURTESY OF LA REUNION Revie
- Page 67 and 68: BRISTOL RESTAURANT PICKS GUERNSEY C
- Page 69 and 70: This British pasttime has made a fa
- Page 71 and 72: On the edge of the harbour, The Sla
- Page 73 and 74: FOR LUNCH… RAGGAS This family-run
- Page 75 and 76: BUSINESS NEWS 74 NEWS BULLETIN The
- Page 77 and 78: RESOLUTION IT EXPANDS DIGITAL TRANS
- Page 79 and 80: COMMUNICATIONS APP A HUGE SUCCESS A
- Page 81 and 82: Dame Helena Morrissey, one of Brita
- Page 83 and 84: Business WHO GETS THE DOG? ADVOCATE
- Page 85 and 86: Business OLIVER GOATER, MANAGING DI
- Page 87 and 88: Business UK RING FENCING - HOW SAFE
- Page 89 and 90: DELPHINE PUTS THE SUCCESS OF THEIR
- Page 91 and 92: Business THE ROAD TO INFRASTRUCTURE
- Page 93 and 94: Business CLAMOUR AND CUSTOM: GUERNS
- Page 95 and 96: Business HEART OF GUERNSEY MILLIE W
- Page 97 and 98: JT ANNOUNCES NEW CHAIRMAN JT Group
- Page 99 and 100: DLM ARCHITECTS www.dlm.gg RIBA Char
- Page 101 and 102: Guernsey’s leading independent pr
- Page 103: UP TO YOUR NECK IN RISK MITIGATION?
- Page 107 and 108: Down to Earth yet above the crowds
- Page 109 and 110: Business A ‘CONNECTED GUERNSEY’
- Page 111 and 112: Business ABOVE: DIANA COLLAS FROM O
- Page 113 and 114: For quick decisions on business loa
- Page 115 and 116: Business HOW HR CAN SUPPORT BETTER
- Page 117 and 118: STEP 3 HOW WE EVALUATED AND EVOLVED
- Page 119 and 120: Sport FIGHTING SPIRIT En Voyage cat
- Page 121 and 122: I would have jacked it all in, to b
- Page 123 and 124: GUERNSEY RAIDERS CELEBRATE SUCCESS
- Page 125 and 126: ATHLETICS Tuesday 17 July 18:30 CAN
- Page 127 and 128: TRUST CORPORATION INTERNATIONAL SPO
- Page 129 and 130: GUERNSEY SPORTS COMMISSION BENEFITS
- Page 131 and 132: PUZZLES SUDOKU MEDIUM Each of the n
- Page 133 and 134: In-Flight GENUINE GUERNSEY IN-FLIGH
- Page 135 and 136: Duty-Free BAR DRINKS Echo Falls £4