Michael Weeks @MJWeeks
Looking after irreplaceable savings. Chief Investment Strategist, Edelweiss Holdings plc Joined December 2017-
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Great thoughts about #TRUST by the one and only Tony Deden: "Trust cannot be manufactured. It must be earned. It emerges slowly—through consistency, clarity, and moral courage. And it vanishes quickly—through duplicity, evasion, or shallow opportunism. And above all, we must reward trust—deliberately and visibly. Not just in outcomes, but in process. In an age when short-term performance is often mistaken for integrity, we must remember that character compounds more slowly, but far more enduringly. When uncertainty rises and institutions falter, it is trust—not trendlines—that preserves continuity. It is trust that enables action without perfect knowledge and cooperation without constant supervision. In that sense, trust is not a luxury. It is a form of capital. And in the end, it may be the only one that truly endures. Trust is perhaps the fundamental First Principle."
@kevinduffy1929 @RonStoeferle @ttmygh Hi Kevin, Grant was quoting from the gold chapter in our Owner's Manual. Let us know if you need another copy.
@RonStoeferle Thank you Ronnie for these incredibly kind words!
After 20 years of research and 19 editions of In Gold We Trust, this might be the most elegant case for gold I've come across. Michael Weeks of Edelweiss nails it — not by arguing what gold promises, but by cataloguing what gold spares you from: No duration risk. No credit risk. No liquidity risk. No dependence on cheap energy, cheap credit, or cheap trade. No balance sheets to blow up. No cash flows to dwindle. No management to misallocate capital. Gold demands no counterparty's faith — only a safe place to store it. This "via negativa" approach to portfolio construction resonates deeply with our philosophy. It rests on a simple recognition: the risks you eliminate by holding gold may matter far more than the returns you project without it. We're working around the clock on the 20th anniversary edition of In Gold We Trust Stay tuned. This one's going to be special. #Gold #InGoldWeTrust #IGWT2026 #SoundMoney #ViaNegativa @ttmygh @IGWTreport #Edelweiss
Sound advice from Tony Deden: "Governments and politicians lie. The press lies. Treating official narratives as solid ground, especially in war, is a mistake. In wartime, truth is obscured by design."
@FoxCastlehold Agreed, but I’ve become more pragmatic about this with time. It always depends on incentives and intent. Distance from the dog and pony show is healthy if your business model allows it, but outside/minority capital demands genuine respect and accountability.
Cicero, so that means...
Most discussions about precious metals end up somewhere between insanity and inanity - between crank conspiracies or stupid speculations about price. How refreshing to hear two *sane* men discuss something so important to so many! Worth a listen - and a subscription.
1/ The latest episode of The Grant Williams Podcast with my very special guest Simon Mikhailovich (@S_Mikhailovich) is now available to all subscribers at grant-Williams.com
@S_Mikhailovich @ttmygh Fantastic interview Simon, thank you both for sharing.
@xmjEE We continue to write privately (just for shareholders) but the Journal will stay dormant until we can support it properly. Our only ‘public’ appearances in 2025 were interviews w/ Grant Williams and a podcast w/ Tim Price.
@lhamtil Agreed. A few industries come to mind: Flavor and Fragrance Fasteners Animal Pharmaceuticals Industrial Gases Confectionary Specialty Chemicals/Materials (areas w/ technical niche & customer orientation, not the expensive commodity producers)
New Post: I list what I think are the traits of an ideal industry (eg pricing power, recurring revenue, economically agnostic), and offer a case study of such an industry. Enjoy! fortunefinancialadvisors.com/lawrence-hamti…
👇Gold is a "crowded trade" that almost noone owns.
Nice article in the New Statesman about how little investment there's been in gold: newstatesman.com/politics/busin…
Near-record inflows into gold etfs last year… mean etfs absorbed ~20% of annual mine supply or <0.4% of global stocks. Jewellery + Industry + Bar & Coin demand was still *double* ETF + Central Bank buying for the year. We often focus on financial flows - that’s where the data and the drama is - but is that where the story is?
@LukeGromen Reminds me of Chesterton: “It is not easy to draw the line anywhere; that is why it is so necessary to draw the line somewhere.”
We are about to learn this lesson again, the hard way.
“The more the state ‘plans,’ the more difficult planning becomes for the individual.” — Friedrich Hayek
@lhamtil Bosch > Haber for food production. 1) Bosch took Haber’s process from a lab bench to an industrial scale. 2) Bosch then did the same thing for urea (Bosch-Meiser) turning ammonia into a modern, usable fertilizer. NH3 is the feedstock - urea feeds the world.
@vonboehmbawerk Green storage! Very nice…
“It is so easy to be wrong – and to persist in being wrong – when the costs of being wrong are paid by others.” - Thomas Sowell
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