Three weeks after a speech in which its new Chair put the fight against inflation first, the US Federal Reserve raised its policy rate for the first time since July 2023. We see this less as a return to monetary orthodoxy than as the central bank catching up with the market: investors had anticipated the decision, the constraint of public debt remains intact, and gold has held up well even though the risk we identified in our August article materialised.

Trois semaines après un discours où il plaçait la lutte contre l’inflation au premier rang de ses priorités, le nouveau président de la Réserve fédérale américaine a fait relever les taux directeurs pour la première fois depuis juillet 2023. Nous y voyons moins un retour à l’orthodoxie monétaire qu’une banque centrale qui rattrape le marché : les investisseurs avaient anticipé cette décision, la contrainte de la dette publique reste entière, et l’or a bien résisté au risque que nous avions identifié dans notre article d’août.

Precious metals have given back much of an exceptional advance. The structural drivers behind it are intact, prices have fallen a long way, and gold now accounts for a far smaller share of the world’s financial assets than it once did.

Le marché des métaux précieux a effacé une large part d’une hausse exceptionnelle. Ses moteurs structurels demeurent pourtant intacts, les cours ont nettement reculé, et l’or ne pèse plus dans les actifs financiers mondiaux qu’une fraction de ce qu’il y représentait autrefois.

A private wealth perspective on industrial sovereignty, energy security and the re-rating of critical resources.

Une réflexion patrimoniale sur la souveraineté industrielle, la sécurité énergétique et la revalorisation des ressources critiques.

The gold sector has experienced a notable correction over the past week, which may raise questions regarding its safe haven role, particularly in the context of ongoing geopolitical tensions in the Middle East. While market conditions remain uncertain, we believe this recent dislocation offers an attractive entry point for disciplined investors looking to build or reinforce exposure to the sector.

Recent market movements have led to a corrective phase in both gold and silver prices after the strong rally that took place in January, when gold traded above USD 5,400 per ounce and silver exceeded USD 116 per ounce. Mining equities have followed this pullback, declining alongside the underlying metals.

In a world driven by immediacy and short-term signals, patience and discipline are increasingly undervalued — yet they remain the true foundations of long-term wealth preservation.

At APIS Asset Management, we believe that time, when combined with a coherent strategy and rational discipline, is not a risk but an ally. Precious metals, particularly gold, continue to demonstrate why endurance matters more than speed in resilient portfolio construction.

Investing is not about reacting faster. It is about staying consistent longer.

While gold continues to trade near record highs, a striking paradox persists: gold mining companies remain significantly undervalued.

Why does this structural disconnect endure? Is it a risk ... or an opportunity?

At APIS Asset Management, we take a deeper look at this phenomenon and highlight the forces reshaping the sector: renewed financial discipline, ongoing consolidation, stronger balance sheets, and resilient cash flows.

Watch our interview with Le Figaro, where we discuss Apis AM’s vision, values, and commitment to innovation in asset management.

APIS Asset Management sees a bright outlook for the gold market with resurgence in its value and a positive impact on mining stocks.

Au Luxembourg, le nombre de femmes à des fonctions dirigeantes progresse lentement. Pour ces dernières, il est crucial de casser les croyances selon lesquelles il est impossible de concilier vies privée et professionnelle et de démystifier l’impact du temps partiel sur leur évolution au sein d’une entreprise. Une démarche que Sandra Lucente et Michèle Berger portent à bras le corps.

Le Paperjam + Delano Club accueille un nouveau membre: Apis Asset Management. Présentation en trois questions.