Thanks to extremely stimulative fiscal and monetary policies economic data are improving and stock markets are booming. Further economic recovery and a continuation of the equity bull market will need further measures of stimulus.

Gold is now slightly overvalued and already discounts further monetary expansion. Indeed, excessive debt and related insolvency risks mean that a further increase in the money supply is likely. The gold price should continue to rise in the medium- term and gold mining stocks remain attractive.

The economic recovery is running out of steam due to reintroduced lockdowns. A wave of bankruptcies is yet to come, meanwhile monetary policy is driving equity markets to unprecedented heights. Read more in the Aquila Flash Update July 2020.

Gold and stock markets are driven by the money glut. If the virus continues to spread, the central banks will probably stick to their expansive monetary policies. Gold stocks in particular should benefit from this. Read more in the Aquila Flash July 2020.

Independent asset managers in Switzerland fear the consequences of a second Corona wave and expect Donald Trump to lose the next US presidential election. Read more in the new Aquila Asset Managers Index.

Market outlook for Q3 2020. Despite opening measures regarding lock-downs, a V-shaped economic recovery is unlikely. Equity market performance is at odds with macro indicator performance. More details on our assessments in the new Aquila Viewpoint.

High excess liquidity due to central bank balance sheet expansions and increased savings rates catapults stock markets worldwide upwards. Nevertheless, the risks in the 2nd half should not be underestimated! Current assessments can be found in the new Aquila Flash.

The risks of over-indebtedness are increasing. Meanwhile, gold offers itself as an attractive alternative currency. The new Aquila Flash discusses the possible impact of the Covid19 shock, why the debt monster continues to be fed and what the situation is regarding gold (equities).

Central bank interventions and fiscal rescue packages are overcompensating for disastrous economic indicators, at least for the time being. To what extent this will succeed and for how long remains unclear. Read more in the latest Aquila Flash.

Possible light visible at the end of the Coronavirus tunnel? Measures could be relaxed at the end of May, end of June at the latest? The wave of bankruptcies must be prevented by then. Read more in the latest Aquila Flash from April.

Independent asset managers in Switzerland unanimously expect the next three months to be difficult. A majority expects a global recession, but also anticipates a stock market boom.

Market outlook for Q2 2020. Due to the outbreak of the COVID 19 coronavirus in all parts of the world and large-scale quarantine measures, we had to revise our growth forecasts sharply downwards. More details on our estimates in the new Aquila Viewpoint.