At the end of March, we warned our participants about the possibility of a crash of the gold bullion market. Less than a week later this became reality. Gold smelters, where gold bars are poured, had to close due to the lockdown. As a result, no gold bullion could be obtained. This happened at the same time that demand for precious metal exploded. Fearing unprecedented money creation, many are worried about a new banking crisis and the further erosion of the purchasing power of their savings. And rightly so: in the 90s a typical Dutch 'fries and mayo’ cost 2 guilders. This week I had to pay 3 euros for it at a snack bar. That is more than six old guilders. The demand for gold is now 100 million ounces per year. The industry only "discovers" 25 million new ounces per year. We see a similar story in many other metals. There are already production deficits for ten different metals. Production can no longer keep up with demand. However, new investors now come to us for another reason: they want to indirectly secure their exposure to gold. Nearly 75% of our investments are in precious metals related projects. We have used the past 10 years to pinpoint the best precious metals projects in the world. We have positions in companies that find new ounces of gold for less than $10 an ounce (31 grams). Those same ounces are quickly gaining in value. This explains the rapid growth of our fund in recent months. We have grown (in participations) every year since our inception in 2008. Since the beginning of 2020, we have seen more than 100 new investors join, with a total investment of more than 10 million euros. This trend might make us reach 100 million within 12 months. Gold bullion may soon be sold out. Listed shares in gold companies will always be available for sale although you might have to pay increasingly more for them.