At the end of March 2020, we warned our participants about the potential of a crash of the physical gold market. Less than a week later this became a fact. Gold smelters, where gold bars are poured, had to close due to the lockdown. As a result, physical gold was no longer available, exactly at a time when the demand for precious metal exploded. The threat of unprecedented money creation has caused many to fear a new banking crisis and the further erosion of the purchasing power of their savings. And rightly so: in the 90s in Holland, a 'fries with mayonnaise' 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 'discovers' only 25 million ounces per year. We see a similar development in many other metals, and there are production deficits for ten metals already. Production can no longer keep up with demand. Yet new investors now come to us for a different reason: they want to indirectly secure their exposure to gold. Almost 75% of our investments are in precious metals related projects. We have used the past 10 years to map the best precious metal projects globally. We have positions in companies that find new ounces of gold for less than $10 an ounce (31 grams). Those same ounces are now quickly gaining in value. This explains the rapid growth of our fund in recent years. Since our start in 2008, we have grown every year, and since the beginning of 2020, we have seen more than 300 new investors join, adding 25 million euros to our Assets Under Management. We have a solid outlook to grow to at least EUR 150 million in 2021.