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US July Budget deficit set to more than double in July as the daily increase hits $10bn check it out on the PVM debt monitor Live US Debt Monitor UST : #duration long end yields are as much about the monthly US budget deficit numbers as they are about CPI, so super key data again, with the expected release of the 26th July auctions at 8pm CET >>> The Global Fiscal Train Wreck...U.S. Treasury is paying $3 billion a day in interest on national debt, says the CBO...US July budget deficit expected to widen sharply to nearly $295bn as fiscal pressures intensify.” “US fiscal gap set to widen in July, keeping $2tn-plus FY26 deficit firmly in focus.” CBO Markets : U.S equity market implied volatility is pretty low right now, so an OUTSIDE CPI number will have a decent impact, for both risk and bonds, then the USDollar, Japan's 2-Year Yield hits 1.64% for the first time since 1995, Panama Canal fees hit record high as El Niño and Iran war choke shipping, there are now over 1.1 million homes for sale in the US, the highest inventory since 2019, Largest Foreign Holders of U.S. Treasuries Japan sitting there at #1 with roughly $1.2 Trillion worth #USDJPY >>> markets QUIET, ALMOST ASLEEP, so Do watch out later on, watch UST 30's Duration etc.. 10's sitting uncomfortable near recent highs in yields terms 4.69% Wave of US tariff refunds flows back to Chinese firms, buoying profits by millions US Government Borrows $800 Billion In 3 Months "Warsh can talk tough, but the math indicates he has no choice but to keep the printing presses rolling, which means inflation will only move higher." Iran updates : New attacks on shipping as Iran war talks hit fresh impasse. Before the rhetoric escalated again, Pakistan, along with Qatar, had raised hopes that the two sides might be closing in on a deal that would in effect reopen the vital waterway Poorer Americans are struggling to make ‘ends meet’, top Fed official says. Boston central bank branch head Susan Collins would back September interest rate rise inflation remains hot >> today's CPI key CBO: US Treasury spends $3 billion daily on national debt interest | Fortune This week should help answer a key question: is the US economy beginning to crack, or merely cooling? Three releases matter: Today: July CPI. Core consensus is +0.2% month-on-month. A stronger print would revive the prospect of a September Fed hike. Thursday: PPI and jobless claims—testing pipeline inflation and whether July’s 23,000 payroll decline was a one-off or the start of a weaker labour trend. Friday: Retail sales and consumer sentiment—the crucial read on the consumer and broader growth outlook. Core inflation remains around 3.3% and is proving sticky, while the labour market has clearly softened.spglobal+1 Soft data would support a Fed hold, lower Treasury yields, a softer dollar and stronger gold. Hot data would reinforce the stagflation trade: long-dated yields, already elevated, move higher and equities lose some of their support. By Friday, markets should have a much clearer sense of which regime is taking hold The Global Fiscal Train Wreck - Robin J Brooks Why Is Kevin Warsh Getting So Much Grief? U.S. Treasury yields: investors eye key inflation data He's so wrong..but he is a cult like Trump follower...so... Watch CNBC's full interview with White House National Economic Council Director Kevin Hassett >>> “Bond Traders can stop panicking when the Fed starts panicking.” The bond market is signalling concern about inflation and do nothing about it will only drive bond yields higher. Situational awareness - do we have it? - Deutsche Bank Research Institute JD Vance asked Ukraine to halt strikes on tankers using Russian port Here's How Nvidia Is Rapidly Becoming the 'Central Bank of AI' - MarketWise Wave of US tariff refunds flows back to Chinese firms, buoying profits by millions | South China Morning Post Panama Canal fees hit record high as El Niño and Iran war choke shipping Pentagon may see one of quantum computing’s first practical winners - TheStreet Swiss National Bank's US stock portfolio hits record high in Q2 Existenzangst von Landwirtschaftsbetrieben wegen teurem Futter - News - SRF BTC chart Barchart on X: "Bitcoin is getting ready for an explosive move 🚨 Bollinger Band width is at its narrowest level since October 2023 ✅ $BTC went on to soar more than 330% from Oct 2023 - Oct 2025 https://t.co/rYwctiAqfL" / X

Iran updates : US President Donald Trump seems to be pursuing a “no war, no peace — just economic pressure” on Iran.., because...America’s depleted weapons stockpiles undermine Trump’s leverage with Iran Markets : crude prices up a bit for the usual reasons, still around $80 WTI, no-one really cares too much at these levels or rather suits most.., USDJPY is back to 159 (155 lows briefly last week - more action required, interventions + rate hike), French 30y yields 4.79% highest since 2008, CHF weakens still at snail pace, but it does weaken (trend), if you like and believe in further BoJ/Bessent JPY interventions, CHFJPY lower long-term is way out of PPP levels!. S&P 500 Price/Book ratio jumps to highest level in history, surpassing the peak of the Dot Com Bubble Nvidia lines up $500 billion in financing as CEO Jensen Huang tells CNBC his chips are ‘investable asset’ >>> so let me get this straight...Larry Fink of BlackRock is comparing Nvidia's $500B fund raise to the creation of Mortgage Backed Securities? I'm sure that MBS instruments have never caused us any issues in the past... UK regulator prepares framework for tokenised gold German truckers take the load as drought hits Rhine shipping. Emergency move to suspend Sunday ban comes as economists warn of hit to country’s GDP growth U.S. Bitcoin ETFs saw an inflow of more than $850 million last week, the largest weekly inflow since April, price unch still low 60K's US court rules Meta, other tech firms must face thousands of lawsuits over social media addiction. A US appeals court on Aug 10 allowed thousands of lawsuits to move forward against Meta Platforms, Alphabet’s Google, ByteDance’s TikTok and Snap Inc’s Snapchat over claims they designed their products to be addictive to young users Nvidia, Wall Street asset managers partner on $500B AI push Japan-U.S. yen intervention: impact on global currency markets Investors Drop Stock Hedges as S&P 500 Rally Drives Options Shift - Bloomberg Munitions shortage constrains Trump's military efforts against Iran German truckers take the load as drought hits Rhine shipping UK regulator prepares framework for tokenised gold Swiss Gotthard road tunnel to close for 12 nights in August - SWI swissinfo.ch Spain imposes border checks on Italian travelers in tit-for-tat move over Ceuta migrants row US President Donald Trump issues backing for under pressure Fifa chief Gianni Infantino - BBC Sport Income investing: Helping your money work for you – The Armchair Trader US social media addiction cases to move forward

Iran says Hormuz deal close but US must meet commitments before strait reopens Saudi Arabia is bracing for attacks on ports and airports by Iraqi militias working with Iran-backed Houthi rebels, a Saudi official told CNN, then again Iran says US & Israel cant use Straits of Hormuz ...it's still a bit up in the air.. WTI sub $80 though, markets seem not to be bothered.. Markets : The S&P 500 is now up more than 100% since Michael Burry told people to sell in January 2023...eventually it'll be right, one day..‘Sell America’ Debate Re-Emerges as US Policies Sow Some Doubts, Global gold ETFs added $3 billion in July, reversing two consecutive months of outflows, The Fed is not going to hike, says Morgan Stanley’s Ellen Zentner, technically, USDJPY needs to go well below and stay below 200dma to worry any long-term carry trades (levels sub 156 JPY ideally), PM's definitely put a big base in last 2months, strong rally of lows.. Just three companies, Amazon, Alphabet and Meta, have already sold nearly $170 billion of investment-grade bonds so far in 2026, dwarfing last year's total tech issuance: Bloomberg. And they keep issuing, with Alphabet today looking to sell an additional $25 billion of bonds China’s exports growth beats estimates in July, as AI-driven shipments surge Apparently everyone is long and leveraged up... >>> and yet... S&P 500 sees "record" call option buying When gold goes up you will read on X it’s due to physical demand (russia, Korea and few others last few days news).. when it goes down it’s paper selling US court granting an eleventh-hour attempt to prevent the disclosure of the financial performance of the US president’s companies Live updates: Iran says Hormuz deal is close but US must meet commitments before strait reopens | CNN US Treasury's Bessent: Reasonable for Fed to consider upsizing FIMA PUT simply......The US Treasury is printing dollars and buying US Treasury bonds from the Japanese. So the Japanese are in effect dumping US Treasuries but the US is managing the dump by printing dollars and absorbing the bonds. It’s clever - it’s also a little bit desperate >> It’s a version of Open Market Operations, done daily if bond auctions fall short, using FIMA facility that was created in 2022 (back then no treasuries were sold for those reasons)... US Treasury Secretary Scott Bessent suggests Federal Reserve could consider raising FIMA liquidity facility Fed's Warsh to stick with scaled-back communications - report | Seeking Alpha Kevin Warsh Opens Door to Surprise Fed Move ‘Sell America’ Debate Re-Emerges as US Policies Sow Some Doubts Bonds, Dollar Weighed Down by Washington Policy Decisions - Bloomberg The Fed is not going to hike, says Morgan Stanley’s Ellen Zentner Traders on Kalshi say it's likely S&P 500 will hit 8,000 in 2026 Treasury Secretary Scott Bessent on X: "A familiar act of mainstream media sophistry: work backward from a partisan verdict and then call the result analysis. The truth is wages are up for Americans across the distribution, but importantly earnings growth for Main Street workers at the 25th earnings percentile was https://t.co/EggVS98OwC" / X China's exports growth beats estimates in July, as AI-driven shipments surge Pentagon’s Secret Panic After Furious Trump Call Revealed Canadian Prime Minister Mark Carney Mocks Trump After Teleprompter Glitches During News Conference US federal judge halts order for Trump to turn over financial records to BBC | Donald Trump | The Guardian This sounds a lot worse than published.. Plane near drone found at German airport was carrying ammunition, media reports say | Reuters Republicans vote to hold Anthony Fauci in contempt of Congress as Democrats blast ‘McCarthy-esque’ hearing | The Independent Asia turns to gold in structural wealth shift - The Banker Hedgeye on X: "Global gold ETFs added $3 billion in July, reversing two consecutive months of outflows https://t.co/WOfJlmpjfL" / X Bitcoin party is over, much bigger selloff coming, says Peter Schiff - TheStreet Crypto: Bitcoin and cryptocurrency news, advice, analysis and more caviat : he would say that...

Pure Value Metrics is a Global Asset Manager based in Switzerland. We also provide Multi-Family Office Services specializing in Trusts for International investors. Pure Value Metrics Switzerland For Swiss and International Clients, we provide comprehensive tailored asset management and innovative multi-family office services, including trusts. We facilitate multi-generational capital appreciation solutions. Unique Relative Value investing supported by detailed balance sheet analysis PVM is a Swiss based asset manager for Global Markets, with a unique Investment Matrix dynamic portfolio selection process, which involves targeting single value stocks and then taking a deep dive into their balance sheets for financial robustness and then assessing their relative value both against their competitors and themselves, to determine the investment entry and exit point. Latest Monthly Client Report PVM BITs BLOG Our daily round-up of Global Macro Market Trends and insightful news topics are offered with a free subscription Subscribe Blog Hormuz deal 'close' / China July exports up 24% / JPY interventions, FIMA facility, QE like ; risk up, PM's up.. Bessent's message to 'journalists' / UK debt to 3trn / GOLD, PMs rally, after strong base built over last 2months JPY interventions, ceasefire, PM's rally, USD softer, rate hike exp down, Risk up : The Perfect storm ahead of Med-terms Hormuz deal 'close' / China July exports up 24% / JPY interventions, FIMA facility, QE like ; risk up, PM's up.. Bessent's message to 'journalists' / UK debt to 3trn / GOLD, PMs rally, after strong base built over last 2months JPY interventions, ceasefire, PM's rally, USD softer, rate hike exp down, Risk up : The Perfect storm ahead of Med-terms Hormuz deal 'close' / China July exports up 24% / JPY interventions, FIMA facility, QE like ; risk up, PM's up.. Bessent's message to 'journalists' / UK debt to 3trn / GOLD, PMs rally, after strong base built over last 2months JPY interventions, ceasefire, PM's rally, USD softer, rate hike exp down, Risk up : The Perfect storm ahead of Med-terms Media Apperances Please reach out to discuss your requirements Contact us / Visit our office

Answers to common questions about PVM's asset management approach, family office services, and working with a FINMA-regulated Swiss portfolio manager. Frequently Asked Questions Frequently asked questions General Can I have both an Asset Management and Trading account Yes, we can manage a portion of your wealth through our discretionary mandate, leaving you free to make your own investment decisions on your separate Private Banking Trading Account. If I opt for an Asset Management account is it part of a fund? Typically we offer individual managed accounts, where you are free to customise your portfolio through individual Instruments, Sectors, Industries and / or Regions restrictions. You may also specify your preferred FX hedge ratio's. Depending on the size of the investment a fund structure is possible. Is there a minimun investment amount? Yes - typically we do not accept portfolios smaller than 150k CHF; however depending on your personal circumstances we would always encourage discussion. Are there restrictions for Funding and Withdrawals? You can only make 1st party payments i.e. funds must be sent from and returned to the same account either in your name or your company. Who is my Custodian Bank? We offer a choice of custodians, presently either Saxo Bank (Switzerland) Ltd or UBS AG. However, depending upon your personal circumstances and trading requirements we can work with you to facilitate alternative venues. What about Counterparty Risk? Saxo Bank (Switzerland) Ltd and UBS AG are regulated by FINMA and a member of the CHF 100,000 cash deposit guarantee for private individuals the same threshold applies to joint accounts where applicable. www.esisuisse.ch Why do I need to sign a Limited Power of Attorney (LPoA) with PVM In order to be incorporated within PVMs structure it is necessary to sign an LPoA; this enables us to provide our discretionary mandates and private banking trading account services.

Meet the PVM team — 75+ years of combined professional experience in Swiss asset management and relative value investing. FAQs (/faq) MANAGEMENT TEAM Elke Balters Compliance Officer Qualified Lawyer Read More ProCloud AG Information Technology Provider Cloud Services and Cyber Security Read More SwissComply Compliance ICS Specialising in Finma Compliance Read More Alison Lazerwitz Non Executive Director Legal & strategy advisor Read More Stephan Collet Chief Executive Officer Expert in global macro and derivative products Read More Richard-Mark Dodds CIO & Chairman Detailed knowledge of fund management portfolio construction, accounting and treasury operations management. Read More