i. To add almost 1/3 of the capital in gold.
ii. To start getting rid of sovereign bonds.
We are afraid that ETFs such as GLD, which we have used successfully in the past, will represent fiat money as they are not 100% backed up by physical gold. So, we have chosen a different kind of ETF with almost 100% physical gold ownership. We will start with 50% of the total amount for gold, to avoid buying in just one moment. Besides, we have moved our Euro Money Market fund to our Gold Mining Fund.
The Australian dollar has worked perfect, but its price is close to our target, so we have sold it to get cash to buy gold.
We have removed our EURUSD protection (selling ULE), because we will used gold instead.
The final portfolio can be found under Other articles (right column of the site) or here.