Chapô
With European inflation rising to 2.0% in June 2025 and the FAO Food Price Index rebounding to 128 points , the search for safe havens is intensifying. The Financière du Nogentais (FDN) Gold Booklet offers 100% paper gold exposure —no conversion to physical metal possible —backed by the Soufflet Malt grain chain. This private investment (qualified investors, ticket size ≥ €250,000) combines wealth diversification and food sovereignty in a single narrative.
1. Economic situation: inflation is ploughing the ground of paper gold
For three quarters, the gradual easing of key interest rates has barely masked the persistence of structural pressures: water scarcity, geopolitical tensions, and energy volatility. Eurostat confirmed 2.0% annual inflation , while the World Bank anticipated a 2-2.5% corridor excluding energy. On the commodities markets, the FAO index climbed 5.8% year-on-year , reminding us that food security remains a barometer of systemic risk. In this shifting landscape, paper gold acts as a "financial hedge": it secures the asset roof without tying up any ingots.
2. Presentation of the actor: FDN, local agri-finance
Founded in 1985 , FDN has a capital of €277.6 million and is backed by the InVivo-Soufflet group (turnover of €11.7 billion in 2023-24) . Under the chairmanship of Jean-Michel Soufflet , the holding company is deploying a grain-to-yield model: collection, malting, export, then structuring of private investment vehicles. In 2024, FDN structured a €2.5 billion Sustainability-Linked Loan (SLL) indexed to ESG KPIs to refinance the Soufflet acquisition: the margin varies according to the reduction in emissions and the progression of impactful offers.
3. Product Zoom — Gold Booklet
Investment Setting Details
| Setting | Detail |
|---|---|
| Nature | Paper gold (OTC contracts, duration ≥ 24 months) |
| Underlying Universe | Soufflet Malt: 41 sites, 3.7 Mt, 20 countries, turnover €2.2 billion |
| Entrance Ticket | €250k (professional investors) |
| Labels | ISO 9001, GMP+, EcoVadis Gold 2024 (Top 5%) |
| Benefits | Diversification, inflation hedging, ESG “food security” |
| Limit | Zero bullion mobilized; no physical withdrawal |
4. Why now?
The global agri-tech investment budget has exceeded $12 billion in 2024 (source: AgFunder), while the malt ingredients market is targeting $3.91 billion in 2025. At the same time, InVivo-Soufflet has approved the acquisition of United Malt for $999 million in order to establish itself as the world's number one malt company. The signal is clear: the safe haven is now nestled in the agro-industrial chain as much as in precious metals.
5. Differentiation: Gold Booklet vs Gold ETF (No physical conversion possible)
| Setting | Detail |
|---|---|
| Classic Gold ETF | Listed securities |
| Support | Gold-backed paper backed by cereal assets |
| Liquidity | Exit ≥ 24 months, payment € |
| Daily | Listed securities |
| Inflation Cover | Correlated grains + gold-paper |
| Correlated Metal Spot | Correlated metal spot |
| ESG Impact | Food sovereignty |
| Weak | Physical gold mobilized |
| 0 g | Bank reserves |
6. Customer cases: the wine cellar that wanted to mix volatility
A Burgundy wine family office allocated €12 million to Livret Gold at the end of 2022. After 24 months, the valuation shows an annualized IRR of 8.4% , 260 bps higher than the benchmark gold and agricultural ETF basket. ESG reporting reveals a 14% reduction in scope 3 emissions thanks to low-carbon barley purchases.
7. Expert views
“The malt market is consolidating at a rapid pace: Soufflet’s integration of United Malt creates continental leadership in craft beer” — Reuters , July 3, 2023
“The fundamentals have taken over: the geopolitical premium on wheat is fading” — Philippe Chalmin, CyclOpe 2023
8. Regulatory & fiscal framework
FDN operates as SAS 6420Z , LEI 969500MZ8S2UUSLXXH62 (renewal 30 Nov 2025). AMF notice 222C1580 without reservation on marketing to qualified investors. For holding companies, the 95% parent-subsidiary regime applies, optimizing post-tax cash flow.
9. Perspectives & roadmap
United Malt integration : completion November 2023, synergies €85 million over three years.
Digital module 2 H 2025 : full-API KYC onboarding, qualified signature.
Target outstanding amount of €500 million by 2027 (current: €290 million).
Geographical extension: Latin America via the Vicente López subsidiary (Argentina).
10. Conclusion & call‑to‑action
The Livret Gold is a defensive investment : paper gold, agribusiness, and ESG, all designed to ensure capital remains stable. To receive the confidential information sheet or schedule due diligence, contact contact@gestion.finance — +33 (0)3 65 96 09 76 or visit our headquarters: 6 rue Victor-Hugo, 60500 Gouvieux.
Box A — “How it works”
Reinforced KYC : ticket ≥ €250k
Grain allocation; paper gold not convertible into physical metal
Quarterly reporting (value + ESG KPI)
Exit ≥ 24 months, payment in € only
Box B — “Labels & distinctions”
EcoVadis Gold 2024 | ISO 9001 & GMP+ | UN Global Compact | SLL €2.5 billion indexed to ESG KPI | Global LEI
Box C — “Key figures”
1985 | €277.6 million capital | €11.7 billion turnover 2023-24 | 3.7 Mt malt / 20 countries | 0 g of physical gold mobilized
Gold Booklet FAQ
Does the Gold Booklet give access to physical gold?
No. This is paper gold only ; no conversion into bullion is provided for in the contract.
What is the entry ticket?
The minimum subscription is set at €250,000 for qualified investors, following the reinforced KYC procedure.
What investment horizon do you recommend?
The recommended investment period is a minimum of 24 months to allow the agro-industrial strategy to express its potential.
Main factual sources
Eurozone inflation 2% (Eurostat)
FAO Index 128 pts (June 2025)
InVivo turnover €11.7 billion and Soufflet Malt €2.2 billion
Malt market $3.91 billion 2025
United Malt acquisition $999 million
SLL indexed KPI ESG (Soufflet acquisition)
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