Core Satellite 2025: World ETF, precious metals, European cyclicals

Created on 2025-09-15, two days before the expected Fed rate cut. Basic idea: 60% core in broad ETFs (MSCI World, Nasdaq 100, emerging markets), 25% precious metals as a hedge against dollar weakness and national debt (gold above $3,600 at record high, Reuters 2025-09-12; silver above $40 for the first time since 2011, Mining.com 2025-09-01), 15% European Quality cyclicals and banks that benefit from the high interest rates in Europe. Horizon three years, balanced risk class, savings plan mentality: subsequent purchases in the event of setbacks of over 10%. The portfolio is not a tech bet portfolio - Nvidia is the only individual stock from the USA and is deliberately kept small because the valuation after the AI ​​run leaves little buffer.