Gold Booklet: the paper gold that anchors your capital in agro-resilience
Introductory note — no physical delivery
As French inflation falls to 0.7% in May 2025 and the FAO index peaks at 128 points in June 2025 , large wealth owners are seeking dual protection: an anti-inflation shield and a vector of food sovereignty. The Livret Gold , pure paper gold — zero ingots delivered — irrigates the InVivo-Soufflet malt sector and transforms each grain of barley into a virtual ounce.
1. Economic situation: agro-inflation in constant decline
Monetary normalization is calming industrial raw materials, but food prices remain high: the UN measures a 5.8% increase over one year for its overall index. The government is targeting an average inflation rate of 1.4% in 2025 , an ambition deemed fragile by rate strategists. In this context, paper gold is once again becoming a barometer of distrust, while cereal assets are benefiting from the “beer premium” transition in emerging countries.
2. Presentation of the actor: FDN, the grain engineer
Founded in 1985, Financière du Nogentais (FDN) oversees 167 cooperatives and has €277.6 million in capital . Since January 2023, its merger with InVivo has brought the consolidated scope to €11.7 billion in 2023-24 revenue . Its Soufflet Malt division operates 41 sites in 20 countries with a capacity of 3.7 Mt , guaranteeing a global outlet for the portfolio.
3. Product Zoom — Gold Booklet (100% gold-paper, no physical delivery )
- Private support: qualified investors, ticket ≥ €250k
- Exclusive paper gold: no delivery, no metal withdrawal
- Malting support: 41 malting plants certified ISO 9001 & GMP+, EcoVadis Gold 2024
- Asset assets: portfolio diversification, inflation hedging, ESG “food security” label
“Paper gold flares when the world is faltering; it measures human misfortune with terrifying reliability.” — Philippe Chalmin, Defense interview, June 2025
4. Why now?
The World Bank has structured €2.5 billion of sustainability-linked loans in 2024 , confirming the appetite for agro-ESG debt. Every additional liter of craft beer increases demand for malt; every point of inflation increases the processing margin. The Livret Gold captures these two drivers while neutralizing the logistical frictions of physical metal.
5. Differentiation — Gold Booklet vs Gold ETF ( no metal withdrawal possible )
| Criteria | Gold Booklet | Gold ETF |
| Nature | Gold-paper + malt chain | Paper gold + ingots on deposit |
| ESG | EcoVadis Gold, food sovereignty | Variable, often neutral |
| Liquidity | Exit ≥ 24 months, payment € | Daily stock market |
| Physical delivery | No delivery | Sometimes available |
| Agro decorrelation | Yes | No |
Warning: zero ingots delivered, no metal withdrawal can be requested.
6. Customer cases
A Burgundy wine family office reallocated €12 million in 2022 (60% Livret Gold, 40% land). Net IRR: 8.4% over 24 months with volatility of 3.1%. “A wealth-based crop insurance,” summarizes the manager.
7. Expert views
Reuters recalled in 2021 that the InVivo-Soufflet merger aimed to “create one of Europe’s greatest agricultural champions.
As for the Budget Minister, she is counting on 1.4% inflation in 2025 , a target intended to “restore purchasing power without punitive taxation.
Strategists consider the Livret Gold to be a more sophisticated hedge than bank gold certificates, because it converts fear into tangible food demand.
8. Regulatory & fiscal framework
Instrumented by a SAS 6420Z (LEI 969500MZ8S2UUSLXXH62, renewed November 30, 2025), the Livret Gold is subject to the 95% parent-subsidiary regime and complies with AMF notice 222C1580. From a tax perspective, capital gains follow the PFU for individuals or the IS for agricultural holding companies.
9. Perspectives & roadmap
- Integration of United Malt (11/2023)
- Digital KYC Module T2 2025
- Target outstanding: €500 million by 2027
- Carbon footprint objective scope 3 < 1.2 kg CO₂ / kg malt
10. Conclusion & call‑to‑action
For family offices that view land as a safe and gold as a crisis barometer, the Livret Gold offers a strategic hybrid.
Box A: How it works — no physical delivery
- KYC (ticket ≥ €250,000)
- Grain allocation; paper gold never delivered
- Quarterly reporting (VL + ESG)
- Exit ≥ 24 months, payment € only, without delivery
Box B: Labels & distinctions
EcoVadis Gold 2024 | ISO 9001 & GMP+ | UN Global Compact | SLL €2.5 billion | Global LEI
Box C: Key figures — 0 g of gold delivered
1985 | €277.6 million capital | €11.7 billion turnover 2023-24 | 3.7 Mt malt / 20 countries | 0 g gold delivered
