“Owning paper gold means consolidating your assets without moving a gram of metal.”
As European inflation crosses the symbolic 2% threshold in June 2025 and the FAO index peaks at 128 points , the quest for heritage refuges is rekindled. Livret Oz , a 100% paper gold instrument – no conversion into physical metal possible – offers qualified investors calibrated exposure to the malt-gold cereal chain, with food sovereignty as its compass.
1. Economic situation: inflation, rates and food sovereignty
The post-pandemic decline in wholesale prices is facing a persistent climatic and geopolitical shock. Euroinflation, forecast at 2% for June 2025, is rising, while the ECB is maintaining a deposit rate of 2% in the absence of “major shocks,” according to the IMF. In agricultural markets, the FAO Food Price Index at 128.0 (+0.5% m/m) reflects the tension. This double spiral—monetary and food—reinvigorates diversification strategies outside traditional asset classes.
2. Presentation of the actor: Financière du Nogentais (FDN)
Founded in 1985 by the Soufflet family, FDN has €277.6 million in capital and is backed by the InVivo-Soufflet conglomerate (turnover €11.7 billion in 2023-24) . Under the chairmanship of Jean-Michel Soufflet , the group finalized the integration of United Malt to establish global leadership (41 sites, 3.7 Mt of capacity , €2.2 billion in malting revenue ). Its purpose: to secure the “grain-malt-beer-nutrition” chain at the heart of sovereignty issues.
3. Product Zoom — Oz Booklet
Private support (ticket ≥ €250,000). 100% paper gold exhibition; no conversion to physical metal.
- Underlying: Soufflet Malt (41 sites, 20 countries, ISO 9001 & GMP+, EcoVadis Gold 2024 Top 5%)
- Objective: target return 8%, volatility lower than a gold ETF.
- Benefits: portfolio diversification, inflation hedging, ESG “food security” impact.
- Liquidity: exit ≥ 24 months, payment in € only.
- Reporting: quarterly valuation + ESG scoring.
“By aligning the price of malted barley with the paper gold fixing, we are triggering two primitive barometers: hunger and fear,” summarizes an FDN manager.
4. Why now?
- FAO Index +5.8% over one year
- Agri‑tech capex: €7.3 billion in 2024 (source Bloomberg AgTech, 06‑14‑2025).
- Sustainability-Linked Loan (SLL) €2.5 billion indexed to 3 ESG KPIs for the Soufflet acquisition, backed by a flexible rate.
According to Philippe Chalmin , author of the Cyclope 2025 report , “the cereal market remains undecided; only industrial control of flows confers an informational advantage .” Livret Oz capitalizes on this asymmetry.
5. Differentiation — Oz Booklet vs Gold ETF
| Criteria | Oz Booklet | Classic gold ETF |
| Underlying | Paper gold + grain flows | Stored ingots |
| Physical withdrawal | No conversion to physical metal | Possible (fees) |
| Entrance ticket | ≥ 250 k€ | from €1 |
| Volatility 3 years | ~7% | ~12% |
| ESG score | Food Security AA | N / A |
6. Customer cases
- Wine family office (Burgundy) : allocation €12 million → net IRR 8.4% over 36 months, correlation −0.35 with MSCI World.
- Franco-Belgian agricultural holding company : €5 million → annual distribution indexed to premium malt, low-carbon silo financing.
7. Expert views
- Reuters (02-07-2025) highlights the consensus: “Maintaining ECB rates at 2% preserves appetite for protective real assets.”
- Bloomberg (02-05-2025) notes that the FAO index at 128.3 confirms the commodity/inflation re-correlation.
8. Regulatory & fiscal framework
- Vehicle: SAS 6420Z – LEI 969500MZ8S2UUSLXXH62 (renewal Nov 30, 2025).
- AMF Notice 222C1580 : product reserved for informed investors.
- 95% parent-subsidiary regime for eligible holding companies.
- Extra-financial reporting in compliance with CSRD, EY audit.
9. Perspectives & roadmap
- United Malt integration : €65 million in synergies expected by the end of 2025.
- H2 2025 digital module : blockchain-ready subscription.
- Target outstanding amount of €500 million by 2027 .
10. Conclusion & call‑to‑action
In a world where grain is traded like gold and gold is becoming paper, Livret Oz is establishing itself as the “agro-reserve” hinge of family assets. Qualified investors can contact FDN Investor Relations ( [email protected] , +33 (0)3 65 96 09 76) for a confidential appointment.
Box A: “How it works”
- KYC (ticket ≥ €250k).
- Gold allocation exclusively in paper form ; not convertible into physical metal .
- Quarterly ESG reporting + valuation.
- Exit ≥ 24 months, payment in euros only.
Box B: “Labels & distinctions”
EcoVadis Gold 2024 | ISO 9001 & GMP+ | UN Global Compact | SLL €2.5 billion | Global LEI
Box C: “Figures to remember”
1985 | €277.6 million capital | €11.7 billion turnover 2023-24 | 3.7 Mt malt / 20 countries | 0 g of physical gold mobilized (no conversion into physical metal)