Incrementum月度黄金指南针–2024年5月

May2024 Ronald-Peter StöferleMark J. Valek TheIn Gold We TrustReport 2024will be published on May 17th! To subscribe to theIn Gold We TrustReport, clickhere. TableofContents: 1. Gold2.Silver3. Miner4.Macro5. Long Term Charts6.Proprietary Models 1. Gold “I view gold as the primary global currency. It is the onlycurrency, along with silver, that does not require acounterparty signature.” Alan Greenspan Gold (Nominal), and Gold (US CPI Adjusted – March 2024), in USD,01/1970-03/2024 Monthly Gold ETF Flows by Region (lhs), in Tonnes, and Gold (rhs), inUSD, 01/2004-03/2024 Monthly Gold ETF Flows by Region (lhs), in Tonnes, and Gold (rhs), inUSD, 01/2004-03/2024 2. Silver “Trading silver is a tough way to make an easy living.” Rich Ross Annualized Performance of Silver, in USD, if Bought on the Last Day of theMonth and Held until 04/30/2024 (Holding Period ≥ 1 Year) Silver, in USD, and Incrementum World Silver Price (IWSP),05/2014-04/2024 Silver (Nominal), and Silver (US CPI Adjusted – March 2024), in USD,01/1970-03/2024 3. Miner “You make most of your money in a bear market, you justdon’t realize it at the time.” ShelbyCullomDavis 4. Macro(Inflation, Markets, Positioning, etc.) “We now understand better how little we understandabout inflation.” Jerome Powell Inflation Heat Map (Developed Markets), yoy, 04/2022-03/2024 Inflation Heat Map (Emerging Markets), yoy, 04/2022-03/2024 CFTC Futures and Options Net Long Positioning, Non-Commercial Traders,04/26/2024 Fed Interest Rate Policy Implied by Federal Funds Futures (1 = 25 bps),04/2024-12/2026 5. Long Term Charts “If you decide you want to buy gold, you have the weight ofhistory behind you.” Herb Stein Market Capitalization of Gold, and US Stock Market (Wilshire 5000), inUSD trn, 01/2013-04/2024 Market Capitalization of Bitcoin, and Gold, in USD trn, 01/2013-04/2024 Aggregated Central Bank Balance Sheets (Fed, ECB, BoJ, PBoC),in USD trn (lhs), and yoy (rhs), 01/2000-03/2024 M2 (US, EU, JP, CN, GB, CH), in USD trn (lhs), and yoy (rhs),01/2000-03/2024 Gold (lhs), in USD, and Real Federal Funds (Federal Funds - CPI)(rhs, inverted), 01/1970-04/2024 6. Proprietary Models “I believe it would be both risk-reducing and return-enhancing to consider adding gold to one's portfolio.” RayDalio Inflation Sensitive Assets (lhs), 100 = 01/1997, and Incrementum InflationSignal (rhs), 01/1997-04/2024 Incrementum Recession Phase Model Addendum Because we care… About ourClients.AboutSociety.About theFuture. Agnico Eagle Agnico Eagle is a senior Canadian gold mining company, and third-largest gold producer in the world, with operating mines located inCanada, Australia, Finland and Mexico, as well as exploration and development activities in these countries and the United States. Asante Gold Asante Gold has developed its 400,000 oz per year production profile through organic growth and focused acquisitions. We believeinresponsible development and strive to be Ghana’s foremost gold producer and employer of choice. Aurion Resources Aurionis a well-funded, Canadian explorer operating in an emerging major gold camp in Finland’s Central Lapland. The Company ismaking new discoveries on its FlagshipRistiandLauniprojects, and JVs with B2Gold and Kinross. Caledonia Mining Caledonia Mining is a profitable, dividend-paying gold miner, with a strong growth profile; since November 2021 has acquiredMaligreen,Motapaand Bilboes. Its vision is to become a Zimbabwe focused multi-asset gold producer. Dakota Gold Dakota Gold (NYSE American: DC) is a South Dakota-based responsible gold exploration and development company with a specificfocus on revitalizing the Homestake District of South Dakota. EMX Royalty EMX has a 20-year track record of smart deals. With more than 300 royalties and investments, EMX looks forward to a bright futurewith diversification into gold, copper, battery metals, strong partners like Franco Nevada, and rapidly increasing cash flow. Endeavour Mining As a leading global gold producer and largest in West Africa, Endeavour is committed to the principles of responsible mininganddelivering sustainable value to all stakeholders. Endeavour is listed on the LSE and TSE under the symbol EDV. Endeavour Silver Endeavour Silver is a mid-tier precious metals mining that owns two underground, silver-gold mines in Mexico, and has a compellingpipeline of exploration and development projects to facilitate its goal to become a senior silver producer. Gold Switzerland MAM is a global leader in the acquisition and storage of gold, providing investors direct personal access to the biggest andsafestprivate gold vault in the world, located in the Swiss Alps. We offer unique and exceptional personal service and advice to our clients. Hecla Mining Hecla Mining Company (NYSE: HL) is the largest primary silver producer in the United States and the fifth largest gold producerinQuebec. Hecla is also the third largest US producer of both zinc and le