2025年我们信任黄金报告-预览图表集

“THE BIG LONG” Preview Chartbookof theIn Gold We TrustReport 2025 Ronald-Peter StöferleMark J. Valek April 2025 TheIn Gold We Trustreport 2025will be published on May 15th! To subscribe to theIn Gold We Trustreport, clickhere. Subscribe to our Research Products Hattrick!Central BanksKeep Scoring Bigin Gold Demand with 1,000+Tonnes Purchased for Third Straight Year Global Central Bank Gold Purchases, in Tonnes, 1950–2024 Gold and Real Yields Decoupling Still in Play – The New Rules of theGame Take Hold… …While the New Gold Playbook Delivers: Strength Amid Rising RatesSignals the Road to 'The Big Long' Gold Returns (x-axis), in USD, and Change in US 10Y TIPS Yield (y-axis), in bps, 1998–2025 “When the facts change, I change my mind - what do you do, sir?”- John Maynard Keynes Old 60/40 Portfolio vs. New 60/40 Portfolio The New 60/40 Portfolio Outperforms– Powered by Gold, Miners,Commodities, and Bitcoin New 60/40 Portfolio*, and Old 60/40 Portfolio**, in USD, 100 = 05/17/2025, 05/2024–04/2025 ETF Demand Rebounds After 8-Quarter Selling Streak, Fueling GoldMarket Rally… Plenty of Catch-Up Potential Remains, as Gold Pulls Ahead of ETFHoldings While Gold Becomes Harder to Afford as Gold Price in Labor Time HitsMulti-Decade High… ...And US New Home Prices in Gold Fall Further Below Historic Median,Highlighting Gold’s Outperformance 2. The Status Quo of Gold “Gold, in the end, is not just competition for the dollar; it iscompetition for bank deposits, stock and bonds and mostparticularly during times of economic stress—and that is the sourceof enduring interest amongst policymakers.” Paul Volcker Gold Gathers Momentum, on the Brink of ‘The Big Long’ and HistoricBull Run Status 3. The Status Quo of Silver “The major monetary metal in history is silver, not gold.” Milton Friedman Sustained Surge in COMEX Silver Deliveries Signals Growing PhysicalDemand COMEX Silver Deliveries, in Millions of Troy Ounces, 01/2007–03/2025 Silver Approaches Historic Peaks, Setting the Stage for a PotentialBreakout Silver, in USD, 01/1975–04/2025 4. The Status Quo of Mining Shares “In terms of natural resource investing, you’re either going tobe a contrarian or you are going to be a victim. There isn’tmuch by way of middle ground.” Rick Rule Gold Investing Is NOT just Physical Gold! Characteristics of Various Gold Investments Mining Industry: Overshadowed or Undervalued? Market Capitalization, in USD bn, 04/2025 Mind The Gap: Large Caps Outperform Juniors, But Gold Still Leads thePack GDX/GLD and GDX/GDXJ, 100 = 01/2010, 01/2010–04/2025 Incrementum Mining Equities Investment Universe,by Sub-Industry & Market Cap HUI, and Incrementum Active Aurum Signal, 05/2020–04/2025 5. Quo Vadis, Aurum? “The future is already here – it’s just not evenly distributed.” William Gibson Short-Term Inflation Expectations Surging Higher Within Escalating Pressures, Gold Charts New Territory with RisingNumber of All-Time Highs Gold, in USD, and New ATH Closes, 01/1970–04/2025 Gold Bull Market Comparison, in USD, 2000–2012, and 2016–2028 Approximated Gold Price in 2030 by Distribution TheIn Gold We Trustreport 2025will be published on May 15th! To subscribe to theIn Gold We Trustreport, clickhere. Addendum Because we care… About our Clients.About Society.About the Future. Subscribe to our Research Products Discover Our Whole Universe of Publications and Social Media Channels About theIn Gold We TrustReport The annually publishedIn Gold We Trustreport has beenauthored by Ronald-Peter Stöferlesince 2007.This year forthe thirteenth time together with Mark J. Valek and under theumbrella of Incrementum AG. It provides aholistic assessment of the gold sectorand themost important influencing factors, such as real interest ratedevelopment, debt, inflation, etc. About the Authors Ronald-Peter Stöferle, CMT •Ronnie is managing partner of Incrementum AG andresponsible for research and portfolio management. •In 2007 he published his firstIn Gold We Trustreport. Overthe years, the study has become one of the benchmarkpublications on gold, money, and inflation. •Member of the Board Tudor Gold Corp. (TUD) andGoldstorm Metals (GSTM) •Advisor for VON GREYERZ and Monetary Metals