黄金指南针报告（2025年5月）

MonthlyGold Compass May2025 Ronald-Peter StöferleMark J. Valek TheIn Gold We TrustReport 2025will be published on May 15th! 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 Annualized Performance of Gold, in USD, if Bought on the Last Day of theMonth and Held until 04/30/2025 (Holding Period ≥ 1 Year) Gold (Nominal), and Gold (US CPI Adjusted – March 2025), in USD,01/1970–03/2025 Monthly Gold ETF Flows by Region (lhs), in Tonnes, and Gold (rhs), inUSD, 01/2004–03/2025 Monthly Gold ETF Flows by Region (lhs), in Tonnes, and Gold (rhs), inUSD, 01/2004–03/2025 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 04/30/2025 (Holding Period ≥ 1 Year) Silver, in USD, and Incrementum World Silver Price (IWSP),05/2015–04/2025 Silver (Nominal), and Silver (US CPI Adjusted – March 2025), in USD,01/1970–03/2025 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, 04/2023–03/2025 Inflation Heat Map (Emerging Markets), yoy, 04/2023–03/2025 CFTC Futures and Options Net Long Positioning, Non-Commercial Traders,04/25/2025 Fed Interest Rate Policy Implied by Federal Funds Futures (1 = 25 bps),04/2025–12/2027 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, 01/2013–04/2025 Market Capitalization of Bitcoin, and Gold, in USD trn, 01/2013–04/2025 Aggregated Central Bank Balance Sheets (Fed, ECB, BoJ, PBoC),in USD trn (lhs), and yoy (rhs), 01/2000–03/2025 M2 (US, EU, JP, CN, GB, CH), in USD trn (lhs), and yoy (rhs),01/2000–03/2025 Gold (lhs), in USD, and Real Federal Funds (Federal Funds - CPI)(rhs, inverted), 01/1970–04/2025 6. Proprietary Models “I believe it would be both risk-reducing and return-enhancing to consider adding gold to one's portfolio.” RayDalio Incrementum Active Aurum Signal, and HUI Index, in USD,05/2020–04/2025 Approximated Gold Price in 2030 by Distribution Probability accordingto theIncrementum Gold Price Model Addendum Because we care… About ourClients.AboutSociety.About theFuture. 2025 Precious Metals Summit-Beaver Creek, September 9–12, 2025 Ronald-Peter Stöferle Swiss Mining Institute-Zurich, November 19–22, 2025 Agnico Eagle Agnico Eagle is a senior Canadian gold mining company, and third-largest gold producer in the world, with operating mines inCanada, Australia, Finland and Mexico, and a pipeline of high-quality exploration and development projects in these countries and theUnited States. Asante Gold Asante Gold has developed its +400,000 oz per year production profile through organic growth and focused acquisitions. We believein responsible development and strive to be Ghana’s foremost gold producer and employer of choice. Caledonia Mining Caledonia Mining is a dividend-paying gold producer and explorer, with a strong growth profile; since November 2021 it has acquiredMaligreen,Motapaand Bilboes. Its vision is to become a Zimbabwe focused multi-asset gold producer. DMCC DMCC has played a key role in making Dubai a top gold market, known as 'the city of gold', with 25% of global trade, mostly throughits free zone. DMCC's infrastructure includes a precious metals vault, jewelry facilities, and gold coins. It also boosts gold tradethrough platforms like DGCX and DMCCTradeflow. ELEMENTUM–More for sure! For almost two decades,Elementumhas been your competent partner for strategic solutions in physical gold and silver for privateindividuals, families, employers and employees. EMX Royalty EMX has a 20+ year track record of smart deals. Experiencing a record year in 2023 with USD 37mn in cashflow, EMX looks forwardto a bright future with diversification into gold, copper, battery metals, strong partners like Franco Nevada and multi-decade payingroyalties. 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 operates 2 high-grade underground silver mines in Mexico. AdvancingTerroneraProject & exploring to becomepremier silver producer. Shares offer industry-leading beta to silver price, with over 60% revenue from silver. First Majestic Silver First Majestic is a silver and gold pr