黄金指南针报告（2025年6月）

June2025 Ronald-Peter StöferleMark J. Valek 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 COMEX Gold Deliveries, in Thousands of Troy Ounces, 01/2007–05/2025 Gold (Nominal), and Gold (US CPI Adjusted – April 2025), in USD,01/1970–04/2025 Monthly Gold ETF Flows by Region (lhs), in Tonnes, and Gold (rhs), inUSD, 01/2004–04/2025 Monthly Gold ETF Flows by Region (lhs), in Tonnes, and Gold (rhs), inUSD, 01/2004–04/2025 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 05/31/2025 (Holding Period ≥ 1 Year) Silver, in USD, and Incrementum World Silver Price (IWSP),06/2015–05/2025 COMEX Silver Deliveries, in Millions of Troy Ounces, 01/2007–05/2025 Silver (Nominal), and Silver (US CPI Adjusted – April 2025), in USD,01/1970–04/2025 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, 05/2023–04/2025 Inflation Heat Map (Emerging Markets), yoy, 05/2023–04/2025 CFTC Futures and Options Net Long Positioning, Non-Commercial Traders,05/30/2025 Fed Interest Rate Policy Implied by Federal Funds Futures (1 = 25 bps),05/2025–12/2027 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, 01/2013–05/2025 Market Capitalization of Bitcoin, and Gold, in USD trn, 01/2013–05/2025 Aggregated Central Bank Balance Sheets (Fed, ECB, BoJ, PBoC),in USD trn (lhs), and yoy (rhs), 01/2000–04/2025 M2 (US, EU, JP, CN, GB, CH), in USD trn (lhs), and yoy (rhs),01/2000–04/2025 Gold (lhs), in USD, and Real Federal Funds (Federal Funds - CPI)(rhs, inverted), 01/1970–05/2025 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,06/2020–05/2025 Incrementum Recession Phase Model 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 Denver Gold Group Mining Forum Americas 2025-Colorado Springs, September 14–17, 2025 Ronald-Peter Stöferle Swiss Mining Institute-Zurich, November 19–22, 2025 Agnico Eagle Agnico Eagle is a Canadian-based and led senior gold mining company and the third largest gold producer in the world, producingprecious metalsfrom operations in Canada, Australia, Finland and Mexico, with a pipeline of high-quality exploration and development projects. Asante Gold Asante Gold has developed its +400,000 oz per year production profile through organic growth and focused acquisitions. We believe in responsibledevelopment and strive to be Ghana’s foremost gold producer and employer of choice. Barrick Barrick is a global gold and copper mining company operating in the world’s most prolific gold and copper districts and focusedon high-margin,long-life assets. The company operates six of the top Tier One gold mines and has one of the deepest project pipelines. Caledonia Mining Caledonia Mining is a profitable gold producer in Zimbabwe, focused on sustainable operations, dividends and disciplined growththroughexploration and development. Cerro de Pasco Resources Cerro de Pasco Resources is focused on the development of its principal 100% owned asset, the ElMetalurgistamining concession, comprisingsilver-rich mineral tailings and stockpiles extracted over a century of operation from the Cerro de Pasco open pit and underground mine in CentralPeru. Dolly Varden Silver Dolly Varden Silver explores high-grade silver and gold in BC’s Golden Triangle. The company’sKitsaultValley Project hosts historic high-grademines, significant discovery upside, and strong support from major backers including Hecla Mining, Eric Sprott, and Fidelity. Elementum Real values. More security for your financial prosperity. Your competent partner for strategic solutions in physical gold andsilver. For privateindividuals, families, employers and employees. EMX Royalty Global royalties. Real returns. EMX delivered $33.1M in revenue and $19.2M EBITDA in 2024—powered by gold, copper, and a portfolio built forlong-term growth. Endeavour Mining Endeavour Mining (LSE:EDV, TSX:EDV, OTCQX:EDVMF) is a leading global gold producer, committed to responsible mining and deliveringmeaningful value to people and society. Endeavour