月度黄金指南针——2025年9月

September 2025 Ronald-Peter StöferleMark J. Valek TableofContents: 1. Gold2.Silver3. Mining Stocks4.Macro5.Proprietary Models “Because gold is honest money it is disliked bydishonest men.” Ron Paul Gold (Nominal), and Gold (US CPI Adjusted – July 2025), in USD,01/1970–07/2025 Accumulated Gold ETF Holdings by Region (lhs), in Tonnes, and Gold(rhs), in USD, 01/2004–07/2025 Monthly Gold ETF Flows by Region (lhs), in Tonnes, and Gold (rhs), inUSD, 01/2004–07/2025 COMEX Gold Deliveries, in Thousands of Troy Ounces, 01/2007–08/2025 2. Silver “Too many people miss the silver lining because they’reexpecting gold.” Maurice Setter Annualized Performance of Silver, in USD, if Bought on the Last Day of theMonth and Held until 08/31/2025 (Holding Period ≥ 1 Year) Silver, in USD, and Incrementum World Silver Price (IWSP),09/2015–08/2025 Silver (Nominal), and Silver (US CPI Adjusted – July 2025), in USD,01/1970–07/2025 COMEX Silver Deliveries, in Millions of Troy Ounces, 01/2007–08/2025 3. Mining Stocks “Prospecting for gold is like looking for true love:for every nugget there’s a ton of rock and dirt.” Lord Richard Head Monthly Performance of Bullion and Miners, 09/2023–08/2025 Incrementum Precious Metals Mining Universe:Top and Bottom 10 Performers, in USD, 08/31/2025 4. Macro(Inflation, Markets, etc.) “Macro factors don’t always determine the outcome, butignoring them is a mistake.” Howard Marks Inflation Heat Map (Developed Markets), yoy, 08/2023–07/2025 Inflation Heat Map (Emerging Markets), yoy, 08/2023–07/2025 Market Cap of Bitcoin and Gold (lhs), in USD trn, and Bitcoin/Gold MarketCap Ratio (rhs), 01/2013–08/2025 Fed Interest Rate Policy Implied by Federal Funds Futures (1 = 25 bps),08/2025–12/2027 Gold (lhs), in USD, and Real Federal Funds (Federal Funds - CPI)(rhs, inverted), 01/1970–08/2025 Aggregated Central Bank Balance Sheets (Fed, ECB, BoJ, PBoC),in USD trn (lhs), and yoy (rhs), 01/2000–07/2025 M2 (US, EU, JP, CN, GB, CH), in USD trn (lhs), and yoy (rhs),01/2000–07/2025 5. Proprietary Models “When paper money systems begin to crack at the seams,the run to gold could be explosive.” Harry Browne Incrementum Active Aurum Signal, and HUI Index, in USD,09/2020–08/2025 Incrementum Recession Phase Model Old 60/40 Portfolio* and New 60/40 Portfolio**, in USD, 100 = 05/17/2025,05/2024–08/2025 Approximated Gold Price in 2030 by Distribution Probability accordingto theIncrementum Gold Price Model Performance and CAGR of Gold, Silver, Mining Stocks**, andCommodities*** in Bull Market Decades, in USD, 12/1969–08/2025 Addendum Because we care… About ourClients.AboutSociety.About theFuture. 2025 Precious Metals Summit-Beaver Creek, September 9–12, 2025 Ronald-Peter Stöferle Denver Gold Group Mining Forum Americas 2025-Colorado Springs, September 14–17, 2025 Ronald-Peter Stöferle 2025 Precious Metals Summit-Zurich, November 10–11, 2025 Ronald-Peter Stöferle Forum ONE-Munich, November 13–14, 2025 Ronald-Peter Stöferle Swiss Mining Institute-Zurich, November 19–22, 2025 Ronald-Peter Stöferle Resourcing Tomorrow-London, December 2–4, 2025 Ronald-Peter Stöferle VRIC 2026-Vancouver, January 25–26, 2026 Ronald-Peter Stöferle Discover Our Whole Universe of Publications and Social Media Channels JoinUsonOurGoldenJourney! Publications OurFunds InadditiontotheInGoldWeTrustReport–thegoldstandardofgoldreports–weregularlypublishrelevant studies,reportsandchartbooksontheinvestmenttopicsofgold,cryptoandfunds. Itisourgoaltoofferinvestmentproductsforthesetimesofexcessivestructuraldebtandnegative realinterestratesthatmeettherequirementsofthenewinvestmentparadigm. DISCOVER OUR FUNDS About the Authors Ronald-Peter Stöferle, CMT •Ronald-Peter StöferleisManaging PartnerandFundManageratIncrementum AG.•Previously spentseven years in the research team atErste Groupin Vienna.•Has been publishing theIn Gold We Trustreportannuallysince2007, which has achievedinternationalrecognition.•Co-authorof the bestsellerAustrian School for Investors(2014), alongsideRahimTaghizadeganandMark Valek.•Co-authoredThe Zero Interest Trap (2019).•Board memberofTudor GoldandGoldstormMetals.•Advisor to VON GREYERZ AG since 2020and toMonetary Metals since 2024. About the Authors Mark J. Valek, CAIA •Mark J. ValekisPartnerandFund ManageratIncrementum AG.•Previously spentover ten years at Raiffeisen CapitalManagement, most recently as afund manager in theMulti-Asset Strategies department.•Responsible forinflation hedging strategies andalternative investments, managingportfolios worthseveral hundred million euros.•Co-author of the bookAustrian School for Investors(2014), alongsideRahimTaghizadeganandRonald-Peter Stöferle.•Serial entrepreneur, including asco-founder ofphiloroEdelmetalleGmbH.•Since2024, he has served as anadvisor to MonetaryMetals. Sound Money Capital AGIndustriering 219491–Ruggell/Liechtensteinoffice@ingoldwetrust.li ingoldwetrust.report Disclaimer Thispublicationisforinformationpurposeso