2025我们信任黄金In Gold We Trust：长期看多

The Big Long Ronald-Peter StöferleMark J. Valek October 2025 Join Us on OurGoldenJourney! Publications Our Funds In addition to the InGold We TrustReport–the gold standard of gold reports–we regularly publishrelevant studies,reports and chartbookson theinvestment topics of gold, crypto andfunds. It is our goal to offer investmentproductsfor these times ofexcessive structural debt andnegative real interest rates thatmeet the requirementsof the newinvestment paradigm. DISCOVER OUR FUNDS Subscribe to our Research Products The Big Long “We are now witnessing how a secular bull market isslowly becoming mainstream.” In Gold We Trustreport 2025 The 3 Stages Of A Bull Market (Dow Theory)Progress since the Release of the IGWT 2025 “The public, as a whole, buys at the wrong time and sells at the wrong time.”Charles Dow The Current Breakout in Gold Feels Spectacular but in the Context ofHistory Is Nothing Major Historical Gold Breakouts (Start Price = 01/01/2024), in USD, 01/2024–10/2028 Record Gold Purchases by Central Banks Highlight Strategic ShiftAdditional 415TonnesWere Added in H1 2025 Global Central Bank Gold Purchases, inTonnes, 1950–2024 More Than 55 Years of Debasement and Wall Street Finally Joins theParty! Gold, Copper, Oil (WTI) and Wheat (log), in USD, 100 = 01/1970, 01/1970–10/2025 Portfolio Structure of Family Offices, 2024 From Bonds to Bullion–Rethinking the Core Portfolio Old 60/40 Portfolio vs. New 60/40 Portfolio “When the facts change, I change my mind. What do you do, sir?–John Maynard Keynes Old 60/40 Portfolio** and New 60/40 Portfolio*, in USD, 100 = 05/17/2025, 05/2024–10/2025 Performance Gold’s “HautacamMoment”(Watch Keynote by Clicking on the Screenshot) GDX/Gold and SIL/Silver, 100 = 12/31/2010, 01/2011–10/2025 Commodities: The Last Asset Class Holding Out A Short History of Commodity Bulls and Bears Impact of Macro Factors on Commodities, Stocks, and Bonds The Status Quo of Gold “In times of uncertainty, gold is not just a safe haven–it’s asignal.” Jeffrey Gundlach Gold Performance in Major Currencies, 2000–2025 YTD A Flurry of New ATHs in Gold!A Signal? Gold, in USD, and New ATH Closes, 01/1970–10/2025 Gold Cup-and-Handle Formation, in USD, 01/2000–10/2024 All Developed Market Currencies Are Losing Value vs. Gold This Yearand the US Dollar Is the Leader of Losers Gold in Various DM Currencies, in %, 2025 YTD Safe-Haven Gold for Insurance and Performance Gold for ReturnEach Has Its Advantages and Disadvantages but Both Are NeededSafe-Haven Gold vs. Performance Gold The Spectrum of OptionsFrom Safe-Haven Gold to Performance Gold Characteristics of Various Gold Investments The Status Quo of Silver “When silver moves, it moves like it’s on steroids.” David Morgan Silver Performance in Major Currencies, 2000–2025 YTD More Than 45 Years Since the Last ATH! Silver, in USD, and New ATH, 01/1970–10/2025 Silver Is Starting to Come Alive! The Gold/Silver Ratio Is Coming Down Fast!Will It Break Through Its Long-Term Averages? Gold/Silver Ratio, 01/2000–10/2025 More and More DeliveriesPhysical Silver Is What the People Want! The Status Quo of Mining Stocks “When you buy gold, you’re buying insurance. When youbuy a gold miner, you’re buying leveraged speculation onthat insurance.” Rick Rule New ATHs for Gold Miners!The Catch-Up Trade Begins Gold Cup-and-Handle Formation, in USD, 01/2000–10/2025 Gold Miners Up, Money OutWhat Are GDX & GDXJ Outflows Telling Us? Capital Pours Into Silver Miners!2025 Inflows Rival the Previous Five Years Combined SIL and SILJ Monthly Fund Flows, in USDmn, 01/2016–09/2025 Large-Cap Gold Miners Have Posted Strong Results!What’s Next After Gold’s Recent Surge? Profitability Metrics for GDX (LTM), Q1/2008–Q2/2025 As Debt Burdens Grow for Governments Worldwide the Mining SectorIs Moving in the Opposite Direction NetDebt/EBITDAforGDX (LTM), Q1/2008–Q2/2025 Debasement Trade as Engine forthe Long-Awaited RealignmentBetween Real and Financial Assets Market Capitalization (log), in USD bn, 10/2024 The First Leg Lifts Safe Haven Gold–The Second Belongs to Performance Gold Performance of Gold, Silver and Mining Stocks in Bull Market Decades, in USD, 12/1969–10/2025 Quo Vadis, Aurum? “Don’t make the mistake of thinking that what’s nowhappening is mostly about tariffs.” Ray Dalio “Whoever controls the reserve asset and currency can exert some level ofcontrol trade and financial transactions.”Stephen Miran Source: RealClear, Hudson Bay Capital Management LP, Incrementum AG Central Bank Purchases and Price Appreciation Are Fueling theIncrease in Global Gold Reserves! Composition of Global Total Reserves, 1950–Q1/2025 The Coming Global Trade Reset Historic Shift in Global Trade Context •Stephen Miran→ newly appointedChairman of the Council of Economic Advisers (CEA) •His paper“A User’s Guide to Restructuring the Global Trading System”could serve as theblueprintfor upcoming U.S.economic policy•Potentially atec