月度黄金指南针2026年3月

March2026 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 Annualized Performance of Gold, in USD, if Bought on the Last Day of theMonth and Held until 02/28/2026 (Holding Period ≥ 1 Year) Gold (Nominal), and Gold (US CPI Adjusted – January 2026), inUSD, 01/1970–01/2026 Gold Seasonality, Geometric Mean Monthly Return (lhs), and % PositiveMonths (rhs), 1970–2025 Accumulated Gold ETF Holdings by Region (lhs), in Tonnes, and Gold(rhs), in USD, 01/2004–01/2026 Monthly Gold ETF Flows by Region (lhs), in Tonnes, and Gold (rhs), inUSD, 01/2004–01/2026 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 02/28/2026 (Holding Period ≥ 1 Year) Silver, in USD, and Incrementum World Silver Price (IWSP),03/2016–02/2026 Silver (Nominal), and Silver (US CPI Adjusted – January 2026), inUSD, 01/1970–01/2026 Silver Seasonality, Geometric Mean Monthly Return (lhs), and % PositiveMonths (rhs), 1970–2025 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 Incrementum Precious Metals Mining Universe (Market Cap > USD 1bn):Top and Bottom 10 Performers, in USD, 02/28/2026 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, 02/2024–01/2026 Inflation Heat Map (Emerging Markets), yoy, 02/2024–01/2026 Fed Interest Rate Policy Implied by Federal Funds Futures (1 = 25 bps),02/2026–12/2028 Gold (lhs, log), in USD, and Real Federal Funds (Federal Funds - CPI)(rhs, inverted), 01/1970–02/2026 Aggregated Central Bank Balance Sheets (Fed, ECB, BoJ, PBoC),in USD trn (lhs), and yoy (rhs), 01/2000–01/2026 M2 (US, EU, JP, CN, GB, CH), in USD trn (lhs), and yoy (rhs),01/2000–01/2026 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,03/2021–02/2026 Old 60/40 Portfolio* and New 60/40 Portfolio**, in USD, 100 = 05/17/2024,05/2024–02/2026 Approximated Gold Price in 2030 by Distribution Probabilityaccording to theIncrementum Gold Price Model Performance and CAGR of Gold, Silver, Mining Stocks**, andCommodities*** in Bull Market Decades, in USD, 12/1969–02/2026 Addendum Because we care… About ourClients.AboutSociety.About theFuture. TheIn Gold We TrustReport 2026will be published on May 20th! To subscribe to theIn Gold We TrustReport, clickhere. Catch Us at These Upcoming Events! Discover Our Whole Universe of Publications and Social Media Channels JoinUsonOurGoldenJourney! Publications OurFunds InadditiontotheInGoldWeTrustReport–thegoldstandardofgoldreports–weregularlypublishrelevant studies,reportsandchartbooksontheinvestmenttopicsofgold,cryptoandfunds. Itisourgoaltoofferinvestmentproductsforthesetimesofexcessivestructuraldebtandnegative realinterestratesthatmeettherequirementsofthenewinvestmentparadigm. SUBSCRIBE NOW 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 Thispublicationisforinformationpurposesonlyanddoesnotconstituteinvestmentadvice,investmentanalysisoraninvitationtobuyorsellfinancialinstruments.Inparticular,thisdocumentisnotintendedtoreplaceindividualinvestmentorotheradvice.Theinformationcontainedinthispublicationisbasedonthestateofknowledgeatthetimeofpreparationandmaybechangedatanytimewithoutfurthernotice. ThepublishingrightsfortheInGoldWeTrustReportweretrans