货币的未来回顾：2026年“我们信任黄金”报告预览图表集

Preview Chartbookof theIn Gold We Trustreport 2026 Ronald-Peter StöferleMark J. Valek April 2026 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. SUBSCRIBE NOW DISCOVER OUR FUNDS Subscribe to our Research Products Back to the Future of Money “I guess you guys aren’t ready for that yet.But your kids aregonnalove it.” Marty McFly, Back to the Future Part I Record Gold Purchases by Central Banks after Sanctions on RussianFX Reserves Held Abroad Global Central Bank Gold Purchases, inTonnes, 1950–2025 2X Quarterly Run Rate of Net Purchases vs. Pre-Russian InvasionSignals Strategic Shift of Reserve Calculus Economic Uncertainty & Geopolitical PressureAre among the Highestin the Last 30 Years! New Rules Due to Geopolitical Shifts“The Old Playbook Is Dead. Long Live the Playbook!” The Current Landscape: Who HoldsHow Much Gold? Gold Reserves, as aShareof Global Total Reserves, 1970–2025 Central Bank Buying and Price Momentum Drive Share of GoldReserves Higher Composition of Global Total Reserves, Q1/2000–Q3/2025 A Golden Central BankBalance Sheet?Will We Go Back to 100% Backing in the Future? US Gold Reserves, as a % of US Public Debt, 01/1915–03/2026 The Status Quo of Gold “This is heavy.” Marty McFly, Back to the Future GoldPerformance,in Major Currencies, 2000–2026 YTD Debasement Since 2000 in Various Currencies Performance of Major Currencies, in Gold, 2000–2026 YTD Assessing Downside Risk in a Bull Market:A 25% Correction Scenario = Gold at USD 4,050 Gold, in USD, 01/2024–04/2026 “Slow and Steady Wins the Race”More than 55 Years of Compounding 2025 Was the 4thBest Year for Gold in USD Since 1970 Domestic Stock Index* and Gold, in Local Currency, 2025 2026 Is the Year of Dynamic Markets!10 NEW ATHs and a +1.000 USD Pullback in Less than 4 Months Domestic Stock Index* and Gold, in Local Currency, 2026 YTD Price Is Shifting Investor Allocation…Yet Historically Speaking Under-Allocation Remains the Status Quo The Status Quo of Silver “If my calculations are correct, when this baby hits 88 milesper hour... you'regonnasee some serious shit.” Doc Brown Silver Performance in Major Currencies, 2000–2026 YTD Silver(log), in USD, and New ATH, 01/1970–04/2026 Major Industry Players and Their Geographic Footprint Silver Production Q3 2025 (lhs), and Top 20 Primary Silver Mines 2024 (rhs) Source: The Silver Institute,MiningVisuals Silver’s Stop-and-Go Leverage to Gold The Status Quo of Mining Stocks “We mustn’t let our judgment be clouded by our owndesires.” Doc Brown, Back to the Future Part II RecentNominal and Relative Performance of Gold Miners 2026 YTD: Inflows of USD 299mn GDX/GLD and GDX/GDXJ, 100 = 01/2010, 01/2010–04/2026 Gold Miners Reclaim Leadership in the Battle for Relative Strength!Will They Keep It? S&P 500/GDX Ratio,01/2010–04/2026 Recent Nominal and Relative Performance of Silver Miners 2026 YTD: Outflows of USD 317mn Market Capitalization (log), in USD bn,04/2026 Safe-Haven Gold for Insurance and Performance Gold for Return–Each 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 Quo Vadis, Aurum? “Your future hasn’t been written yet. No one’s has. Your future iswhatever you make it.” Doc Brown, Back to the Future Part III The 3 Stages Of A Bull Market (Dow Theory)Where We Think We Are in the Bull Market “The public, as a whole, buys at the wrong time and sells at the wrong time.”Charles Dow DXY, 01/1971–04/2026 More Than 55 Years of Debasement and Wall Street Finally Joins theParty! Are Bonds an Anti-Hedge?From Diversifier toDiworsifier Rolling 2-Year Correlation of S&P 500 vs. US 10Y and vs. Gold, 01/1970–04/2026 Echoes from the Late 90s…Back in the Future? or Is This Time Different? S&P 500 Sector Weights, 01/1995–03/2026 Market Cap Concentration Is the Name of the Game!Who Needs Energy and Mining when You Have AI? When the Real Economy Becomes a Rounding Error “When the Winds of Change Blow, Some Build Walls and Others BuildWindmills.”–Chinese Proverb Old 60/40 Portfolio* and New 60/40 Portfolio**, in USD, 100 = 05/17/2024, 05/2024–04/2026 We Are Now Trading Above the Inflationary Scenario Trajectory!Gold, in USD, 01/2020–12/2030 TheIn Gold We Trustreport 2026will be published on May 20th! To subscribe to theIn Gold We Trustreport, clickhere. Addendum Because we care… About ourClients.AboutSociety.About theFuture. Discover Our Whole Universe of Publications and Social Media Channels Join Us on OurGoldenJourney! Publica