我们信任黄金报告20周年版

20THANNIVERSARY EDITION Ronald-Peter Stöferle& Mark J. Valek of t heIn G old We TrustReport20 Years The G old S t andard of G old R esearch: Two decades of evolution i n t hought, scope, andimpact, expanding f rom f ocused p recious m etals analysis i nto a c omprehensive m acro f ramework.Trusted globally b y i nvestors, analysts, and i nstitutions t o navigate m onetary t ransformation. 20 Years of M onetary Transformation 2022IGWT M onthlyGold Compass 2007First Edition b yRonald-Peter S t ö f erle 2017IGWT Chartbook What b egan i n 2007 as f ocused p recious m etalsanalysis has evolved i nto a global i nstitution. Thistimeline m aps our evolution i n t hought, not j u st p agecounts. To navigate c omplex m odern m arkets, w eexpanded our c ore f ramework t o i ntegrate c rucialdrivers like de-dollarization, B i t c oin, and geopolitics. 2013Mark V alek j oinsas Co A u t hor 2019IGWT S p ecialPublications 2024IGWT R eportPrint V ersion 2014IGWT R eportCompact V ersion 2021IGWT N u ggets 2025JapaneseVersion Expanding t he M acro F ramework Silver|Mining S t ocks|Ination|DebtGeopolitics|De-dollarization|BitcoinCommodities|ESG Supported b y I ndustry L eaders TheIn Gold We Trustreport remains available free of charge, madepossible by the unwavering support of our Premium Partners—thecrème de la crème of the gold industry. Navigating t he Complexity Making sense of t hese shifting m arkets requiresdisciplined m ethodology. We b u i lt our suite ofProprietary R esearch M odels and signature ratiosto  lter t he m acroeconomic noise and anticipatethe m odern i nvestment landscape. Proprietary R esearch F ramework Gold P rice M odelThe N ew 60/40 P ortfolioOptimal G old A llocationActive A u rum S i gnalRecession P hase M odelInation S i gnalWorld G old P riceMODELS Oktoberfest B eer R atioSkiTicket R atioPorsche R atioiPhone R atioSIGNATURE R A TIOS ( G O L D ) Report G rowth & G old P rice(2007–2026) Pages(Count/Year, EN)Gold P rice($)Charts & Tables(Count/Year) 22 P AGES24 CH A R TS 20 Years of Evolution20 Years of I ndependent R esearch The World Changes.In Gold We TrustEvolves. Explore 20 y ears of i nsights and discover t he 2026 edition. Contact:Sound Money Capital AG, Industriering 21, FL-9491 Ruggell, Fürstentum Liechtenstein | contact@soundmoneycapital.comDisclaimer:This publication is for information purposes only and does not constitute investment advice, investment analysis or an invitation to buy or sell financial instruments. In particular,this document is not intended to replace individual investment or other advice. The information contained in this publication is based on the state of knowledge at the time of preparation and maybe changed at any time without further notice. The publishing rights for theIn Gold We TrustReport were transferred to Sound Money Capital AG in November 2023. Furthermore, the reportcontinues to be co-branded with the Incrementum brand as in the past. The authors have taken the greatest possible care in selecting the sources of information used and (like Sound Money CapitalAG and Incrementum AG) accept no liability for the accuracy, completeness or timeliness of the information or sources of information provided or for any resulting liability or damages of any kind(including consequential or indirect damages, loss of profit or the occurrence of forecasts made). All publications of Sound Money Capital AG and Incrementum AG are in principle marketingcommunications or other information and not investment recommendations within the meaning of the Market Abuse Regulation. Investment recommendations are not published by either company.Sound Money Capital AG is fully and exclusively responsible for the content of thisIn Gold We TrustReport.Copyright: 2026 Sound Money Capital AG. All rights reserved Back tothe MonetaryFuture In this compact version of theIn Gold We Trustreport2026, you will find the Introduction and Quo Vadis,Aurum? in their original length, as well as the individualchapters in the form of executive summaries. Introduction: Back to the Monetary FutureThe Status Quo of GoldStatus Quo of Gold Relative to Stocks, Bonds, and CommoditiesStatus Quo of DebtStatus Quo of Inflation DynamicsThe Status Quo of Gold Demand and Gold SupplyThe Status Quo of Gold – ConclusionThe Renaissance of Gold Allocation Two Systems, One World:The Battle for the Global Monetary Order IntensifiesShovels, Not Spreadsheets: Luke Gromen Debates Craig TindaleGold and the End of the US Dollar StandardGold and the Monetary Analogue ofMackinder’s Foundational “Heartland Theory” Gold andGeopolitics The Six Vectors of Gold RemonetizationBack to the Founders:Dr. Shelton on the Constitution, Gold, and the Future of the US DollarGold Goes Digital: Tokenization, Financial Infrastructure & TrustA Golden “Stabilization” Op in Plain SightThe Psychology Behind Gold’s UnderallocationIndia – Structure, Dynamics and Futureof the World’s Largest Gold EcosystemThe Collapse