Incrementum-2024年10月月度黄金指南针（英）

Ronald-Peter StöferleMark J. ValekMonthly Gold CompassOctober 20242In Our Partners We TrustFor Information on Our Premium Partners: Click Here!A blue square with white textDescription automatically generated3Table of Contents: 1. Gold2. Silver3. Miner4. Macro5. Long Term Charts6. Proprietary Models41. Gold“I view gold as the primary global currency. It is the only currency, along with silver, that does not require a counterparty signature.”Alan Greenspan5Source: Reuters Eikon (as of 09/30/2024), Incrementum AGGold Performance in Major Currencies, 2000–2024 YTDYearUSDEURGBPAUDCADCNYJPYCHFINRAverage2000-5.3%1.2%2.0%11.3%-1.9%-5.4%5.8%-4.2%1.4%0.6%20012.4%8.3%5.3%11.4%8.8%2.4%18.0%5.5%5.8%7.6%200224.4%5.6%12.2%13.3%22.9%24.4%12.2%3.5%23.7%15.8%200319.6%-0.2%8.0%-10.7%-1.3%19.6%8.1%7.4%13.9%7.2%20045.6%-1.9%-1.7%1.5%-2.0%5.6%0.8%-3.1%0.1%0.5%200518.1%35.1%31.6%25.9%14.1%15.1%35.9%36.3%22.8%26.1%200623.0%10.4%8.1%14.3%23.3%19.0%24.2%14.1%20.7%17.5%200730.9%18.5%29.2%18.0%12.0%22.5%22.5%21.8%16.9%21.4%20085.4%10.0%43.1%30.5%28.7%-1.5%-14.2%-0.8%30.0%14.6%200924.8%21.8%12.9%-1.6%7.9%24.8%27.9%21.1%19.2%17.6%201029.5%38.6%34.2%13.6%22.8%25.1%13.2%16.8%24.8%24.3%201110.2%13.9%10.6%10.3%12.7%5.2%4.5%10.7%30.7%12.1%20127.1%5.0%2.5%5.3%4.2%6.0%20.7%4.5%11.1%7.4%2013-28.0%-30.9%-29.4%-16.1%-23.0%-30.1%-12.6%-29.8%-19.1%-24.3%2014-1.8%11.6%4.4%7.3%7.5%0.7%11.6%9.4%0.2%5.6%2015-10.4%-0.1%-5.3%0.6%6.8%-6.2%-9.9%-9.7%-5.9%-4.5%20168.5%12.1%29.6%9.6%5.3%16.1%5.4%10.3%11.4%12.0%201713.1%-0.9%3.3%4.6%5.9%6.0%9.0%8.3%6.3%6.2%2018-1.5%3.0%4.3%8.9%6.8%4.1%-4.2%-0.8%7.3%3.1%201918.3%21.0%13.7%18.8%12.6%19.7%17.2%16.6%21.3%17.7%202025.0%14.8%21.3%14.1%22.6%17.2%18.8%14.3%28.0%19.6%2021-3.6%3.6%-2.6%2.2%-4.3%-6.1%7.5%-0.6%-1.7%-0.6%2022-0.2%6.0%11.6%6.3%7.0%8.3%13.7%1.1%10.8%7.2%202313.1%9.7%7.4%13.1%10.5%16.3%21.6%2.9%13.7%12.0%2024 YTD27.7%26.6%21.5%25.9%30.4%26.3%30.0%28.3%28.6%27.3%CAGR9.4%8.9%10.2%9.1%9.1%8.6%10.9%6.6%12.3%9.5%6Source: Reuters Eikon, Incrementum AGJanFebMarAprMayJunJulAugSepOctNovDec20009.47%9.36%9.60%9.73%9.78%9.53%9.77%9.80%9.89%10.08%10.03%10.03%200110.18%10.19%10.40%10.33%10.33%10.28%10.39%10.30%10.03%10.29%10.42%10.38%200210.36%10.15%10.10%10.05%9.80%10.03%10.24%10.13%10.00%10.14%10.16%9.77%20039.51%9.81%10.04%10.04%9.71%10.02%9.94%9.68%9.59%9.64%9.50%9.32%20049.52%9.64%9.29%9.85%9.78%9.84%9.92%9.71%9.64%9.55%9.31%9.51%20059.76%9.63%9.77%9.73%10.00%9.81%9.92%9.90%9.51%9.60%9.30%9.07%20068.56%8.68%8.49%7.86%7.99%8.32%8.15%8.27%8.59%8.55%8.18%8.33%20078.22%8.10%8.20%8.10%8.31%8.46%8.37%8.32%7.72%7.33%7.48%7.11%20086.48%6.20%6.62%6.98%6.90%6.66%6.78%7.45%7.17%8.46%7.69%7.22%20096.90%6.81%7.04%7.33%6.67%7.10%6.93%7.00%6.62%6.40%5.57%6.13%20106.26%6.07%6.12%5.74%5.54%5.42%5.83%5.46%5.13%4.87%4.76%4.60%20115.12%4.70%4.63%3.97%4.14%4.34%3.73%2.85%3.80%3.39%3.26%4.18%20123.33%3.57%3.72%3.77%4.35%4.16%4.11%3.74%3.37%3.64%3.70%3.93%20134.02%4.51%4.45%5.20%5.83%6.98%6.37%5.90%6.43%6.51%7.11%7.55%20147.29%6.70%7.09%7.09%7.48%6.92%7.34%7.36%8.10%8.49%8.63%8