Incrementum-2024年11月月度黄金指南针（英）

Ronald-Peter StöferleMark J. ValekMonthly Gold CompassNovember 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 10/31/2024), 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 YTD33.0%34.9%31.3%37.7%39.9%33.4%43.4%36.5%34.4%36.1%CAGR9.5%9.2%10.5%9.5%9.3%8.8%11.3%6.8%12.5%9.7%6Source: Reuters Eikon, Incrementum AGJanFebMarAprMayJunJulAugSepOctNovDec20009.62%9.51%9.75%9.87%9.93%9.68%9.92%9.95%10.04%10.23%10.18%10.18%200110.33%10.35%10.55%10.48%10.48%10.44%10.55%10.45%10.18%10.44%10.57%10.53%200210.52%10.31%10.26%10.21%9.96%10.19%10.40%10.30%10.17%10.30%10.32%9.94%20039.68%9.98%10.20%10.21%9.88%10.19%10.11%9.86%9.76%9.82%9.68%9.49%20049.70%9.82%9.47%10.02%9.96%10.02%10.10%9.89%9.82%9.73%9.50%9.69%20059.94%9.81%9.95%9.91%10.19%9.99%10.11%10.09%9.70%9.80%9.49%9.26%20068.76%8.87%8.69%8.06%8.19%8.52%8.36%8.47%8.79%8.75%8.39%8.54%20078.43%8.31%8.41%8.32%8.52%8.67%8.58%8.53%7.94%7.55%7.70%7.34%20086.71%6.42%6.84%7.21%7.13%6.89%7.01%7.68%7.40%8.69%7.92%7.46%20097.13%7.05%7.29%7.57%6.91%7.34%7.17%7.25%6.87%6.65%5.83%6.38%20106.52%6.32%6.38%6.00%5.81%5.69%6.10%5.73%5.40%5.15%5.04%4.88%20115.40%4.98%4.91%4.25%4.43%4.64%4.03%3.15%4.09%3.69%3.57%4.48%20123.64%3.88%4.03%4.08%4.66%4.48%4.43%4.06%3.69%3.97%4.03%4.26%20134.35%4.85%4.79%5.54%6.16%7.31%6.70%6.24%6.77%6.85%7.45%7.89%20147.64%7.06%7.44%7.44%7.83%7.28%7.71%7.73%8.47%8.8