黄金指南针报告（2025年5月）

Ronald-Peter StöferleMark J. ValekMonthly Gold CompassMay 20252The In Gold We Trust Report 2025 will be published on May 15th!To subscribe to the In Gold We Trust Report, click here.In Gold We Trust Report 20253In Our Partners We TrustFor Information on Our Premium Partners: Click Here!A blue square with white textDescription automatically generated4Table of Contents: 1. Gold2. Silver3. Miner4. Macro5. Long Term Charts6. Proprietary Models51. 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 Greenspan6Source: LSEG (as of 04/30/2025), Incrementum AGGold Performance in Major Currencies, 2000–2025 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%202427.2%35.6%29.4%40.0%38.1%30.8%41.7%37.1%30.8%34.5%2025 YTD19.0%13.9%15.3%17.9%19.1%18.3%13.6%16.0%18.9%16.9%CAGR9.9%9.6%10.9%10.1%9.9%9.3%11.6%7.4%12.9%10.2%7Source: LSEG, Incrementum AGJanFebMarAprMayJunJulAugSepOctNovDec200010.20%10.10%10.34%10.46%10.52%10.28%10.51%10.54%10.64%10.83%10.78%10.78%200110.93%10.95%11.15%11.08%11.09%11.05%11.16%11.07%10.80%11.06%11.19%11.16%200211.14%10.94%10.89%10.84%10.61%10.83%11.04%10.94%10.81%10.95%10.97%10.60%200310.34%10.64%10.86%10.88%10.55%10.86%10.78%10.54%10.45%10.50%10.37%10.19%200410.39%10.52%10.17%10.72%10.66%10.72%10.81%10.61%10.54%10.45%10.22%10.42%200510.67%10.55%10.68%10.65%10.92%10.74%10.85%10.83%10.46%10.55%10.26%10.04%20069.55%9.66%9.49%8.87%9.01%9.33%9.17%9.29%9.61%9.57%9.22%9.37%20079.26%9.15%9.26%9.17%9.37%9.53%9.44%9.40%8.82%8.44%8.59%8.24%20087.63%7.36%7.77%8.13%8.06%7.83%7.95%8.61%8.35%9.61%8.86%8.42%20098.10%8.02%8.26%8.54%7.91%8.33%8.17%8.25%7.89%7.68%6.88%7.43%20107.57%7.38%7.45%7.08%6.90%6.79%7.19%6.84%6.52%6.28%6.18%6.04%20116.55%6.15%6.09%5.45%5.6