Incrementum-月度黄金指南针-2025年8月（英）

Ronald-Peter StöferleMark J. ValekMonthly Gold CompassAugust 20252In Our Partners We Trust Click on a logo to learn more or visit our website for a full overview of our Premium Partners!Click on a logo to learn more or visit our website for a full overview of our Premium Partners!3Table of Contents: 1. Gold2. Silver3. Mining Stocks4. Macro5. Proprietary Models41. Gold“Because gold is honest money it is disliked by dishonest men.”Ron Paul5Source: LSEG (as of 07/31/2025), Incrementum AGYearUSDEURGBPAUDCADCNYJPYCHFINRAverage2000–200452.4%13.3%28.0%27.3%26.8%52.3%52.7%9.1%51.5%34.8%2005–2009150.1%136.8%197.0%118.1%118.7%106.3%126.8%127.6%168.4%138.9%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 YTD25.4%13.7%18.8%20.7%20.8%23.7%20.3%12.3%28.2%20.4%Performance1,044.4%910.4%1,296.7%1,064.1%996.6%895.2%1,587.7%484.5%2,202.0%1,164.6%CAGR10.0%9.5%10.9%10.1%9.8%9.4%11.7%7.1%13.0%10.2%%POS Years73.1%80.8%84.6%88.5%80.8%80.8%84.6%73.1%88.5%81.6%2000–2025 YTDGold Performance in Major Currencies, 2000–2025 YTD6Source: LSEG, Incrementum AGJanFebMarAprMayJunJulAugSepOctNovDec200010.10%10.00%10.23%10.36%10.41%10.17%10.41%10.43%10.53%10.72%10.67%10.67%200110.82%10.83%11.03%10.97%10.97%10.93%11.04%10.95%10.69%10.94%11.07%11.03%200211.02%10.82%10.77%10.72%10.49%10.71%10.92%10.82%10.69%10.82%10.85%10.48%200310.22%10.52%10.74%10.75%10.43%10.73%10.65%10.41%10.33%10.38%10.25%10.07%200410.27%10.39%10.05%10.59%10.53%10.59%10.67%10.48%10.41%10.33%10.10%10.29%200510.53%10.41%10.55%10.51%10.79%10.60%10.71%10.69%10.32%10.42%10.13%9.91%20069.42%9.54%9.36%8.75%8.89%9.21%9.05%9.16%9.48%9.44%9.10%9.24%20079.14%9.03%9.13%9.04%9.24%9.39%9.31%9.26%8.70%8.32%8.47%8.12%20087.52%7.25%7.66%8.02%7.94%7.72%7.83%8.48%8.22%9.47%8.73%8.29%20097.98%7.90%8.13%8.41%7.79%8.20%8.05%8.12%7.77%7.56%6.77%7.31%20107.44%7.26%7.33%6.97%6.78%6.68%7.07%6.73%6.41%6.18%6.08%5.93%20116.44%6.05%5.99%5.36%5.54%5.74%5.16%4.33%5.24%4.86%4.75%5.63%20124.84%5.07%5.23%5.28%5.84%5.67%5.63%5.29%4.95%5.22%5.28%5.51%20135.61%6.09%6.04%6.76%7.36%8.46%7.89%7.46%7.98%8.06%8.63%9.06%20148.83%8.29%8.66%8.67%9.05%8.54%8.95%8.98%9.68%10.06%10.20%10.14%20159.38%10.06%10.40%10.49%10.52%10.78%11.63%11.34%11.64%11.46%12.39%12.54%201612.04%10.94%11.10%10.62%11.48%10.56%10.40%10.89%10.93%11.42%12.64%