Incrementum-月度黄金指南针——2025年9月（英）

Ronald-Peter StöferleMark J. ValekMonthly Gold CompassSeptember 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 08/31/2025), 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 YTD31.4%16.4%21.7%24.3%25.6%28.3%22.9%15.9%35.3%24.6%Performance1,098.9%933.9%1,331.0%1,098.3%1,039.9%932.5%1,624.5%503.3%2,329.5%1,210.2%CAGR10.2%9.5%10.9%10.2%9.9%9.5%11.7%7.3%13.2%10.3%%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 AGJanFebMarAprMayJunJulAugSepOctNovDec200010.27%10.17%10.40%10.52%10.58%10.34%10.57%10.60%10.70%10.89%10.84%10.84%200110.99%11.01%11.21%11.14%11.15%11.10%11.21%11.12%10.87%11.12%11.25%11.21%200211.20%11.00%10.95%10.90%10.67%10.89%11.10%11.00%10.88%11.01%11.03%10.66%200310.41%10.71%10.93%10.94%10.62%10.92%10.85%10.61%10.52%10.57%10.44%10.27%200410.47%10.59%10.25%10.79%10.73%10.79%10.87%10.68%10.61%10.53%10.30%10.50%200510.74%10.62%10.76%10.72%10.99%10.81%10.92%10.90%10.54%10.63%10.34%10.12%20069.64%9.75%9.58%8.98%9.11%9.43%9.28%9.39%9.70%9.67%9.32%9.47%20079.37%9.26%9.36%9.27%9.48%9.63%9.54%9.50%8.94%8.57%8.71%8.37%20087.77%7.50%7.91%8.27%8.19%7.97%8.09%8.74%8.48%9.72%8.99%8.55%20098.24%8.16%8.40%8.68%8.05%8.47%8.32%8.39%8.04%7.83%7.05%7.59%20107.72%7.55%7.61%7.25%7.07%6.97%7.36%7.02%6.71%6.48%6.38%6.24%20116.74%6.35%6.29%5.67%5.85%6.05%5.48%4.65%5.56%5.18%5.07%5.95%20125.17%5.40%5.56%5.61%6.17%6.01%5.97%5.63%5.29%5.57%5.63%5.87%20135.96%6.44%6.40%7.11%7.72%8.82%8.25%7.82%8.34%8.43%9.00%9.43%20149.20%8.66%9.04%9.05%9.43%8.92%9.33%9.37%10.07%10.45%10.60%10.54%20159.79%10.46%10.81%10.90%10.94%11.19%12.04%11.76%12.06%11.89%12.81%12.96%201612.47%11.38%11.54%11.07%11.94%11.02%10.87%11.36%11.40%11.89