Incrementum-月度黄金指南针——2025年11月（英）

Ronald-Peter StöferleMark J. ValekMonthly Gold CompassNovember 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 10/31/2025), 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 YTD52.5%36.9%45.1%44.1%48.6%48.7%49.4%35.2%58.2%46.5%Performance1,291.9%1,116.1%1,605.3%1,289.8%1,249.1%1,096.5%1,997.2%603.9%2,739.8%1,443.3%CAGR10.7%10.2%11.6%10.7%10.6%10.1%12.5%7.8%13.8%10.9%% 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 AGJanFebMarAprMayJunJulAugSepOctNovDec200010.84%10.74%10.98%11.10%11.16%10.92%11.16%11.19%11.28%11.47%11.43%11.43%200111.58%11.60%11.80%11.74%11.75%11.71%11.82%11.73%11.48%11.73%11.86%11.83%200211.81%11.62%11.57%11.53%11.30%11.52%11.73%11.64%11.51%11.65%11.67%11.31%200311.06%11.36%11.58%11.59%11.28%11.58%11.51%11.27%11.18%11.24%11.11%10.94%200411.14%11.27%10.93%11.48%11.42%11.48%11.57%11.37%11.31%11.23%11.01%11.20%200511.45%11.33%11.47%11.44%11.71%11.53%11.65%11.63%11.27%11.37%11.08%10.87%200610.39%10.50%10.33%9.73%9.87%10.19%10.04%10.16%10.48%10.44%10.10%10.26%200710.15%10.05%10.16%10.07%10.28%10.43%10.35%10.31%9.75%9.39%9.54%9.20%20088.60%8.34%8.75%9.11%9.04%8.82%8.95%9.60%9.34%10.59%9.86%9.43%20099.13%9.05%9.29%9.57%8.95%9.38%9.23%9.31%8.96%8.76%7.98%8.53%20108.66%8.49%8.56%8.21%8.03%7.93%8.33%8.00%7.69%7.47%7.38%7.24%20117.74%7.36%7.31%6.70%6.88%7.09%6.52%5.71%6.62%6.25%6.14%7.03%20126.25%6.49%6.65%6.72%7.28%7.13%7.10%6.76%6.43%6.71%6.78%7.03%20137.13%7.61%7.58%8.30%8.91%10.02%9.46%9.04%9.57%9.66%10.24%10.68%201410.46%9.93%10.31%10.34%10.72%10.23%10.65%10.69%11.41%11.79%11.95%11.90%201511.16%11.84%12.20%12.30%12.35%12.62%13.47%13.20%13.52%13.36%14.29%14.45%201613.98%12.91%13.08%12.6