Incrementum-月度黄金指南针——2025年12月（英）

Ronald-Peter StöferleMark J. ValekMonthly Gold CompassDecember 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 11/30/2025), 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 YTD61.2%44.0%52.4%52.3%56.7%56.3%60.2%42.8%68.4%54.9%Performance1,371.4%1,178.9%1,691.8%1,368.3%1,322.4%1,157.4%2,148.0%643.7%2,922.8%1,533.8%CAGR10.9%10.3%11.8%10.9%10.8%10.3%12.8%8.0%14.1%11.1%% 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 AGJanFebMarAprMayJunJulAugSepOctNovDec200011.04%10.94%11.18%11.30%11.36%11.12%11.36%11.39%11.49%11.68%11.63%11.64%200111.79%11.81%12.01%11.95%11.96%11.92%12.03%11.94%11.69%11.94%12.08%12.04%200212.03%11.84%11.79%11.75%11.52%11.74%11.96%11.86%11.74%11.87%11.90%11.53%200311.29%11.58%11.81%11.82%11.51%11.81%11.74%11.50%11.42%11.48%11.35%11.18%200411.38%11.50%11.17%11.72%11.66%11.72%11.81%11.62%11.56%11.48%11.25%11.45%200511.70%11.58%11.72%11.69%11.97%11.79%11.90%11.89%11.53%11.62%11.34%11.13%200610.65%10.77%10.60%10.00%10.14%10.46%10.31%10.43%10.75%10.72%10.38%10.53%200710.43%10.33%10.44%10.35%10.56%10.72%10.64%10.60%10.04%9.68%9.83%9.49%20088.90%8.64%9.05%9.41%9.35%9.13%9.25%9.90%9.65%10.89%10.17%9.74%20099.44%9.37%9.61%9.89%9.28%9.70%9.55%9.63%9.29%9.09%8.32%8.86%20109.00%8.83%8.90%8.55%8.38%8.28%8.68%8.35%8.04%7.82%7.73%7.60%20118.10%7.73%7.68%7.06%7.25%7.46%6.90%6.08%7.00%6.63%6.53%7.41%20126.64%6.88%7.05%7.11%7.68%7.52%7.50%7.17%6.84%7.12%7.19%7.44%20137.55%8.03%8.00%8.72%9.33%10.44%9.89%9.47%10.00%10.10%10.68%11.11%201410.90%10.38%10.76%10.79%11.18%10.69%11.11%11.16%11.87%12.26%12.42%12.38%201511.64%12.33%12.69%12.79%12.84%13.11%13.97%13.70%14.02%13.87%14.80%14.97%201614.50%13.43%13.