Incrementum月度黄金指南针–2024年5月（英）

MonthlyGoldCompass May2024 Ronald-PeterStöferle MarkJ.Valek InGoldWeTrustReport2024 TheInGoldWeTrustReport2024willbepublishedonMay17th! TosubscribetotheInGoldWeTrustReport,clickhere. 2 InOurPartnersWeTrust ForInformationonOurPremiumPartners:ClickHere!3 TableofContents: 1.Gold 2.Silver 3.Miner 4.Macro 5.LongTermCharts6.ProprietaryModels 4 1.Gold “Iviewgoldastheprimaryglobalcurrency.Itistheonlycurrency,alongwithsilver,thatdoesnotrequirea counterpartysignature.” AlanGreenspan 5 GoldPerformanceinMajorCurrencies,2000-2024YTD Year USD EUR GBP AUD CAD CNY JPY CHF INR Average 2000 -5.3% 1.2% 2.0% 11.3% -1.9% -5.4% 5.8% -4.2% 1.4% 0.6% 2001 2.4% 8.3% 5.3% 11.4% 8.8% 2.4% 18.0% 5.5% 5.8% 7.6% 2002 24.4% 5.6% 12.2% 13.3% 22.9% 24.4% 12.2% 3.5% 23.7% 15.8% 2003 19.6% -0.2% 8.0% -10.7% -1.3% 19.6% 8.1% 7.4% 13.9% 7.2% 2004 5.6% -1.9% -1.7% 1.5% -2.0% 5.6% 0.8% -3.1% 0.1% 0.5% 2005 18.1% 35.1% 31.6% 25.9% 14.1% 15.1% 35.9% 36.3% 22.8% 26.1% 2006 23.0% 10.4% 8.1% 14.3% 23.3% 19.0% 24.2% 14.1% 20.7% 17.5% 2007 30.9% 18.5% 29.2% 18.0% 12.0% 22.5% 22.5% 21.8% 16.9% 21.4% 2008 5.4% 10.0% 43.1% 30.5% 28.7% -1.5% -14.2% -0.8% 30.0% 14.6% 2009 24.8% 21.8% 12.9% -1.6% 7.9% 24.8% 27.9% 21.1% 19.2% 17.6% 2010 29.5% 38.6% 34.2% 13.6% 22.8% 25.1% 13.2% 16.8% 24.8% 24.3% 2011 10.2% 13.9% 10.6% 10.3% 12.7% 5.2% 4.5% 10.7% 30.7% 12.1% 2012 7.1% 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% 2016 8.5% 12.1% 29.6% 9.6% 5.3% 16.1% 5.4% 10.3% 11.4% 12.0% 2017 13.1% -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% 2019 18.3% 21.0% 13.7% 18.8% 12.6% 19.7% 17.2% 16.6% 21.3% 17.7% 2020 25.0% 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% 2023 13.1% 9.7% 7.4% 13.1% 10.5% 16.3% 21.6% 2.9% 13.7% 12.0% 2024YTD 10.9% 14.7% 13.1% 16.6% 15.4% 13.2% 24.2% 21.4% 11.3% 15.6% CAGR 8.9% 8.6% 10.0% 8.9% 8.7% 8.3% 10.9% 6.5% 11.9% 9.2% Source:ReutersEikon(asof04/30/2024),IncrementumAG AnnualizedPerformanceofGold,inUSD,ifBoughtontheLastDayoftheMonthandHelduntil04/30/2024(HoldingPeriod≥1Year) Jan Feb Mar Apr May Jun Jul Aug Sep Oct Nov Dec 2000 9.00% 8.89% 9.13% 9.25% 9.31% 9.05% 9.29% 9.32% 9.41% 9.61% 9.55% 9.55% 2001 9.70% 9.71% 9.92% 9.84% 9.84% 9.80% 9.90% 9.81% 9.53% 9.79% 9.92% 9.88% 2002 9.86% 9.65% 9.59% 9.54% 9.29% 9.51% 9.73% 9.62% 9.48% 9.61% 9.63% 9.24% 2003 8.97% 9.28% 9.50% 9.51% 9.17% 9.48% 9.39% 9.14% 9.04% 9.09% 8.95% 8.76% 2004 8.96% 9.08% 8.72% 9.28% 9.21% 9.27% 9.35% 9.14% 9.06% 8.97% 8.72% 8.92% 2005 9.17% 9.04% 9.17% 9.13% 9.41% 9.21% 9.32% 9.29% 8.90% 8.99% 8.68% 8.44% 2006 7.92% 8.04% 7.85% 7.20% 7.33% 7.66% 7.49% 7.60% 7.93% 7.88% 7.51% 7.66% 2007 7.54% 7.41% 7.51% 7.41% 7.62% 7.77% 7.67% 7.62% 7.00% 6.60% 6.75% 6.37% 2008 5.72% 5.43% 5.85% 6.22% 6.14% 5.89% 6.00% 6.68% 6.39% 7.71% 6.91% 6.44% 2009 6.10% 6.00% 6.24% 6.53% 5.85% 6.28% 6.10% 6.17% 5.78% 5.55% 4.70% 5.26% 2010 5.39% 5.19% 5.24% 4.85% 4.64% 4.51% 4.92% 4.54% 4.19% 3.93% 3.81% 3.64% 2011 4.16% 3.73% 3.65% 2.96% 3.14% 3.34% 2.71% 1.80% 2.76% 2.33% 2.20% 3.12% 2012 2.26% 2.49% 2.64% 2.68% 3.26% 3.07% 3.01% 2.62% 2.23% 2.50% 2.55% 2.78% 2013 2.87% 3.36% 3.29% 4.05% 4.69% 5.86% 5.22% 4.73% 5.27% 5.34% 5.95% 6.39% 2014 6.12% 5.50% 5.89% 5.88% 6.27% 5.68% 6.11% 6.12% 6.87% 7.27% 7.40% 7.31% 2015 6.44% 7.16% 7.52% 7.58% 7.60% 7.85% 8.77% 8.42% 8.73% 8.51% 9.51% 9.65% 2016 9.06% 7.80% 7.95% 7.38% 8.31% 7.24% 7.02% 7.55% 7.55% 8.07% 9.41% 9.80% 2017 9.16% 8.80% 8.91% 8.79% 8.89% 9.35% 9.11% 8.56% 9.22% 9.45% 9.53% 9.29% 2018 8.86% 9.34% 9.39% 9.65% 10.04% 10.87% 11.48% 12.03% 12.37% 12.19% 12.26% 11.44% 2019 11.01% 11.33% 11.88% 12.24% 12.07% 10.52% 10.65% 9.14% 10.08% 9.60% 10.61% 9.92% 2020 8.92% 9.19% 9.62% 8.00% 7.43% 6.73% 3.98% 4.14% 5.52% 5.77% 7.64% 5.76% 2021 6.79% 9.12% 9.93% 8.92% 6.42% 9.45% 8.78% 9.07% 10.73% 10.45% 11.06% 10.04% 2022 11.30% 8.69% 8.26% 9.78% 12.07% 13.68% 15.91% 18.98% 22.40% 25.12% 19.85% 18.41% 2023 14.59% 21.15% 14.81% 14.87% CorrelationTableforGold,04/30/2024 DXYGDXS&P500VIXCRBTRWTICopperBitcoin 15D-0.250.730.120.080.160.070.470.05 TradingDays 30D-0.300.770.250.080.290.160.340.11 60D-0.410.790.190.010.150.050.320.15 90D-0.400.800.22-0.010.160.070.260.10 120D-0.460.800.200.030.150.060.310.04 150D-0.380.780.100.160.250.190.270.00 180D-0.390.780.140.100.250.180.280.03 52WeekHigh-0.030.890.600.770.700.710.610.37 30Day Date11/13/20233/6/20248/11/202311/20/202311/9/202311/8/20239/8/20233/28/2024 52WeekLow -0.74 0.59 -0.45 -0.55 -0.27 -0.36 -0.20 -0.54 Date1/5/202411/27/202311/27/20238/3/20235/5/20236/13/20235/9/202312/8/2023 %Time(+)0%100%69%47%77%64%94%59% 90Day 52WeekHigh -0.31 0.85 0.42 0.36 0.480.400.45 0.32 52WeekLow -0.64 0.73 -0.36-0.34 -0