IN GLOD WE TRUST

May24,2023 Ronald-PeterStöferle&MarkJ.Valek WewouldliketoexpressourgratitudetoourPremiumPartnersforsupportingtheInGoldWeTrustreport2023 DetailsaboutourPremiumPartnerscanbefoundonpage413ff. Introduction3 LinkedIn|twitter|#IGWTreport Contents Introduction4 StatusQuoofGold19 StatusQuoofGoldRelativetoStocks,Bonds,andCommodities29 StatusQuoofDebtDynamics44 StatusQuooftheInflationTrend69 StatusQuoofGoldDemand97 Conclusion:StatusQuo107 TheShowdowninMonetaryPolicy118 ExclusiveInterviewwithZoltanPozsar:AdaptingtotheNewWorldOrder146 De-Dollarization:TheFinalShowdown?161 TheRiseofEasternGoldMarkets:AnImpendingShowdownwiththeWest187 WithoutStateIntervention–China’sHistoricSilverStandard213 ShiftingNarratives,ShiftingWorld222 Crack-UpBoom–TheEndofaCurrencyRegime241 ShowdowninSoundMoney255 Silver’sTimetoShine?267 TheSynchronousBullMarketIndicator290 MiningStocks–FundamentalandTechnicalPosition307 LifeCycleofaMiningProject321 ResponsibleGoldMining:MeetingtheGrowingDemandforSustainability333 CapexComeback:ARagingBullMarketforCommoditiesBeckons349 ExclusiveInterviewwithRussellNapier:SaveLikeaPessimist,InvestlikeanOptimist363 TechnicalAnalysis377 QuoVadis,Aurum?388 Disclaimer Thispublicationisforinformationpurposesonlyanddoesnotrepresentinvestmentadvice,investmentanalysisnoraninvitationtobuyorsellfinancialinstruments.Specifically,thedocumentdoesnotserveasasubstituteforindividualinvestmentorotheradvice.AllpublicationsofIncrementumAGareconsideredmarketingcommunicationsorotherinformationandarenotinvestmentrecommendationswithinthecontextoftheMarketAbuseRegulation.Marketingcommunicationsandotherinformationarenotpublishedincompliancewiththelegalprovisionspromotingtheindependenceofinvestmentrecommendationsandarenotsubjecttotheprohibitionoftradingfollowingthedisseminationofinvestmentrecommendations.InvestmentrecommendationsarenotpublishedbyIncrementumAGasamatterofprinciple.Theinformationcontainedinthispublicationisbasedonthestateofknowledgeatthetimeofpreparationandmaybechangedatanytimewithoutfurthernotice.Unlessotherwisestatedinthepublication,noupdateswillbemade.Theauthorshavetakenthegreatestpossiblecareinselectingthesourcesofinformationusedand(aswellasIncrementumAG)acceptnoliabilityfortheaccuracy,completenessortimelinessoftheinformationorsourcesofinformationprovidedoranyliabilityordamagesofanykindarisingtherefrom. Copyright:2023IncrementumAG.Allrightsreserved Introduction Thebalancingactoffightinginflationwithouttriggeringdistortionsonthemarketsisdoomedtofailure.ThevehemenceofthetighteningcyclethathasbegunthreatenstoendtheEverythingBubbleinanEverythingCrash. InGoldWeTrustreport2022 It’sashowdownforegone.ForaswepredictedinthetwoInGoldWeTrustreports“MonetaryClimateChange”and“Stagflation2.0”,itwasonlyamatteroftimebeforetheconsequencesofyearsofzeroandlow,sometimesevennegative,interestrates,cometolight. Thepersistentunderestimationofinflationdynamicsultimatelyforcedcentralbankstosharplyandquicklyraiseinterestrates. Tightmonetarypolicyhasinitiatedapainfulunravelingofvariousmisallocationsthatformedduringthelow-interest-rateenvironmentthatlastedformorethanadecade. Therecessionweanticipatewillforceamonetarypolicyshowdownagainstthebackdropofinflationratesthatremaintoohigh. AgeopoliticalshowdownisbrewingbetweentheWestandseveralemergingeconomies.TheUSdollar-centricglobalmonetarysystemiscomingunderincreasingpressure. ThegoldpricealreadyanticipatesthattherestrictiveUSmonetarypolicywillturnouttobeabluff.EvenifthegoldpriceinUSdollarshasnotyetmarkedanewall-timehigh,theall-timehighsinvariousothercurrenciesareaharbingerforabreakoutinUSdollars. Weliveinthemostinterestingoftimes.ElonMusk It’sbeenalong Alongtimecoming,butIknowAchangegon’come Ohyes,itwill. SamCooke ThekeytoNo-LimitPokeristoputamantoadecisionforallhischips. DoyleBrunson Weliveinatimewheneventsunfoldatanever-acceleratingpace.ThequoteerroneouslyattributedtoLenin,“Therearedecadesinwhichnothinghappens,andweeksinwhichdecadeshappen”,nowseemstobeourreality. Certaintiesofdecadespastarebeingmadeobsoleteovernight.Aswefollowthenews,manyofusexperienceuncertainty,trepidation,andoverwhelm.Theglobalpandemic,theinflationcrisis,increasingpoliticalpolarization,technologicalbreakthroughssuchasartificialintelligence–which,bytheway,weusedtocreatethecoverofthisInGoldWeTrustreport–butalsotheimpendinggeopoliticalrealignmentarechangingourlivesinwaysthatwereunimaginabletomanyofusjustafewyearsago. WehavereferredtotheseloomingepochalchangesmanytimesinpastInGoldWeTrustreports.Wechosetitlessuchas“GoldintheAgeofErodingTrust”(2019)and“MonetaryClimateChange”(2021)forgoodreason.Andthisyear,too,callsforapointedtitlethatcapturesthecomplexityofthecurrentsituation.We’regoingwithShowdown. Ifyousearchthedictionaryforthemeaningofshowdown,youwillgetthefollowingdefinition: 1.“thelayingdownofone’scards,faceupward,inacardgame,especially poker. 2.aconclusivesettlementofanissue,difference,etc.,inwhichallresources,power,orthelike,areused;decisiveconfrontation.“ Inouropinion,thetermshowdownisanaptdescriptionofthecurrent