ronald-peter stöferlemark j. valekmonthly gold compassjuly2024 2in ourpartners wetrustfor information on our premium partners: click here!a blue square with white textdescription automatically generated 3table of contents: 1. gold2. silver3. miner4. macro5. long term charts6. proprietary models 41. gold“i view gold as the primary global currency. it is the only currency, along with silver, that does not require a counterparty signature.”alan greenspan 5source: reuters eikon (as of 06/30/2024), incrementum aggold performance in major currencies, 2000–2024 ytdyearusdeurgbpaudcadcnyjpychfinraverage2000-5.3%1.2%2.0.3%-1.9%-5.4%5.8%-4.2%1.4%0.6 012.4%8.3%5.3.4%8.8%2.4.0%5.5%5.8%7.6 0224.4%5.6.2.3".9$.4.2%3.5#.7.8 0319.6%-0.2%8.0%-10.7%-1.3.6%8.1%7.4.9%7.2 045.6%-1.9%-1.7%1.5%-2.0%5.6%0.8%-3.1%0.1%0.5 0518.15.11.6%.9.1.15.96.3".8&.1 0623.0.4%8.1.3#.3.0$.2.1 .7.5 0730.9.5).2.0.0".5".5!.8.9!.4 085.4.0c.10.5(.7%-1.5%-14.2%-0.80.0.6 0924.8!.8.9%-1.6%7.9$.8'.9!.1.2.6 1029.58.64.2.6".8%.1.2.8$.8$.3 1110.2.9.6.3.7%5.2%4.5.70.7.1 127.1%5.0%2.5%5.3%4.2%6.0 .7%4.5.1%7.4 13-28.0%-30.9%-29.4%-16.1%-23.0%-30.1%-12.6%-29.8%-19.1%-24.3 14-1.8.6%4.4%7.3%7.5%0.7.6%9.4%0.2%5.6 15-10.4%-0.1%-5.3%0.6%6.8%-6.2%-9.9%-9.7%-5.9%-4.5 168.5.1).6%9.6%5.3.1%5.4.3.4.0 1713.1%-0.9%3.3%4.6%5.9%6.0%9.0%8.3%6.3%6.2 18-1.5%3.0%4.3%8.9%6.8%4.1%-4.2%-0.8%7.3%3.1 1918.3!.0.7.8.6.7.2.6!.3.7 2025.0.8!.3.1".6.2.8.3(.0.6 21-3.6%3.6%-2.6%2.2%-4.3%-6.1%7.5%-0.6%-1.7%-0.6 22-0.2%6.0.6%6.3%7.0%8.3.7%1.1.8%7.2 2313.1%9.7%7.4.1.5.3!.6%2.9.7.0 24 ytd12.8.1.5.2.4.4(.6 .4.0.8�gr8.9%8.6.0%8.8%8.7%8.3.9%6.4.8%9.2% 6source: reuters eikon, incrementumagannualized performance of gold, in usd, if bought on the last day of the month and held until 06/30/2024 (holding period ≥ 1 year)janfebmaraprmayjunjulaugsepoctnovdec20009.01%8.91%9.14%9.27%9.32%9.07%9.30%9.33%9.42%9.62%9.56%9.56 019.71%9.72%9.92%9.85%9.85%9.80%9.91%9.82%9.54%9.80%9.93%9.89 029.87%9.66%9.60%9.55%9.30%9.52%9.74%9.63%9.49%9.63%9.64%9.26 038.99%9.29%9.51%9.52%9.19%9.50%9.41%9.15%9.05%9.11%8.96%8.77 048.98%9.10%8.74%9.30%9.23%9.28%9.37%9.15%9.08%8.99%8.74%8.94 059.18%9.06%9.19%9.15%9.42%9.22%9.34%9.31%8.92%9.01%8.70%8.47 067.95%8.06%7.87%7.23%7.37%7.69%7.52%7.63%7.95%7.91%7.54%7.69 077.57%7.45%7.55%7.44%7.65%7.80%7.70%7.65%7.04%6.65%6.79%6.42 085.78%5.49%5.91%6.27%6.18%5.94%6.05%6.73%6.44%7.74%6.96%6.48 096.15%6.06%6.29%6.57%5.90%6.33%6.16%6.22%5.84%5.61%4.77%5.33 105.46%5.26%5.31%4.92%4.71%4.59%4.99%4.62%4.27%4.01%3.89%3.73 114.24%3.82%3.74%3.06%3.24%3.43%2.81%1.91%2.86%2.44%2.31%3.23 122.37%2.60%2.75%2.79%3.37%3.18%3.12%2.73%2.35%2.62%2.67%2.90 132.98%3.47%3.40%4.15%4.78%5.94%5.31%4.83%5.36%5.43%6.03%6.46 146.20%5.59%5.97%5.96%6.35%5.77%6.19%6.20%6.94%7.33%7.46%7.37 156.52%7.23%7.58%7.64%7.66%7.91%8.81%8.47%8.77%8.55%9.54%9.67 169.10%7.86%8.01%7.45%8.37%7.32%7.11%7.62%7.63%8.13%9.45%9.83 179.20%8.85%8.96%8.84%8.94%9.39%9.15%8.62%9.26%9.48%9.57%9.33 188.91%9.39%9.43%9.69.06.87.47.00.33.15.22.43 1911.01.32.85.20.03.54.66%9.20.11%9.65.63%9.96 208.99%9.26%9.67%8.12%7.57%6.90%4.27%4.43%5.76%6.01%7.80%6.00 216.99%9.22%9.98%9.03%6.66%9.53%8.90%9.18.74.48.06.10 2211.28%8.86%8.46%9.88.99.45.47.24!.26#.63.89.57 2314.16.84.30.31.98!.16% 7source: reuters eikon, incrementum agcorrelation table for gold, 06/30/2024dxygdxs&p 500vixcrb trwticopperbitcoin 15d-0.480.920.010.430.530.410.790.04 30d-0.480.900.250.030.560.400.790.23 60d-0.400.840.25-0.010.350.170.600.09 90d-0.410.830.180.040.310.160.540.15 120d-0.410.820.18-0.040.280.140.490.10 150d-0.480.820.24-0.010.250.120.480.09 180d-0.400.800.110.130.280.180.430.04 52 week high-0.030.920.600.770.700.710.830.37 date11/13/20236/20/20248/11/202311/20/202311/9/202311/8/20236/26/20243/28/2024 52 week low-0.740.59-0.45-0.55-0.17-0.29-0.05-0.54 date1/5/202411/27/202311/27/20238/3/20232/29/20249/27/20232/12/202412/8/2023 % time ( )00�9�u�u% % time (-)100%0a%%2e% 52 week high-0.310.840.420.320.480.400.560.32 date11/21/20234/12/202410/12/20236/30/202310/27/202311/9/20236/25/20247/20/2023 52 week low-0.610.73-0.36-0.34-0.05-0.110.14-0.21 date8/4/202312/12/20237/17/20239/26/20237/17/20237/17/20237/24/202312/8/2023 % time ( )00�q�x0a% % time (-)100%0i%5"%09�daytrading days30 day 802505007501,0001,2501,5001,7502,0002,2502,50019701975198019851990199520002005201020152020source: reuters eikon, incrementum ag6811,031gold, in usd, 01/1970–06/20248351,9201022541961,0452,0731,6142,431 91,6001,7001,8001,9002,0002,1002,2002,3002,4002,50007/202210/202