Showdown in Sound Money 1

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 Showdown in Sound Money 3

Showdown in Sound
Money
No one says that gold is an abstractly “perfect”
money, whatever that may be. It is far more
trustworthy, however, than government…
Unfortunately, now that the last vestiges of the
gold standard are gone, the Fed has the power to
create more money indefinitely; and so long as we
continue to allow them to retain such power, they
will continue to use it, with disastrous results.
Murray Rothbard

• There exists a considerable amount of tension
between gold investors and Bitcoin enthusiasts,
who frequently engage in disputes, demeaning
each other's preferred asset.
• The concept of intrinsic value is a point of
contention between critics and supporters of
Bitcoin, but the subjective preferences of
individuals ultimately determine the value of an
asset.
• Bitcoin may at this stage be considered money by
only a small minority, but it has certainly gained
some kind of “moneyness” if we take Hayek’s
approach and view money as an adjective.
• While gold has physical properties that make it
valuable, Bitcoin has unique digital properties that
offer advantages such as low transaction costs
and the ability to transfer wealth quickly over long
distances.
• Bitcoin and gold are complementary, not
competitive, as stores of value. Each has unique
advantages and limitations. Investors should
educate themselves and consider a diversified mix
of noninflatable monetary assets as integral to
their portfolios.

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 Showdown in Sound Money 4

Gold vs. Bitcoin

Gold investors have been advocating, explaining, and crusading for

sound-money principles for over a century, bearing the brunt in the fight
against fiat currency and central bank exuberance. Again and again, we have been
vocal in our criticisms of the prevailing monetary system, to put it mildly.1 Even so,
in the late 2000s it appeared as though sound-money principles had been
defeated, and the gold community was left with a sense of hopelessness.

In 2009, Satoshi Nakamoto appeared out of nowhere with a revolutionary new

technology. In a “sly, roundabout way”, he introduced something that governments
could not stop – as had been prophesied by Nobel prize-winning economist
Friedrich Hayek in 1984:

“I don’t believe we shall ever have a good money again before we take the
thing out of the hands of government, that is, we can’t take it violently out of
the hands of government, all we can do is by some sly roundabout way
introduce something that they can’t stop.”

Bitcoin has brought a fresh wave of interest to the sound-money

Friedrich August von Hayek community and has attracted a new generation of supporters. The term
Photo credit: Wikimedia
fiat currency was barely known ten years ago. Thanks to the invention of Bitcoin
and the rise of cryptocurrencies, an entire generation has been nudged into asking
some very fundamental questions about money. It seems that especially during the
last two cryptocurrency manias, the interest in debating and questioning fiat
currency was ignited, as Google searches suggest.

Google Trends (Worldwide): Fiat Currency, 01/2004–05/2023

100

90

80

70

60

50

40

30

20

10

0
2004 2006 2008 2010 2012 2014 2016 2018 2020 2022

Google Trends (Worldwide): Fiat Currency

Source: Google, Incrementum AG

Came for the profit, stayed for This alone should be hailed by everyone who is sincerely interested in
the principal. reinstalling sound money in the future. However, the response from many
Robert Breedlove gold investors has been to not only reject Bitcoin but to campaign against it,
accusing it of being a scam, a speculative bubble, the new Tulip Mania.

-
1
See for example: “From risk-free returns to return-free risk”, In Gold We Trust Classic; “The monetary system at the
crossroads”, In Gold We Trust Classic

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Every informed person needs to
know about Bitcoin, because it
might be one of the world’s most
important developments.
Leon Luow
It’s gold for nerds.
Stephen Colbert
Showdown in Sound Money 5
Despite the fact that Bitcoin and gold are complementary assets with their own
unique value propositions, some gold investors remain closed off to the
potential of Bitcoin and unwilling to embrace it as a new form of sound
money. This has led to a backlash from the Bitcoin community, with some
members taking an aggressive stance towards gold. As a result, an intellectual
“civil war” has arisen in the sound-money community; and today, many gold
investors and Bitcoin enthusiasts hold extreme opinions about the opposing asset.
In this chapter, we will examine the origins of the rift between the gold
and Bitcoin communities and the reasons for the division. We have been
following Bitcoin for over 10 years now and have had an annual feature in our In
Gold We Trust report for the past seven years, as we consider Bitcoin to be a
groundbreaking monetary invention that we expect to continue to gain significant
relevance. We therefore want to address some of the misconceptions that gold
investors hold regarding Bitcoin, and vice versa, thereby highlighting the positive
aspects of both assets. Ultimately, we aim to strengthen our case for investing in
both assets and to bridge the gap between the two communities. 2 Our hope is
that this article can contribute towards harmony and collaboration
within the sound-money camp.3
The bugs vs. the maxis
Gold investors often hold a negative opinion of Bitcoin, for various
reasons. One key factor is their perception of its being a speculative investment
rather than a safe-haven asset. Bitcoin’s price is in fact highly volatile and has seen
significant fluctuations in a short period of time, which may deter investors
seeking stability.
Gold and Bitcoin, 90D Annualized Volatility, 01/2019-05/2023
140%
120%
100%
80%
60%
40%
20%
0%
01/2019 07/2019 01/2020 07/2020 01/2021 07/2021 01/2022 07/2022 01/2023
Recession Gold Bitcoin
Source: Reuters Eikon, Incrementum AG
In addition, gold has established itself as a store of value over a long
history, whereas Bitcoin is a relatively new asset, and its long-term
value is uncertain. Moreover, some gold investors may perceive Bitcoin as a
threat to the traditional precious metals market, and as a result may be biased
against it.
-
2
See “In Bitcoin We Trust?”, In Gold We Trust Classic
3
See “Gold and Bitcoin: Stronger Together?,” In Gold We Trust report 2019; “Crypto: Friend or Foe?,” In Gold We
Trust report 2018
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 Showdown in Sound Money 6

Property Gold Fiat currencies Bitcoin

Fungibility moderate/high high high

Transferability moderate high high

Longevity high moderate ?

high (cash)
Anonymity high moderate
low (digital)
Non-monetary utility high – –

Scarcity moderate/high low high

Decentralization moderate low high

Volatility moderate low high

Energy intensity – Creation high low high

Energy intensity – Usage low high high

Upon closer examination of the writings of Satoshi Nakamoto, we find

that he mentions gold several times. In fact, he references gold in the Bitcoin
White Paper, a 3,219-word document that outlines what Bitcoin is and how it
operates: “The steady addition of a constant amount of new coins is analogous to
gold miners expending resources to add gold to circulation. In our case, it is CPU
time and electricity that is expended.”

Imagine if gold turned to lead Based on this quotation, it could be reasonably argued that Satoshi had a good
when stolen. understanding of gold, and it is clear that he endeavored to digitally emulate
Satoshi Nakamoto the supply characteristics of gold, and even modelled the concept of
Bitcoin mining on gold mining.

Also, it is almost certainly no coincidence that he dates his birth as April 5, the day
former US President Franklin D. Roosevelt issued Executive Order 6102, which
prohibited private ownership of gold in the US.

I can’t understand why people
are frightened of new ideas. I’m
frightened of the old ones.
John Cage
The starting point of a broader discussion within the gold community
about Bitcoin may be traced back to the year 2013. Peter Schiff, a well-
known character within the English-speaking gold community, published the very
first Tweet about Bitcoin: a link to a video, outlining his thoughts about Bitcoin vs.
gold:

In this video, he starts off by explaining Bitcoin (quite well) in what sounds like a
positive light. Then, at the 2:30 mark, Peter starts to explain why Bitcoin can
“never be money”: “Bitcoin has all the properties, except the most important one.
Without that property, gold would never have been money. I’m talking about
value. Intrinsic value of the metal itself. You see … Bitcoin doesn’t have any.”

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Bitcoin isn't a real asset. It’s an
intangible token that will only
have a market price until the
bubble pops and greater fools
are no longer willing to buy.
Peter Schiff
Gold trades $145 billion/day
(WGC) whereas Bitcoin trades
$40 billion/day (on-chain, CME
Futures and crypto exchanges).
Bitcoin and gold are the two
most liquid alternative assets in
the world.
Charlie Morris
Showdown in Sound Money 7
He then goes on to explain his concept of intrinsic value and mentions Ludwig von
Mises’ regression theorem. The first shots in the sound-money showdown had
been fired. Since then, Mr. Schiff and many other gold investors have grown
increasingly vocal in their dislike of Bitcoin.
Revisiting the regression theorem
The regression theorem was first proposed by Ludwig von Mises in
1912 in Die Theorie des Geldes und der Umlaufmittel (The Theory of
Money and Credit). We wrote about the regression theorem in 2011. It has been
a thorn in the side of Bitcoin since the cryptocurrency’s inception, with the
theorem being wielded not only by gold investors but by the Austrian economic
community in general. It is widely used by Bitcoin sceptics in the following
context: For something to be money, it first needs to have value beyond its
monetary value; therefore Bitcoin can never evolve to being money. We prefer this
interpretation by Hans Hermann Hoppe:
“Any type of money must initially be a commodity money, traded in barter,
because only then do people have an idea of what the initial purchasing
power of this commodity is. Then, additional purchasing power is added to it
as this commodity is also demanded for the first time as a medium of
exchange.”
The first Bitcoin transaction was a barter for pizza. After that, people
bought and traded Bitcoin for many years without considering it a form of money.
Critics of course don’t consider Bitcoin to be a form money even now, but it
undoubtedly has a market value. One could argue that Bitcoin is either still in the
“pre-money” stage, as described by Mises in the regression theorem, and could still
become money; or it is already a form of money. An insightful thought by Friedrich
Hayek from his book Denationalization of Money is quite helpful in this regard:
“I have always found it useful to explain to students that it has been rather a
misfortune that we describe money by a noun, and that it would be more
helpful for the explanation of monetary phenomena if ’money’ were an
adjective describing a property which different things could possess…”
We would argue that Bitcoin in fact has gained some kind of
moneyness already. Expanding on that thought, one can revert back to Carl
Menger, who defined money as the asset with the highest saleablity. Although
saleability is not the exact same thing as liquidity, the liquidity of any monetary
asset may actually be quite a good hint as to the degree of “moneyness” of any
given asset. We therefore want to compare the liquidity of Bitcoin, gold,
and short-term US Treasury bills to put these three assets into relation.
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It's a bubble. It has to have
intrinsic value. You have to
really stretch your imagination
to infer what the intrinsic value
of Bitcoin is. I haven't been able
to do it. Maybe somebody else
can.
Alan Greenspan
Showdown in Sound Money 8
Average Daily Trading Volumes, in USD bn, 2021
300
239.8
250
200
152.0
150 130.7 130.9
114.0
100
47.2 48.7
50
20.1
0
German Bitcoin Dow Jones EUR/JPY UST 1-3Y Gold US T-Bills S&P 500
Bunds (All Stocks) (All Stocks)
Source: World Gold Council, coinmarketcap.com, Incrementum AG
The intrinsic value dispute
We will now argue that the notion that Bitcoin, or any asset for that matter, lacks
intrinsic value is incompatible with Austrian economic theory both theoretically
and empirically. In fact, the term intrinsic value itself is quite problematic
if one takes seriously the principles of Austrian Economics, going back
to Carl Menger. Ludwig von Mises, in his seminal work Theory and History,
expounds upon the subjectivity of value and dedicates several chapters to this
topic. A cursory review of his writings serves as a timely reminder that the concept
of value is entirely dependent on the subjective preferences of the individual:
“All judgments of value are personal and subjective. There are no judgments
of value other than those asserting ‘I prefer, I like better, I wish’. It cannot be
denied by anybody that various individuals disagree widely with regard to
their feelings, tastes, and preferences and that even the same individuals at
various instants of their lives value the same things in a different way. In
view of this fact it is useless to talk about absolute and eternal values.
This does not mean that every individual draws his valuations from his own
mind. The immense majority of people take their valuations from the social
environment into which they were born, in which they grew up, that moulded
their personality and educated them. Few men have the power to deviate
from the traditional set of values and to establish their own scale of what
appears to be better and what appears to be worse.
What the theorem of the subjectivity of valuation means is that there is no
standard available which would enable us to reject any ultimate judgment of
value as wrong, false, or erroneous in the way we can reject an existential
proposition as manifestly false.”
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All value is subjective.
Carl Menger
…it’s more typical of a precious
metal. Instead of the supply
changing to keep the value the
same, the supply is
predetermined and the value
changes. As the number of users
grows, the value per coin
increases. It has the potential for
a positive feedback loop; as users
increase, the value goes up,
which could attract more users
to take advantage of the
increasing value.
Satoshi Nakamoto
Bitcoin is the best crypto-asset.
There is no second best crypto-
asset.
Michael Saylor
Showdown in Sound Money 9
Although the subjectivity of economic value is irrefutable, the real underlying
problem that gold enthusiasts possibly fail to articulate correctly is
Bitcoins’ lack of industrial utility or in a broader sense its lack of
physicality.
One of gold’s most important characteristics for investors is the ability to hold the
metal in their hands. Bitcoin does not possess this property. In fact, according
to Bitcoin’s creator, Satoshi Nakamoto, physicality is gold’s greatest
weakness, which enables governments and other aggressors to confiscate gold,
and is the basis for gold’s low salability across space. Precisely the lack of
physicality enables the users of Bitcoin with a different kind of utility that can be
fundamentally useful hence valuable. Bitcoin was created in order to overcome
gold’s weakness, as Satoshi Nakamoto explained on the Bitcointalk forum:
“As a thought experiment, imagine there was a base metal as scarce as gold
but with the following properties:
- boring grey in colour
- not a good conductor of electricity
- not particularly strong, but not ductile or easily malleable either
- not useful for any practical or ornamental purpose
and one special, magical property:
- can be transported over a communications channel”.
However, absent any industrial utility, there are many practical
instances where Bitcoin can be highly useful to individuals. For instance,
Bitcoin could be used when people urgently have to leave their current location
and are unable to carry physical gold as a store of their wealth to their new
destination. One very practical example are refugees who likely would be stripped
of their savings in gold while on the run. These people could relocate without this
risk if they could store their keys on an electronic device or even just remember
their seed key. Another example is Bitcoin’s advantage of low transaction cost and
high speed of the transfer of wealth over long distances.
Even if one prefers to stick to the concept of intrinsic value – which we would be
very critical about – a reasonable argument can be made that the unique
properties of Bitcoin do provide intrinsic value, not as a function of the
physical properties of the asset, but as a function of its unique digital
properties.
Bitcoin and Crypto
In order to understand why Bitcoin’s digital properties are so unique, it is crucial
to understand the difference between Bitcoin and crypto generally. Bitcoin
critics often conflate Bitcoin with the wider crypto space. This is, in our
opinion, a massive divider between gold investors and Bitcoiners, as illustrated
below. We wrote about Exter’s pyramid in detail in the In Gold We Trust
report 2019.4 The radical difference in views about where Bitcoin belongs on
-
4
“The Enduring Relevance of Exter’s Pyramid,” In Gold We Trust report 2019
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 Showdown in Sound Money 10

Exter’s pyramid could explain the tensions between gold investors and Bitcoiners.
Note that Bitcoiners consider crypto (other than Bitcoin) as highly
risky and volatile.

Where Bitcoin critics place Bitcoin Where Bitcoin enthusiasts place Bitcoin
on Exter’s pyramid on Exter’s pyramid

The opinion of a mainstream commentator regarding why Bitcoin is

better than other cryptocurrencies, might be akin to this: Bitcoin is
widely regarded as the first and most well-known cryptocurrency. It has a large
and established network, with a long history of secure transactions and a solid
track record of stability and reliability. Additionally, it has a large and active
community of developers, investors, and users who have all helped to ensure its
continued success. These factors make Bitcoin a more attractive investment
option than altcoins, which may not have a strong community, network, or track
record.

Gold is bitcoin without What is often overlooked is that Bitcoin was created with the explicit
electricity. aim of replacing the current, trust-based currency system. No other
Charlie Morris notable cryptocurrency attempts to achieve this. Regardless of what other
cryptocurrency projects claim their use case to be, none of them are attempting to
be Bitcoin or even come close to replicating Bitcoin’s unique features and
capabilities.

In a time of abundance, Bitcoin One of these features is Bitcoin’s stock-to-flow ratio, which is currently in
taught me what real scarcity is. line with that of gold. In a sense, Bitcoin can be viewed as digital gold, while other
Gigi cryptocurrencies can be compared to countless other resources, each with its own
possible use case, or not.

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Nothing made me more
suspicious of Bitcoin than the
rapidity with which I was
convinced of it.
Ijoma Mangold
Every day that goes by and
Bitcoin hasn’t collapsed due to
legal or technical problems, that
brings new information to the
market. It increases the chances
of Bitcoin’s eventual success and
justifies a higher price.
Hal Finney
Showdown in Sound Money 11
Bitcoin Stock (lhs), in Coins, and Gold Stock (rhs), in Tonnes,
01/2010–01/2030
25,000,000 250,000
20,000,000 200,000
15,000,000 150,000
10,000,000 100,000
5,000,000 50,000
0 0
2010 2012 2014 2016 2018 2020 2022 2024 2026 2028 2030
Bitcoin Gold
Source: blockchain.com, World Gold Council, Incrementum AG
One of the most significant aspects that sets Bitcoin apart from other
cryptocurrencies is its decentralization. While many cryptocurrencies are
managed by a central organization or group of individuals, Bitcoin is entirely
decentralized. This means that there is no central authority controlling the
currency, and every user has an equal say in the network's operation.
Bitcoin's decentralization has several advantages over other
cryptocurrencies and traditional currencies. It is more resistant to fraud
and hacking attempts, as there is no central point of control for hackers to
compromise. Additionally, the lack of a central authority means there is no entity
that can manipulate or control the currency's value, making it more stable and
resistant to market manipulation.
Navigating the volatility trap
With the term volatility trap we want to describe a behavioural finance
phenomenon whereby investors get caught up in the emotional
rollercoaster of an asset's price movements. In the case of Bitcoin, its high
volatility can cause traditional investors to panic and sell off their holdings during
periods of sharp price declines. All assets are prone to severe bear markets;
however, a bear market in Bitcoin seem to be even more brutal than in other
assets. While Bitcoin has faced substantial price declines from previous peaks, it
has also demonstrated remarkable resilience and recovery in the face of adversity.
In its short 14-year history, Bitcoin has already experienced several boom-and-bust
cycles, with each cycle resulting in a higher overall price floor than the previous
one.
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 Showdown in Sound Money 12

Drawdowns of Major Assets from All-Time Highs

0%

-10%

-20%

-30%

-40%

-50%

-60%

-70%

-80%

-90%

-100%
0 200 400 600 800 1000 1200 1400 1600
Dow Jones (1929-1932) Silver (1980-1982)
Nikkei 225 (1989-1993) NASDAQ 100 (2000-2002)
Gold (2011-2015) Bitcoin (2017-2018)
Bitcoin (2021-2022)
Source: Reuters Eikon, Incrementum AG

As experienced investors know, volatility is a natural part of investing

and should not be the sole indicator of an asset's value or potential. In
fact, some investors view periods of volatility as an opportunity to accumulate
assets at a discount, knowing that the market will eventually correct itself.

Owning gold and Bitcoin means
being short fiat.
Mark Valek
Therefore, while the volatility trap can be a real challenge for investors,
particularly those new to the cryptocurrency market, it is essential to maintain a
long-term perspective and focus on the underlying technology, use cases, and
adoption potential of an asset like Bitcoin. By doing so, investors can avoid getting
caught up in short-term price movements and instead focus on the bigger picture
of the asset's potential over time.

Volatility scares enough people
out of the market to generate
superior returns for those who
stay in.
Jeremy Siegel
One potential solution to mitigate the risk associated with Bitcoin's
volatility is to combine it with gold in a diversified portfolio. Gold's
historical stability can help balance the high volatility of Bitcoin, potentially
reducing the overall risk of the portfolio. This strategy could allow investors to
benefit from the potential upside of Bitcoin while also mitigating the downside risk
associated with its volatility.

Incrementum Bitcoin/Gold Strategy, 100 = 02/2020, 02/2020–

05/2023
250

230

210

190

170

150

130

110

90
02/2020 08/2020 02/2021 08/2021 02/2022 08/2022 02/2023

Incrementum Bitcoin/Gold Strategy

Source: Reuters Eikon, Incrementum AG

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Bitcoin and gold are the two
most liquid alternative assets in
the world. They are not in
competition, play different roles,
have global cross-border and
cultural appeal, and come
together as an all-weather
inflation hedge.
Charlie Morris
That’s what learning is. You
suddenly understand something
you understood all your life, but
in a new way.
Doris Lessing
Showdown in Sound Money 13
Conclusion
As illustrated above, the primary concerns that investors have
expressed regarding Bitcoin are often misleading or unjustified.
However, obtaining objective and impartial information about Bitcoin, its
underlying technology, and its potential influence on the financial landscape can
be a daunting task, especially given the cacophony of other cryptocurrencies
competing for attention in the market. As a gold investor, it’s understandable to be
skeptical of Bitcoin and its potential as an investment.
Gold has a five-thousand-year track record, and Bitcoin is hardly a
teenager. However, as we’ve discussed, many of the criticisms levelled at Bitcoin
are based on misconceptions or red herrings. The reality is that Bitcoin offers a
unique combination of decentralization and security that is unmatched by any
other asset. Bitcoin’s growing adoption and potential for widespread use make it a
viable option for investors looking to diversify their portfolios. As Rick Rule
formulated it:
“Do I think that that there is room, as a medium of exchange, for an
algorithm that also obviates the need for trust, is seamless and private, like
Bitcoin? Absolutely. Do I want all of my savings stored in a unit of value,
whose only value is an algorithm? No. I, as a consumer of currency, want lots
of currencies, and I want to pick and choose the utility at different points in
time in my career for different purposes.”
Bitcoin and gold are complementary assets rather than competitors.
Each asset has its unique characteristics, benefits, and limitations.
Bitcoin’s key advantages include its digital nature, speed of transfer,
and limited supply, while gold’s strengths lie in its historical
significance, physical durability, and widely accepted value. Therefore,
the respective communities behind each asset should acknowledge their
differences and unique features and understand that they can coexist and
complement each other in an investment portfolio. Let’s bury the hatchet.
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About Us 14

About Us
Ronald-Peter Stöferle, CMT

Ronnie is managing partner of Incrementum AG and responsible for

Research and Portfolio Management.

He studied business administration and finance in the USA and at the Vienna
University of Economics and Business Administration, and also gained work
experience at the trading desk of a bank during his studies. Upon graduation he
joined the research department of Erste Group, where in 2007 he published his
first In Gold We Trust report. Over the years, the In Gold We Trust report has
become one of the benchmark publications on gold, money, and inflation.

Since 2013 he has held the position as reader at scholarium in Vienna, and he also
speaks at Wiener Börse Akademie (the Vienna Stock Exchange Academy). In 2014,
he co-authored the international bestseller Austrian School for Investors, and in
2019 The Zero Interest Trap. He is a member of the board of directors at Tudor
Gold Corp. (TUD), and Goldstorm Metals Corp. (GSTM). Moreover, he is an
advisor to Matterhorn Asset Management, a global leader in wealth preservation
in the form of physical gold stored outside the banking system.

Mark J. Valek, CAIA

Mark is a partner of Incrementum AG and responsible for Portfolio

Management and Research.

While working full-time, Mark studied business administration at the Vienna

University of Business Administration and has continuously worked in financial
markets and asset management since 1999. Prior to the establishment of
Incrementum AG, he was with Raiffeisen Capital Management for ten years, most
recently as fund manager in the area of inflation protection and alternative
investments. He gained entrepreneurial experience as co-founder of philoro
Edelmetalle GmbH.

Since 2013 he has held the position as reader at scholarium in Vienna, and he also
speaks at Wiener Börse Akademie (the Vienna Stock Exchange Academy). In 2014,
he co-authored the book Austrian School for Investors.
About Us 15

Incrementum AG

Incrementum AG is a boutique investment and asset management

company based in Liechtenstein. Independence and self-reliance are the
cornerstones of our philosophy, which is why the five partners own 100% of the
company.

Our goal is to offer solid and innovative investment solutions that do

justice to the opportunities and risks of today’s prevalent complex and
fragile environment.

https://www.incrementum.li/en

We would like to thank the following people for their outstanding

support in creating the In Gold We Trust report 2023:

Gregor Hochreiter, Richard Knirschnig, Jeannine Grassinger, Lois Hasenauer-

Ebner, Stefan Thume, Florian Hulan, Theresa Kammel, Handre van Heerden,
Katrin Hatzl-Dürnberger, Ted Butler, Peter Young, Andreas Merkle, Thomas
Vesely, Fabian Grummes, Niko Jilch, Florian Grummes, Hans Fredrik Hansen,
Julien Desrosiers, Elizabeth and Charley Sweet, Marc Waldhausen, Dietmar Knoll,
Max Urbitsch, Trey Reik, James Eagle, Herwig Zöttl, Tavi Costa, Tom Pohnert,
Brent Johnson, Grant Williams, Markus Hofstädter, Jochen Staiger, Ilse Bauer,
Paul Wong, Fabian Wintersberger, Leopold Quell, Match-Maker Ventures, Harald
Steinbichler, Richard Schodde, David Schrottenbaum, Metals Focus, our friends at
the World Gold Council, the whole wonderful team at Incrementum AG and of
course our families!

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 About Us 16
The In Gold We Trust Report Team

Gregor Hochreiter Richard Knirschnig Jeannine Grassinger Stefan Thume

Editor-in-chief Quantitative analysis & Assistant Webdesign & media
charts

Peter Árendáš Georg Bartel Ted Butler Julien Desrosiers

Contributor Contributor Contributor Contributor

James Eagle Fabian Grummes Florian Grummes Lois Hasenauer-Ebner

Contributor Contributor Contributor Quantitative analysis &
charts

Katrin Hatzl-Dürnberger Handre van Heerden Philip Hurtado Nikolaus Jilch

Proof reading Contributor Contributor Contributor

Emil Kalinowski Theresa Kammel Ronan Manly Charley Sweet

Contributor Contributor Contributor Proof reading

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About Us 17

Contact
Incrementum AG
Im Alten Riet 102
9494 – Schaan/Liechtenstein
www.incrementum.li
www.ingoldwetrust.li
Email: ingoldwetrust@incrementum.li

Disclaimer

This publication is for information purposes only and does not

represent investment advice, investment analysis nor an invitation to
buy or sell financial instruments. Specifically, the document does not serve as
a substitute for individual investment or other advice. All publications of
Incrementum AG are considered marketing communications or other information
and are not investment recommendations within the context of the Market Abuse
Regulation. Marketing communications and other information are not published
in compliance with the legal provisions promoting the independence of investment
recommendations and are not subject to the prohibition of trading following the
dissemination of investment recommendations.
Investment recommendations are not published by Incrementum AG
as a matter of principle.

The information contained in this publication is based on the state of knowledge at

the time of preparation and may be changed at any time without further notice.
Unless otherwise stated in the publication, no updates will be made. The authors
have taken the greatest possible care in selecting the sources of information used
and ( as well as Incrementum AG) accept no liability for the accuracy,
completeness or timeliness of the information or sources of information provided
or any liability or damages of any kind arising therefrom.

Copyright: 2023 Incrementum AG. All rights reserved.

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Company Descriptions 18

Company Descriptions

Agnico Eagle
Agnico Eagle is a senior Canadian gold mining company, and third-largest gold
producer in the world, with operating mines located in Canada, Australia, Finland
and Mexico, as well as exploration and development activities in these countries
and the United States.
www.agnicoeagle.com

Asante Gold
Asante Gold has developed its 400,000 oz per year production profile through
organic growth and focused acquisitions. We believe in responsible development
and strive to be Ghana’s foremost gold producer and employer of choice.
www.asantegold.com

Aurion Resources
Aurion is a well-funded, Canadian explorer operating in an emerging major gold
camp in Finland’s Central Lapland. The Company is making new discoveries on its
Flagship Risti and Launi projects, and JVs with B2Gold and Kinross.
www.aurionresources.com

Caledonia Mining
Caledonia Mining is a profitable, dividend-paying gold miner, with a strong growth
profile; since November 2021 has acquired Maligreen, Motapa and Bilboes. Its
vision is to become a Zimbabwe focused multi-asset gold producer.
www.caledoniamining.com

Dakota Gold
Dakota Gold (NYSE American: DC) is a South Dakota-based responsible gold
exploration and development company with a specific focus on revitalizing the
Homestake District of South Dakota.
www.dakotagoldcorp.com

EMX Royalty
EMX has a 20-year track record of smart deals. With more than 300 royalties and
investments, EMX looks forward to a bright future with diversification into gold,
copper, battery metals, strong partners like Franco Nevada, and rapidly increasing
cash flow.
www.emxroyalty.com

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Company Descriptions 19

Endeavour Mining
As a leading global gold producer and largest in West Africa, Endeavour is
committed to the principles of responsible mining and delivering sustainable value
to all stakeholders. Endeavour is listed on the LSE and TSE under the symbol EDV.
www.endeavourmining.com

Endeavour Silver
Endeavour Silver is a mid-tier precious metals mining that owns two underground,
silver-gold mines in Mexico, and has a compelling pipeline of exploration and
development projects to facilitate its goal to become a senior silver producer.
www.edrsilver.com

Flexgold
Flexgold is the smart way to invest in physical precious metals, as flexible and
simple as never before. With flexgold, SOLIT sets the gold standard for trust,
security and transparency.
www.flexgold.com

Hecla Mining Company

Hecla Mining Company (NYSE: HL) is the largest primary silver producer in the
United States and the sixth largest gold producer in Quebec. Hecla is also the third
largest US producer of both zinc and lead.
www.hecla-mining.com

Karora Resources
Karora is TSX-listed gold miner (TSX: KRR) with operations in the tier 1
jurisdiction of Western Australia. Karora has a proven management team and is
growing production to 170-195 koz by 2024.
www.karoraresources.com

Matterhorn Asset Management AG

The global authority in Wealth Preservation through precious metal acquisition
and storage. A world-renown team offers personal service to investors with direct
access to the world’s largest and safest private vaults.
www.goldswitzerland.com

Minera Alamos
Minera Alamos is a new gold producer going through the ramp up of its Santana
mine and fast tracking permitting for its second flagship mine: Cerro de Oro.
Specializing in low capex builds the Minera model remains insulated from
inflationary pressures.
www.mineraalamos.com

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Company Descriptions 20

Münze Österreich
Internationally renowned for its precious metal processing, Münze Österreich AG
produces Austria’s circulation coins, Vienna Philharmonic bullion coins in gold,
platinum and silver, and gold bars.
www.muenzeoesterreich.at

New Zealand Bullion Depository

Our mission is to provide the best in gold bullion storage, with unparalleled service
and discretion. Your gold is allocated, segregated and secured in our purpose-built
world class New Zealand facility, giving you secure peace of mind.
www.nzbd.com

philoro EDELMETALLE
philoro is one of the market leaders in Europe in the field of precious metals
trading and your reliable partner for investments in gold and silver, platinum and
palladium.
www.philoro.com

Reyna Gold
Reyna Gold is focused on district-scale exploration on the major gold belts in
Mexico, with a property portfolio of over 57,000 hectares, a world class exploration
team and proven management team.
www.reynagold.com

Sprott
Sprott is a global asset manager providing investors with access to leader in
precious metals and energy transition investments.
www.sprott.com

Tudor Gold
TUDOR GOLD Corp. is an Exploration company in the Golden Triangle region in
B.C., Canada, which is advancing the Treaty Creek project that hosts a mineral
resource of 23.4 Moz AuEQ (Indicated) plus 7.4 Moz AuEQ (Inferred).
www.tudor-gold.com

Victoria Gold
Victoria Gold (“VGCX”) is Leading Yukon’s New Gold Rush. As at 31Dec22 the
Eagle Gold mine Reserve is 2.6 m oz Au (124 m tonnes grading 0.65 g/t), and is
open at depth and along strike. Exploration priority targets include Raven and
Lynx.
www.vgcx.com

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Company Descriptions 21

Ximen Mining
Ximen Mining (TSX.V XIM) is focused on responsible development, sustainable
mining and exploration of its precious metals properties in southern BC, Canada,
as it advances its Kenville Gold mine.
www.ximenminingcorp.com

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Company Descriptions 22

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