ncrementum

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Special

Gold

SkiPass

Ratio

January2024

Wewouldliketothankour

premiumpartners

fortheirsupportofthe

InGoldWeTrustreport2023

1RTr。Schifoan!-Theskiticket/goldratio20243

incrementum

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“OnFridayatnight

Imounttheskis

onmycarandthenIgo

TotheStubaitalorZellamSeeBecausethereonthemountainsabovethere’salwaysplentyofsnow…

BecauseIwanttogo

skiing!

Becauseskiingistthemostfunofall(=“leiwandste”)!”

WolfgangAmbros,Schifoan

“WeuSchifoanis’desLeiwandste!”–TheGold/SkiPassRatio2024

“Schifoan”

(=skiing)byWolfgangAmbrosisoneofthegreatAustropophits.NoothersongreflectsthepassionoftheAustrians–includingourselves–forskiingsothoroughly:thelongingonthejourneytotheskiresorts,thepleasureofskiinginthesunshineandpowdersnow,theexuberantatmosphereintheskihutsandtheimpossibilityofleavingthesnow-coveredmountainsforthebigcityona

Sundayevening.Astheysay,abaddayontheslopesstillbeatsagooddayatwork.

However,thisjoyhasbeendampenedbythepriceincreasesforski

ticketsinrecentyears.Thecurrentinflationwaveoverthepasttwoyearshas

notleftthe“entrancefees”tothewinterwonderlandunscathed.Withanincreaseof10.2%,skiticketpriceshaverisenevenmoresharplythiswinterseasonthaninthe2022/23winterseason.Lastyear,anequallyweightedindexof11skiresortsinSalzburg,TyrolandVorarlberg1“only”roseby8.1%.Thesesharpincreaseshave

certainlyshockedmanyskienthusiasts.

Sincethe1990/91winterseason,skiticketpriceshaverisenbyan

averageof3.5%annually.Thismeansthatoverthepast33years,theskiticket

1

ThesearetheskiresortsofStubaierGletscher,Kitzbühel,Obertauern,Kleinwalsertal,Arlberg,WilderKaiser,

S?lden,Wagrain/SnowSpace,Fiss,SteinplatteandSchmittenh?he.WewouldliketothankGüntherAignerfrom

ZUKUNFTSKISPORTforprovidingthedata.Mr.Aignerisoneofthemostrenownedexpertsandatopspeakeronthesubject.Furtherinformationcanbefounda

twww.zukunft-skisport.at.

1w。TrSchifoan!-Theskiticket/goldratio20244

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inflationratehasbeenawholepercentagepointhigherthantheaverageinflationrateof2.4%yearafteryear.Inotherwords:whileconsumerpricesmorethan

doubledduringthisperiod,skiticketpricesmorethantripled.

DaySkiPassIndexAustria,GoldandCPIAT,100=1990/1991or

12/31/1990,1990-2023

800

700

600

500

400

300

200

100

0

DaySkiTicketIndexAustriaGoldCPIAT

Source:ZUKUNFTSKISPORT,ReutersEikon,IncrementumAG

Onceagain,however,itisgoldinvestorswhodonothavetobeshockedbytheseincreasesineuroprices.WhatistrueforOktoberfestbeerand

iPhonesalsoistrueforskitickets.2Forgoldinvestors,thepurchasingpowerofanounceofgoldintermsofdailyskipassesisjustashighthisskiseasonasitwaslastseason.Goldinvestorsreceive27.6skiticketsforanounceofgoldthis

winterseason,thesameaslastwinter.Thisisindeedaveryextensiveskiseason.

Thelong-termcomparisonisevenmoreimpressive:Onlyinthewinter

seasonsof2012/13(29.0)and2011/12(28.3),aswellasintheCovid-19winterof2021/22(28.0),whenopportunitiesforskiingvacationswereseverelyrestricted,

wasthedayskipasspurchasingpowerofgoldhigherthanthisyear.Incontrast,anounceofgoldonlybought8.5dayticketsinthe1998/99winterseasonand12.0in1990/91atthebeginningofourrecords.

-

2

InourtwoInGoldWeTrustspecialspublishedinthefall,wehavebeenshowingforyearsthatthepricetrendfor

goldinvestorsisoftenverydifferentfromthatforthosewhopayineurosorUSdollars:Weupdate

theInGoldWe

TrustspecialontheiPhone/goldratio

everyyearattheopeningofsalesofthenewiPhone,usuallyattheendof

September.Wepublishthe

InGoldWeTrustspecialontheGold/Wiesnbierratio

everyyearattheendof

September/beginningofOctober,whenthetraditionalOktoberfestontheTheresenwieseinMunichisbackinfullswing.

1w。TrSchifoan!-Theskiticket/goldratio20245

Gold/SkiPassRatio,1990/1991-2023/2024

35

30

25

20

15

10

5

0

DaySkiTicketIndexAustria

Source:ZUKUNFTSKISPORT,ReutersEikon,IncrementumAG

Thisissimplybecausethepriceofgoldrosebyanaverageof6.1%peryearduringthisperiod,whichcorrespondstoaseven-foldincreaseinthepriceofgold.

Toputitdifferently:agoldinvestorhastospend57%lessgoldonadayticketthiswinterseasonthaninthewinterof1990/91.Comparedtothemostexpensivewinter,thatof1998/99,thecurrentpriceingoldisalmost70%less.Backthen,

0.118ouncesofgoldhadtobepaidforadaypass,whilethiswinteryouonlyhavetoforkover0.036ounces.

SkiPass/GoldRatio,1990/1991-2023/2024

0.14

0.12

0.10

0.08

0.06

0.04

0.02

0.00

DaySkiTicketIndexAustria

Source:ZUKUNFTSKISPORT,ReutersEikon,IncrementumAG

Itshouldalsonotbeforgottenthatagreatdealhaschangedin

Austrianskiresortsoverthepast30years.Thenumberofliftshas

increasedsignificantly,ashaspassengercapacityandcomfort.Manyyearsago,

thicklywrappedskierswouldarrivehalf-frozenatthetopstationofthe2-seaterchairlift,buttoday4-or6-seaterchairliftswithheatedseatsandwindprotectionarestandard.T-barliftshavebeenreplacedbychairliftsandchairliftsbygondolalifts.Waitingtimesattheliftsarealmostasnonexistentassinglechairlifts.

Moreover,thedrasticexpansionofartificialsnowmakinghasmadeskiingsignificantlylessdependentonprecipitation.

Thegoldinvestornowspendsmuchlessgoldonskiticketsthan30yearsago,whilegainingnotablymoreinreturn.

1w。TrSchifoan!-Theskiticket/goldratio20246

KeyTakeaways

?Manyskiersareseeingtheirskiingenjoymentdampenedbysharpprice

increasesinskiticketsthisandlastwinter.Onaeurobasis,dayticketsin11

renownedAustrianskiresortsarealmost20%moreexpensivethiswinterthaninthe2021/2022winterseason,andjustover10%moreexpensivethanlast

winter.

?Thosewhoinvestedingoldwerecompletelysparedthesepriceincreasesin

euros.Goldinvestorsreceive27.6dayskipassesforoneounceofgoldthis

winter,exactlythesamenumberaslastyear.Inthe1998/99winterseason,anounceofgoldboughtonly8.5daytickets,comparedwith12.0in1990/91whenourrecordsbegan.Inalong-termcomparisonover33years,goldinvestors

havetopay57%lessgoldforadayskipassthiswinter.Comparedtothemostexpensivewinterforgoldinvestorsin1998/1999,itisalmost70%less,despiteaconsiderableimprovementininfrastructureintheskiresorts.

?Goldisthereforeidealfornotonlymaintainingpurchasingpoweroverlongperiodsoftime,butevenincreasingit,whetherattheOktoberfest,withaniPhoneorontheskislopes.

Schifoan!-Theskiticket/goldratio2024

7

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Appendix

WinterGold/SkiPassRatio

1990/1991

12.0

1991/1992

10.8

1992/1993

10.8

1993/1994

13.4

1994/1995

11.4

1995/1996

10.5

1996/1997

10.3

1997/1998

9.3

1998/1999

8.5

1999/2000

9.9

2000/2001

9.7

2001/2002

9.9

2002/2003

10.2

2003/2004

9.9

2004/2005

9.3

2005/2006

12.2

2006/2007

13.1

2007/2008

15.1

2008/2009

15.9

2009/2010

19.1

2010/2011

26.0

2011/2012

28.3

2012/2013

29.0

2013/2014

19.7

2014/2015

21.7

2015/2016

20.6

2016/2017

22.6

2017/2018

21.7

2018/2019

21.8

2019/2020

25.4

2020/2021

27.7

2021/2022

28.0

2022/2023

27.6

2023/2024

27.6

Theindexiscalculatedasanequallyweightedaveragepriceforanadultdaypassforthefollowingskiresorts:

StubaieGletscher,Kitzbühel,Obertauern,Kleinwalsertal,Arlberg,WilderKaiser,S?lden,Wagrain/SnowSpace,Fiss,SteinplatteandSchmittenh?he.ThedatawaskindlyprovidedbyGüntherAigner

(ZukunftSkisport)

.

Thegoldpricecorrespondstotheclosingpriceonthelasttradingdayoftheyear.

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Aboutus

Ronald-PeterSt?ferle,CMT

RonnieismanagingpartnerofIncrementumAGandresponsibleforResearchandPortfolioManagement.

HestudiedbusinessadministrationandfinanceintheUSAandattheVienna

UniversityofEconomicsandBusinessAdministration,andalsogainedwork

experienceatthetradingdeskofabankduringhisstudies.UpongraduationhejoinedtheresearchdepartmentofErsteGroup,wherein2007hepublishedhisfirstInGoldWeTrustreport.Overtheyears,theInGoldWeTrustreporthasbecomeoneofthebenchmarkpublicationsongold,money,andinflation.

Since2013hehasheldthepositionasreaderatscholariuminVienna,andhealsospeaksatWienerB?rseAkademie(theViennaStockExchangeAcademy).In2014,heco-authoredtheinternationalbestseller

AustrianSchoolforInvestors,

andin2019

TheZeroInterestTrap.

HeisamemberoftheboardofdirectorsatTudorGoldCorp.(TUD),andGoldstormMetalsCorp.(GSTM).Moreover,heisan

advisortoMatterhornAssetManagement,agloballeaderinwealthpreservationintheformofphysicalgoldstoredoutsidethebankingsystem.

MarkJ.Valek,CAIA

MarkisapartnerofIncrementumAGandresponsibleforPortfolioManagementandResearch.

Whileworkingfull-time,MarkstudiedbusinessadministrationattheVienna

UniversityofBusinessAdministrationandhascontinuouslyworkedinfinancialmarketsandassetmanagementsince1999.Priortotheestablishmentof

IncrementumAG,hewaswithRaiffeisenCapitalManagementfortenyears,most

recentlyasfundmanagerintheareaofinflationprotectionandalternativeinvestments.Hegainedentrepreneurialexperienceasco-founderofphiloroEdelmetalleGmbH.

Since2013hehasheldthepositionasreaderatscholariuminVienna,andhealsospeaksatWienerB?rseAkademie(theViennaStockExchangeAcademy).In2014,heco-authoredthebook

AustrianSchoolforInvestors.

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