Author: Incrementum AG

Notes from the Road 2025

Posted on by Incrementum AG

After nearly two weeks in the U.S. attending the Precious Metals Summit (Beaver Creek) and Mining Forum Americas (Colorado Springs), we return with renewed focus and valuable insights to share with you. These conferences allowed us to meet with management teams from our portfolio companies and gain clarity on key milestones. The mood is constructive and disciplined, with no sign of frothiness. From an investor’s perspective, this setup – confidence without champagne euphoria – is ideal: financeable projects, focused management boards, reasonable valuations.

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Hello, again! – The iPhone/Gold Ratio 2025

Posted on by Incrementum AG

Hello, again! – The iPhone/Gold Ratio 2025

The past 12 months have been more turbulent than Tim Cook, Apple’s CEO, would have liked. Donald Trump’s controversial and erratic tariff policy has also had a major impact on Apple. Surprisingly, however, the tariffs have not led to a price increase in US dollars. The price of the iPhone 17 Pro Max with 1 TB of storage is USD 1,599, the same as last year. Gold investors, on the other hand, are delighted with the cheapest iPhone ever. The iPhone 17 Pro Max with 1 TB of storage costs just 0.46 ounces of gold. In 2022, 0.87 ounces of gold had to be paid, in 2023 0.78 ounces, and in 2024 0.64 ounces. Compared to the iPhone XS, which was by far the most expensive iPhone in gold terms, costing a hefty 1.13 ounces of gold in 2018, the price decline is almost 60%. The reason for this price decline is obvious. As of the end of August, gold rose by 37.8% on a US dollar basis compared to the previous year, and by 80.2% compared to 2023.

O’zapft is! The Gold/Oktoberfest Beer Ratio 2025

Posted on by Incrementum AG

O’zapft is! The Gold/Oktoberfest Beer Ratio 2025

On Saturday, September 20, it’s that time again – the 190th Oktoberfest will be opened with the traditional beer tapping. Yet, the exuberant atmosphere on the Theresienwiese continues to be dampened by a glance at the beer price. This year, a Maß of beer at the Oktoberfest costs up to EUR 15.80, 3.3% more than last year. However, gold investors have no reason to complain, as the sharp rise in the price of gold over the past 12 months, with numerous new all-time highs, is filling more and more beer mugs despite the renewed price increase. At 186 Maß Oktoberfest beer per ounce of gold, gold investors are able to afford 38 more Maß than in 2024. This corresponds to an increase of almost 26%! Compared to 2023, gold investors can buy 67 Maß or 56% more beer.