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ncrementum
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Partner
1
lnweTrust
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,
Sölden,Wagrain/SnowSpace,Fiss,SteinplatteandSchmittenhöhe.WewouldliketothankGüntherAignerfrom
ZUKUNFTSKISPORTforprovidingthedata.Mr.Aignerisoneofthemostrenownedexpertsandatopspeakeronthesubject.Furtherinformationcanbefounda
twww.zukunft-skisport.at.
1w。TrSchifoan!-Theskiticket/goldratio20244
incrementum
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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,Sölden,Wagrain/SnowSpace,Fiss,SteinplatteandSchmittenhöhe.ThedatawaskindlyprovidedbyGüntherAigner
(ZukunftSkisport)
.
Thegoldpricecorrespondstotheclosingpriceonthelasttradingdayoftheyear.
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InGoldWeTrustReport2023
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ingoldwetrust.report/download/25315
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ingoldwetrust.report/download/igwt-gold-compass
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ingoldwetrust.report/igwt-nuggets
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Newsletter
ENDEES中文
TheGoldStandardofGoldResearch
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lnweTrust
Aboutus
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Aboutus
Ronald-PeterStöferle,CMT
RonnieismanagingpartnerofIncrementumAGandresponsibleforResearchandPortfolioManagement.
HestudiedbusinessadministrationandfinanceintheUSAandattheVienna
UniversityofEconomicsandBusinessAdministration,andalsogainedwork
experienceatthetradingdeskofabankduringhisstudies.UpongraduationhejoinedtheresearchdepartmentofErsteGroup,wherein2007hepublishedhisfirstInGoldWeTrustreport.Overtheyears,theInGoldWeTrustreporthasbecomeoneofthebenchmarkpublicationsongold,money,andinflation.
Since2013hehasheldthepositionasreaderatscholariuminVienna,andhealsospeaksatWienerBörseAkademie(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,andhealsospeaksatWienerBörseAkademie(theViennaStockExchangeAcademy).In2014,heco-authoredthebook
AustrianSchoolforInvestors.
9
InweTrust
Aboutus
IncrementumAG
IncrementumAGisaboutiqueinvestmentandassetmanagement
companybasedinLiechtenstein.Independenceandself-reliancearethecornerstonesofourphilosophy,whichiswhythefivepartnersown100%ofthecompany.
Ourgoalistooffersolidandinnovativeinvestmentsolutionsthatdo
justicetotheopportunitiesandrisksoftoday’sprevalentcomplexandfragileenvironment.
https://www.incrementum.li/en
Wewouldliketothankthefollowingpeoplefortheiroutstanding
supportincreatingtheInGoldWeTrustreport2023:
GregorHochreiter,RichardKnirschnig,JeannineGrassinger,LoisHasenauer-
Ebner,StefanThume,FlorianHulan,TheresaKammel,HandrevanHeerden,
KatrinHatzl-Dürnberger,TedButler,PeterYoung,AndreasMerkle,Thomas
Vesely,FabianGrummes,NikoJilch,FlorianGrummes,HansFredrikHansen,
JulienDesrosiers,ElizabethandCharleySweet,MarcWaldhausen,DietmarKnoll,MaxUrbitsch,TreyReik,JamesEagle,HerwigZöttl,TaviCosta,TomPohnert,
BrentJohnson,GrantWilliams,MarkusHofstädter,JochenStaiger,IlseBauer,
PaulWong,FabianWintersberger,LeopoldQuell,Match-MakerVentures,HaraldSteinbichler,RichardSchodde,DavidSchrottenbaum,MetalsFocus,ourfriendsattheWorldGoldCouncil,thewholewonderfulteamatIncrementumAGandof
courseourfamilies!
TheInGoldWeTrustreportteam
GregorHochreiter
Editor-in-Chief
RichardKnirschnig
Quantitativeanalysis&
charts
JeannineGrassinger
Assistance
StefanThume
WebDesign&Media
PeterÁrendáš
Author
JamesEagle
Author
GeorgBartel
Author
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Author
TedButler
Author
FlorianGrummes
Author
JulienDesrosiers
Author
LoisHasenauer-Ebner
Quantitativeanalysis&
charts
KatrinHatzl-Dürnberger
ProofreadingGerman
EmilKalinowski
Author
HandrevanHeerden
Author
TheresaKammel
Author
PhilipHurtado
Author
RonanManly
Author
NikolausJilch
Author
CharleySweet
Englishproofreading
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Aboutus
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Contactus
IncrementumAG
ImaltenRiet102
9494Scha
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