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"The Biggest Mispricing is in Money Itself" - Ronnie Stöferle on Gold and Monetary Bifurcation

Dec 12, 2025
Ronnie Stöferle, a partner at Incrementum and co-author of the In Gold We Trust report, dives into the bullish landscape for precious metals. He reveals that gold is not in a bubble, predicting a price of around $4,200 an ounce, with silver outperforming expectations. Stöferle highlights the Federal Reserve's $40 billion treasury purchases as a bullish sign for gold, while discussing the rise of gold demand from emerging markets and the implications of monetary bifurcation. He expects a significant capital shift from bonds into gold as investor trust in fiat erodes.
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ANECDOTE

Christmas Markets Or Mountains?

  • Ronnie admits he hates Christmas markets and prefers mountains and skiing.
  • He uses that personal preference to explain his lifestyle and seasonal routine in Austria.
INSIGHT

Bull Market, Not A Bubble

  • Ronnie Stöferle says 2025 is a bull market for gold and not a bubble.
  • He notes silver and mining stocks are now outperforming gold in the second phase of the bull market.
INSIGHT

Performance Phase Has Begun

  • Ronnie explains gold led and now silver and miners are entering the "performance" phase.
  • He expects several more strong years but warns normal 20–25% corrections can occur.
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