Ronald Stöferle: Gold has Entered the Public Participation Phase

Ronnie Stöferle, researcher and fund manager at Incrementum and author of the In Gold We Trust report, emphasizes that gold remains a critical asset as its role evolves alongside shifting global dynamics. Over nearly two decades, Stöferle has observed significant changes in how gold is perceived and demanded, particularly driven by emerging markets like Saudi Arabia, India, China, and Turkey. These regions now account for the majority of physical gold demand, both from central banks and private investors, underscoring a growing recognition of gold’s value as a safe haven and store of wealth. Stöferle highlights that while gold is often seen as low volatility, it is currently in the "public participation phase" of its bull market cycle. This phase is characterized by increased media attention, higher price forecasts, and broader acceptance into investment portfolios. Despite gold’s recent rise to around $3,300 per ounce, Stoferle maintains a bullish outlook, projecting a long-term target of $4,800 by the end of the decade. He attributes this confidence to underappreciated demand from emerging markets and growing skepticism toward traditional financial systems. The discussion also delves into the distinction between "safe haven gold" (physical gold stored securely) and "performance gold" (silver mining stocks and commodities). Stöferle suggests that while physical gold serves as a defensive hedge, performance gold offers higher potential returns. However, he cautions investors to actively time their exposure to these assets due to their volatility. Additionally, Stöferle addresses the role of Bitcoin alongside gold, viewing it as a complementary asset within a broader portfolio diversification strategy. He notes that while Bitcoin faces skepticism from traditional financial institutions, its adoption is steadily gaining traction, particularly among younger investors. Timestamp References:0:00 - Introduction0:50 - Gold and Global Change2:55 - Golds Performance7:20 - Demand West Vs. East12:48 - C.B. Gold Demand15:57 - Int. Rates & Bond Mkts.18:55 - Trump & Weaker Dollar23:45 - New Gold Theory27:54 - ETF Flows & Public Demand30:48 - Silver's Potential?34:34 - Miner's & Fundamentals37:53 - Metals & Bitcoin's Role?44:27 - Tether & Treasuries45:57 - Wrap Up & Final Thoughts Guest Links:In Gold we Trust 2025 – Full version:https://ingoldwetrust.report/download/46285/?lang=enIn Gold we Trust 2025 – Compact version:https://ingoldwetrust.report/download/46286/?lang=enVideo with all highlights of the report:https://www.youtube.com/watch?v=vM4_NDZL9mA&t=2s Slidedeck Key Takeaways of IGWT25:https://ingoldwetrust.report/wp-content/uploads/2025/05/Presentation-Press-Conference-In-Gold-We-Trust-report-2025-english.pdf Link to Incrementum's Monthly Gold Compass:https://ingoldwetrust.report/monthly-gold-compass/?lang=en Subscription Link:https://ingoldwetrust.report/subscribe/?lang=en Twitter:https://x.com/@IGWTreporthttps://x.com/@RonStoeferle Webpage IGWT-report: https://ingoldwetrust.report/?lang=enWebpage Incrementum: https://www.incrementum.li/en/ Ronnald Stöferle is fund manager and managing partner of Incrementum AG. 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 he published his first “In Gold We Trust” report in 2007. Over the years, the Gold Report has proceeded to 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. In 2014, he co-authored the book “Austrian School for Investors” and in 2019 “Die Nullzinsfalle” (The Zero Interest Rate Trap). He is also a member of the board of Tudor Gold, a Canadian exploration company with projects in ...