Ronald-Peter Stöferle
Managing Partner & Fund Manager | Incrementum AG | Author of "In Gold We Trust" Report
"Author of the annual "In Gold We Trust" report and leading gold market analyst rooted in Austrian School economics"
Biography
Ronald-Peter Stöferle is the Managing Partner and Fund Manager at Incrementum AG, a Liechtenstein-based financial services company specializing in precious metals and resource investments. He is best known as the author of the annual "In Gold We Trust" report, widely regarded as one of the most comprehensive gold market analyses in the industry, reaching nearly 2 million readers worldwide. His work combines Austrian School of Economics principles with rigorous macroeconomic analysis to provide investors with a deep understanding of gold's role in the global monetary system.
Stöferle's investment philosophy is rooted in the belief that gold is in a structural, secular bull market driven by fundamental factors — particularly sovereign debt dynamics, monetary debasement, and the shifting global reserve currency landscape — rather than speculative excess. He has argued that emerging market central bank demand has been a primary driver of gold's advance, and that the bull market is entering a more mature phase with potentially significant upside remaining. His analysis frequently draws on historical monetary parallels and the Austrian business cycle theory to frame his outlook.
Beyond gold, Stöferle covers the broader precious metals complex and has been a vocal advocate for understanding the interplay between fiscal policy, inflation, and hard assets. He is a frequent guest on prominent financial media outlets and podcasts, including Palisades Gold Radio, Monetary Metals, and numerous industry conferences. His "Inflation Signal" and monetary tectonics framework have provided investors with actionable tools for navigating commodity markets.
For mining stock investors, Stöferle's relevance lies in his macro-level conviction that gold's secular bull market has considerable runway. His analysis of the drivers behind gold demand — from central bank accumulation to debt sustainability concerns — provides the foundational thesis for why gold equities and junior miners may offer outsized returns in the years ahead.
Videos (2)
Ronnie Stöferle: $8,900 Gold Target Still On Track
- Top takeaway Stöferle keeps Incrementum's $8,900 gold target for 2030 "right on track" — about a 16% annualized gain from current levels — contingent on private investor allocations rising from today's 2.7% toward 4-5% or more.
- He runs his fund on a defensive signal with ample cash, saying call options captured August's gold move while he waits for the "Emperor has no clothes" moment when the Fed must cut rates, possibly in a panic.
- He calls gold's pullback from the mid-$5,500 range a healthy breather within a secular bull — like pausing on a steep hill after a 65% rise in 2025 — and expects 2026 to be a consolidation year.
- He argues this is a remonetization cycle, citing central-bank demand, Tether's gold buying, the Dutch repatriation of 68 tons, and the US official gold price of $42.22 per ounce, whose revaluation he estimates could create about $1.1 trillion on paper.
- He watches the 10-year Treasury near 5% as the real line in the sand rather than the Fed, and calls the mining space a sweet spot after the top four gold companies generated $25 billion of free cash flow over the last 12 months.
Stoeferle argues gold's pause near $4,300 after 2025's 65% rally is consolidation within a secular bull market, not its end. He frames it as remonetization — gold regaining a monetary role — citing central-bank buying, Tether's purchases, Dutch repatriation and the $42.22 official price. Revaluing the Treasury's 8,100 gold tonnes at spot would create about $1.1 trillion on paper — his scenario, not stated policy. Incrementum's model keeps gold on track for $8,900 by 2030 — roughly 16% annually — if private allocations rise from today's 2.7%. He expects the catalyst when markets accept the Fed must cut, watches the 10-year near 5%, and sees a sweet spot for miners.
The Gold Bull Market Has a New Driver
Gold bull market foundation built on sustained Asian demand and aggressive central bank buying outside Western markets Western institutional investors are only beginning to increase gold exposure, representing a potential major new demand driver Continued Western institutional adoption could significantly accelerate the current gold bull market trend
Key Quotes
"The surge in precious metals reflects a structural bull market rather than speculative excess."
— YouTube interview on gold's bull market drivers
"It is a bull market that has picked up momentum. It was primarily being driven by emerging market demand."
— Monetary Metals podcast interview
"The gold bull market may be entering its more mature phase rather than nearing its end."
— Soar Financially interview on the second half of the gold bull market
Key Works
Annual comprehensive gold market analysis read by nearly 2 million investors, covering macroeconomic trends, monetary policy, and gold's strategic role.
Co-authored report exploring the evolving role of gold as a strategic asset and the coming phase of the secular bull market.
Specializations
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