Gold Heading Much Higher | Ronnie Stoeferle

The new 'In Gold We Trust' report predicts the new bull market in gold is just getting started

Today's guest is best known for publishing the world's most respected annual analysis of the precious metals market, known as the In Gold We Trust report.

It covers what's driving supply & demand, the performance of the metals vs the companies that mine them, and what the outlook for prices is.

This year's report, subtitled The New Gold Playbook, was just issued last week -- all 400+ pages of it.

To learn its highlights, we're fortunate to speak today with one of its co-authors, Ronald-Peter Stöferle, Managing Partner & Fund Manager at Incrementum AG.

Ronnie calculates that the bull market in gold is still in the early "Accumulation" phase. That will be then followed by the "Public Participation" and "Distribution" phases — which will drive much greater capital flows into the precious metals.

Before the bull run is over, Ronnie sees gold being re-priced higher — a LOT higher.

For all the details, click here or on the image below:

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Adam’s Notes: Ronnie Stöferle (recorded 5.21.24)

EXECUTIVE SUMMARY:

• Ronnie asserts that we are in a new bull market for gold, citing its recent breakout as “decisive” after flirting with the $2,000/oz level for several years. He compares it to the previous bull market that saw gold rise from $1,000/oz to a peak of $1,900/oz in summer 2011.

• Approximately 70% of physical gold demand comes from China, India, and the Middle East, indicating the center of the gold world has shifted from the West to emerging markets.

• Despite the recent new all-time highs in gold, Western financial investors remain largely disinterested. This may change if equity markets, particularly the tech sector, show weakness. This could drive a LOT of new capital into the relatively small precious metals market.

• Central banks outside of the US and Canada have significantly increased their gold purchases, averaging over 250 tons quarterly since the Ukraine war, with Q1 2024 seeing 290 tons bought. This is a risk management strategy — a swapping of US Treasurys for gold, which is liquid, traded globally, and carries no counterparty or currency risk. This being done in response to the recent weaponization of financial systems. Ronnie does not see this trend abating.

• The financial landscape, characterized by four decades of falling inflation and rising bond prices, is