Ronald-Peter Stoeferle

While gold is up, Stoeferle notes that mining equities still offer "attractive valuations," particularly in the junior space, and have historically underperformed the metal until recently. Miners are operating with fixed costs while the underlying commodity price soars, leading to margin expansion. The market has not yet fully priced in the cash flow implications of sustained $3,000+ gold, leaving miners cheap relative to the metal. Long Miners (Seniors and Juniors) as a leveraged play on the gold price. Rising energy costs (oil) squeezing margins; operational risks in mining jurisdictions.

Stoeferle states we are in the "second half" of the bull market, targeting $8,900 by the end of the decade. He notes that high real interest rates are now *positively* correlated with gold (breaking historical norms). Historically, high real rates hurt gold. However, the correlation has flipped because high rates now exacerbate the US debt spiral ($40T debt), forcing the market to price in future monetization. Gold is no longer trading on rates, but on "fiscal dominance" and the erosion of trust in the USD. Long Gold as a core portfolio anchor (15% allocation recommended). A sharp reversal in the Japanese Yen (which is currently highly correlated with Gold) could create short-term headwinds.

"I'm seeing the most attractive risk-reward now in the commodity space... from a cycle point of view, I think commodities are next." Capital flows rotate through hard assets. First Gold moves (monetary), then Silver/Miners (speculative), and finally broad commodities (inflation/real economy). As the "In Gold We Trust" cycle matures, the inflation narrative spills over into energy and agriculture. Long Broad Commodities as the next rotation trade. Global economic slowdown (recession) crushing demand for oil and industrial metals.

Stoeferle observes "extreme pessimism" in Bitcoin despite it trading near $90,000, whereas Gold conferences are full of "euphoria." He explicitly states Bitcoin has "more potential" than Gold in 2026. Markets often top on euphoria and bottom on apathy. The fact that retail and generalists are bored or bearish on Bitcoin at high levels suggests the "weak hands" are out, clearing the path for a wall of worry rally. Long Bitcoin (via Spot ETF) as a contrarian sentiment play. Regulatory crackdowns; correlation with risk-off equity events.

Stoeferle calls for being "overweight silver," noting that silver and mining stocks are "coming out of the draft" (cycling term) behind gold. In precious metals cycles, Gold leads and Silver lags. Once Gold establishes a new tier, Silver plays "catch up" with higher volatility and beta. The current momentum suggests Silver is entering its acceleration phase. Long Silver for aggressive upside relative to Gold. Industrial recession reducing demand; Silver's high volatility during liquidity crunches.