Name: Gold To $8,900, Silver To ‘Triple Digits’, Here's When | Ronald-Peter Stoeferle
Uploaded: 2025-09-25T17:42:00+00:00
Duration: 1150 s

Speakers

Ronald-Peter Stoeferle — Partner, Incrementum AG / Author, "In Gold We Trust" Report

Summary

Ronald-Peter Stoeferle, Managing Partner of Incrementum AG, discusses his bullish outlook on precious metals, Bitcoin, and commodities amid a stagflationary environment. He expects gold to reach $4,800 base case and up to $8,900 by 2030, with silver and miners outperforming gold. He also warns on US tech mega-caps and bonds, while favoring value opportunities in Europe, emerging markets, and commodities.

Gold bull market continues with central bank and emerging-market demand.
Silver and precious metals miners are expected to outperform gold.
Bitcoin sentiment is neutral but the setup is viewed positively.
US tech and Magnificent Seven are considered expensive; bonds face inflation risk.
Value opportunities are seen in Europe, emerging markets, and commodities.
The gold-plus-Bitcoin combination is gaining broader interest.

Ideas

Ronald-Peter Stoeferle Partner, Incrementum AG / Author, "In Gold We Trust" Report 2:50

Gold bull market targets $8,900 by 2030

Gold is in a new bull market after breaking out of its 2020–2024 consolidation, with every dip being bought by sidelined capital. Structural drivers include emerging-market demand, central-bank buying above 1,000 tons for a fourth year, trust erosion favoring physical metal, and de-dollarization. Base case is $4,800 by 2030, with an alternative scenario of up to $8,900 if inflation is a main market driver.

Ronald-Peter Stoeferle Partner, Incrementum AG / Author, "In Gold We Trust" Report 6:47

Equities can stay stable or higher

Gold is not the enemy of equity markets; the speaker can see stable or higher equity markets alongside a positive gold environment, with overall equity valuations reasonable outside expensive US mega-cap tech.

Ronald-Peter Stoeferle Partner, Incrementum AG / Author, "In Gold We Trust" Report 7:43

US tech and Magnificent Seven overvalued

US tech is no longer cheap: Oracle jumped 30% on data, Nvidia's market cap exceeds Germany's GDP, and the Magnificent Seven mega-cap names are in a bubble, even though broader equity valuations remain reasonable.

Ronald-Peter Stoeferle Partner, Incrementum AG / Author, "In Gold We Trust" Report 7:54

Value opportunities in Europe, EM, commodities

Very attractive valuations exist in European value equities, emerging markets, and the commodity space, while US mega-cap tech looks expensive. Overall equity valuations in the markets they follow remain reasonable.

Ronald-Peter Stoeferle Partner, Incrementum AG / Author, "In Gold We Trust" Report 8:01

Oil is an active portfolio position

Incrementum portfolios are very active in oil at the moment, within a broader commodity space that offers attractive valuations and is starting to pick up momentum.

Ronald-Peter Stoeferle Partner, Incrementum AG / Author, "In Gold We Trust" Report 11:49

Silver and miners outperform gold next

In the next stage of the gold bull market, silver and mining stocks start outperforming gold. The gold/silver ratio is still high around 88, GDX is up almost 100% YTD, and the 'hot moment' is compared to sprinters picking up momentum. Silver is expected to be the best performer next year, with triple-digit silver possible within the gold bull market.

Ronald-Peter Stoeferle Partner, Incrementum AG / Author, "In Gold We Trust" Report 16:55

Bitcoin neutral sentiment signals more upside

Bitcoin sentiment is neutral and does not feel near new all-time highs, which the speaker views as a positive setup with more upside ahead. The combination with gold is resonating more broadly, and older Bitcoin holders becoming more conservative may shift toward gold, supporting both assets.

Gold To $8,900, Silver To ‘Triple Digits’, Here's When | Ronald-Peter Stoeferle

Summary

Ideas

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