Gold reaches Half Time with Ronald Peter Stöferle

Ronald-Peter Stöferle, portfolio manager at Incrementum and author of the In Gold We Trust report, described the gold market as being at “halftime.” He highlighted strong central bank demand from emerging markets, reduced reliance on government bonds, and robust physical gold demand as key drivers of gold’s performance despite rising real rates. Stöferle also noted a divergence between Western investors, who remain cautious, and emerging markets, where gold is seen as a vital economic hedge.

Looking ahead, Stöferle predicted gold’s long-term value will continue to rise, with a target of $4,800 by 2030, despite short-term price stabilisation. Emphasising the opportunities in gold mining, he stated, “Even at these gold prices, the margins of the large producers remain terrific.”