Gold’s Bull Market Is About Debt, Not Speculation | Ronald-Peter Stöferle
Incrementum AG managing partner Ronald-Peter Stöferle says the surge in precious metals reflects a structural bull market rather than speculative excess. Speaking with Kitco Mining at the VRIC 2026, Stöferle said, “we’re in a bull market, we’re not in a bubble yet,” arguing gold’s strength is driven by a monetary revaluation tied to rising debt levels, persistent inflation, and financial repression. While corrections are inevitable, he said gold remains inexpensive when measured against global debt.
Stöferle pointed to central banks as a key pillar of demand, noting they have been buying…
The skinny
The skinny isn't ready yet — notes appear once the transcript is processed.