“From a monetary point of view, gold is still extremely undervalued,” says Ronald Stoeferle, managing partner at Incrementum AG and lead author of the In Gold We Trust report. In today’s interview with Daniela Cambone, he explains why the gold price, despite hitting new highs, has not caught up with the massive expansion of the U.S. monetary base, federal debt, and global money supply.

Stoeferle compares today’s market to past gold peaks in 1980 and 2011, showing how gold has lagged behind nearly every key macro driver. “Since 1980, the gold price is up 294%, but the monetary base has soared over 3,500%,” he says.

He also expects a long-term dollar bear market driven by Trump-era trade policies and potential devaluation efforts. “Trump wants and needs a weaker U.S. dollar,” he says, adding that such a move could ignite the next leg of gold’s bull market.

What If Gold Is Still Cheap? Ronnie Stöferle Breaks Down the Real Value of Gold Today
Featuring Ronnie Stöferle on The Daniela Cambone Show – Presented by ITM Trading

With gold trading near all-time highs, many investors assume the window to buy has closed. But according to Ronnie Stöferle, fund manager at Incrementum AG and co-author of the In Gold We Trust Report, gold is still undervalued when measured against real economic fundamentals.

In an engaging and data-rich discussion with Daniela Cambone on The Daniela Cambone Show, Stöferle challenges the mainstream narrative by asking a simple but powerful question: What if gold is actually cheap?

At ITM Trading, we help Americans aged 50+ navigate turbulent economic waters through tailored strategies built around tangible wealth protection—especially through physical gold and silver. This interview validates everything our audience has long suspected about fiat money, central banks, and the importance of real assets.

Gold Has Risen—But Not as Much as Everything Else

Since 1980, gold has increased by approximately 294%. That may sound impressive—until you compare it to the U.S. monetary base, which has exploded by more than 3,500% over the same period. The federal debt, once under $1 trillion, is now pushing $36 trillion.

“Gold hasn’t kept up with the very things that are supposed to drive its value,” Stöferle told Cambone. “Measured against money supply, government debt, or home prices, gold is still undervalued.”

He calls this the “shadow gold price”—the price gold should trade at if it were fully reflecting the expansion of fiat currency.

At ITM Trading, we often explain to clients: it’s not that gold is getting more expensive—it’s that the dollar is getting weaker.

Central Bank Buying Hits Historic Levels

One of the key pillars of the current gold bull market is unprecedented central bank demand.

For the past three years, global central banks have purchased over 1,000 tons of gold annually, with countries like China, Turkey, and Russia leading the way. Even more telling is the repatriation of gold reserves—nations bringing their bullion home.

“We’re witnessing a quiet remonetization of gold,” Stöferle said. “And it’s a clear sign of declining trust in the U.S. dollar and Western institutions.”

This echoes what David Morgan and other trusted experts have warned: gold is regaining its role as a neutral, trusted monetary reserve—and gold & silver prices are reflecting this long-term shift.

Inflation Isn’t Dead—It’s Just Paused

Despite media claims that inflation has peaked, Stöferle isn’t convinced. He expects a resurgence of inflation, driven by:

• Loose monetary policy

• Stubborn wage and housing pressures

• A likely return to money printing (QE)

“We’re experiencing inflation volatility, not disinflation,” he explained. “When everyone believes inflation is gone, that’s when it returns.”

In fact, Stöferle believes the next leg up for gold and silver will be fueled by renewed inflation concerns—particularly if the Federal Reserve is forced to lower rates again to stimulate growth.

Silver, Mining Stocks, and the Rise of “Performance Gold”

While gold remains the safe-haven asset of choice, Stöferle says now is the time to look at what he calls “performance gold”—assets like silver, mining stocks, and commodities that tend to outperform gold during the later stages of a bull cycle.

“Silver is waking up. And like we saw in uranium, once momentum hits, it can move fast,” he said.

This is consistent with ITM Trading’s portfolio strategies, which often include diversified positions in both gold and silver—especially as silver begins to play catch-up in the current bull market.

The U.S. Dollar: The Next Shoe to Drop

One of the most powerful takeaways from the interview was Stöferle’s prediction of a secular bear market in the U.S. dollar.

“Trump needs a weaker dollar to drive exports and reindustrialize the U.S.,” he said. “And historically, gold performs best when the dollar is falling.”

He notes that during previous gold peaks (1980 and 2011), the U.S. Dollar Index was significantly lower—at 86 and 75, respectively. Today, it hovers near 99. If the dollar enters a sustained downtrend, gold could easily exceed $4,800 by decade’s end, according to his long-standing forecast.

July 2025 and Basel III: What (Probably) Won’t Happen

A growing rumor in the gold community is that gold could be reclassified as a high-quality liquid asset (HQLA) in the U.S. under Basel III regulations by July 1, 2025.

Stöferle isn’t convinced.

“Bankers don’t care about gold. It doesn’t earn yield and doesn’t help their balance sheets,” he said. “So I think July 2025 will be a non-event.”

Instead, he points to more significant developments—like the 2,000+ tons of gold imported into the U.S. in recent months—and speculation about a Mar-a-Lago Accord that could involve some form of U.S. gold repricing or new monetary framework.

Final Thoughts and Call to Action

Ronnie Stöferle’s insight is clear: gold isn’t expensive—it’s rational. And it’s still early in the bull market. Central banks know it. Emerging markets know it. The only ones still skeptical are Western institutions—and that presents an opportunity.

At ITM Trading, we help clients:

• Acquire and secure physical gold and silver

• Build portfolios that withstand inflation, volatility, and currency devaluation

• Make informed, confident decisions in today’s chaotic financial environment

👉 Download your free gold & silver strategy kit today at DannyReport.com
Whether you’re just starting your journey or looking to enhance your precious metals portfolio, we’re here to guide you every step of the way.

Gold isn’t expensive. The dollar is just less honest. Own what’s real. Protect what matters.

THINKING ABOUT PURCHASING GOLD & SILVER? Get expert guidance from our team of analysts with 28+ years of experience. Schedule a free Q&A 👉 SCHEDULE YOUR CALL HERE or call 866-351-4219.

“The ITM team offers something unique—direct, personal guidance. What stood out to me right away was that they weren’t just focused on making a sale. Instead, they took the time to build my understanding of the function and value of precious metals.” — Gary P. [Verified Google Review]