\u201cFrom a monetary point of view, gold is still extremely undervalued,\u201d says Ronald Stoeferle, managing partner at Incrementum AG and lead author of the In Gold We Trust<\/i> report. In today\u2019s 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.<\/p>\n
Stoeferle compares today’s market to past gold peaks in 1980 and 2011, showing how gold has lagged behind nearly every key macro driver. \u201cSince 1980, the gold price is up 294%, but the monetary base has soared over 3,500%,\u201d he says.<\/p>\n
He also expects a long-term dollar bear market driven by Trump-era trade policies and potential devaluation efforts. \u201cTrump wants and needs a weaker U.S. dollar,\u201d he says, adding that such a move could ignite the next leg of gold\u2019s bull market.<\/p>\n
What If Gold Is Still Cheap? Ronnie St\u00f6ferle Breaks Down the Real Value of Gold Today<\/strong> With gold trading near all-time highs, many investors assume the window to buy has closed. But according to Ronnie St\u00f6ferle, fund manager at Incrementum AG and co-author of the In Gold We Trust Report<\/strong>, gold is still undervalued when measured against real economic fundamentals.<\/strong><\/p>\n In an engaging and data-rich discussion with Daniela Cambone<\/strong> on The Daniela Cambone Show<\/em>, St\u00f6ferle challenges the mainstream narrative by asking a simple but powerful question: What if gold is actually cheap?<\/em><\/p>\n At ITM Trading<\/strong>, we help Americans aged 50+ navigate turbulent economic waters through tailored strategies built around tangible wealth protection\u2014especially through physical gold and silver<\/strong>. This interview validates everything our audience has long suspected about fiat money, central banks, and the importance of real assets.<\/p>\n Since 1980, gold has increased by approximately 294%<\/strong>. That may sound impressive\u2014until you compare it to the U.S. monetary base<\/strong>, which has exploded by more than 3,500%<\/strong> over the same period. The federal debt<\/strong>, once under $1 trillion, is now pushing $36 trillion<\/strong>.<\/p>\n \u201cGold hasn\u2019t kept up with the very things that are supposed to drive its value,\u201d St\u00f6ferle told Cambone. \u201cMeasured against money supply, government debt, or home prices, gold is still undervalued.\u201d<\/p>\n<\/blockquote>\n He calls this the \u201cshadow gold price<\/strong>\u201d\u2014the price gold should trade at if it were fully reflecting the expansion of fiat currency.<\/p>\n At ITM Trading, we often explain to clients: it\u2019s not that gold is getting more expensive\u2014it\u2019s that the dollar is getting weaker.<\/p>\n One of the key pillars of the current gold bull market is unprecedented central bank demand<\/strong>.<\/p>\n For the past three years, global central banks have purchased over 1,000 tons of gold annually<\/strong>, with countries like China, Turkey, and Russia leading the way. Even more telling is the repatriation<\/strong> of gold reserves\u2014nations bringing their bullion home.<\/p>\n \u201cWe\u2019re witnessing a quiet remonetization of gold,\u201d St\u00f6ferle said. \u201cAnd it\u2019s a clear sign of declining trust in the U.S. dollar and Western institutions.\u201d<\/p>\n<\/blockquote>\n This echoes what David Morgan<\/strong> and other trusted experts have warned: gold is regaining its role as a neutral, trusted monetary reserve\u2014and gold & silver prices<\/strong> are reflecting this long-term shift.<\/p>\n Despite media claims that inflation has peaked, St\u00f6ferle isn\u2019t convinced. He expects a resurgence of inflation<\/strong>, driven by:<\/p>\n Loose monetary policy<\/p>\n<\/li>\n Stubborn wage and housing pressures<\/p>\n<\/li>\n A likely return to money printing (QE)<\/strong><\/p>\n<\/li>\n<\/ul>\n \u201cWe\u2019re experiencing inflation volatility, not disinflation,\u201d he explained. \u201cWhen everyone believes inflation is gone, that\u2019s when it returns.\u201d<\/p>\n<\/blockquote>\n In fact, St\u00f6ferle believes the next leg up for gold and silver<\/strong> will be fueled by renewed inflation concerns\u2014particularly if the Federal Reserve is forced to lower rates again to stimulate growth.<\/p>\n While gold remains the safe-haven asset of choice, St\u00f6ferle says now is the time to look at what he calls \u201cperformance gold\u201d<\/strong>\u2014assets like silver, mining stocks, and commodities that tend to outperform gold during the later stages of a bull cycle.<\/p>\n \u201cSilver is waking up. And like we saw in uranium, once momentum hits, it can move fast,\u201d he said.<\/p>\n<\/blockquote>\n This is consistent with ITM Trading\u2019s portfolio strategies, which often include diversified positions in both gold and silver\u2014especially as silver begins to play catch-up in the current bull market.<\/p>\n One of the most powerful takeaways from the interview was St\u00f6ferle\u2019s prediction of a secular bear market in the U.S. dollar<\/strong>.<\/p>\n \u201cTrump needs a weaker dollar to drive exports and reindustrialize the U.S.,\u201d he said. \u201cAnd historically, gold performs best when the dollar is falling.\u201d<\/p>\n<\/blockquote>\n He notes that during previous gold peaks (1980 and 2011), the U.S. Dollar Index<\/strong> was significantly lower\u2014at 86 and 75, respectively. Today, it hovers near 99. If the dollar enters a sustained downtrend, gold could easily exceed $4,800 by decade\u2019s end<\/strong>, according to his long-standing forecast.<\/p>\n A growing rumor in the gold community is that gold could be reclassified as a high-quality liquid asset (HQLA)<\/strong> in the U.S. under Basel III regulations<\/strong> by July 1, 2025.<\/p>\n St\u00f6ferle isn\u2019t convinced.<\/p>\n \u201cBankers don\u2019t care about gold. It doesn\u2019t earn yield and doesn\u2019t help their balance sheets,\u201d he said. \u201cSo I think July 2025 will be a non-event.\u201d<\/p>\n<\/blockquote>\n Instead, he points to more significant developments\u2014like the 2,000+ tons of gold imported into the U.S.<\/strong> in recent months\u2014and speculation about a Mar-a-Lago Accord<\/strong> that could involve some form of U.S. gold repricing or new monetary framework.<\/p>\n Ronnie St\u00f6ferle\u2019s insight is clear: gold isn\u2019t expensive\u2014it\u2019s rational. And it\u2019s still early in the bull market.<\/strong> Central banks know it. Emerging markets know it. The only ones still skeptical are Western institutions\u2014and that presents an opportunity.<\/p>\n At ITM Trading<\/strong>, we help clients:<\/p>\n Acquire and secure physical gold and silver<\/strong><\/p>\n<\/li>\n Build portfolios that withstand inflation, volatility, and currency devaluation<\/p>\n<\/li>\n Make informed, confident decisions in today\u2019s chaotic financial environment<\/p>\n<\/li>\n<\/ul>\n 👉 Download your free gold & silver strategy kit today at DannyReport.com<\/a><\/strong>
Featuring Ronnie St\u00f6ferle on The Daniela Cambone Show \u2013 Presented by ITM Trading<\/em><\/p>\n
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\nGold Has Risen\u2014But Not as Much as Everything Else<\/h3>\n
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\nCentral Bank Buying Hits Historic Levels<\/h3>\n
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\nInflation Isn\u2019t Dead\u2014It\u2019s Just Paused<\/h3>\n
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\nSilver, Mining Stocks, and the Rise of \u201cPerformance Gold\u201d<\/h3>\n
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\nThe U.S. Dollar: The Next Shoe to Drop<\/h3>\n
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\nJuly 2025 and Basel III: What (Probably) Won\u2019t Happen<\/h3>\n
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\nFinal Thoughts and Call to Action<\/h3>\n
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Whether you’re just starting your journey or looking to enhance your precious metals portfolio, we\u2019re here to guide you every step of the way.<\/p>\n
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