Episode Details

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 “roughly a thousand tons of gold every year” since 2022. He added that Western financial investors only began reallocating to gold in 2024, suggesting broader participation may still lie ahead as confidence in traditional fixed income weakens.

Turning to mining equities, Stöferle said large-cap producers are entering a healthier phase marked by stronger cash flow and balance sheets, but stressed the cycle is not complete. “Junior mining stocks will really start outperforming the large caps,” he said, adding that this phase is only beginning to emerge. Incrementum is actively managing exposure while remaining positioned for further upside.

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00:29 – Gold and Silver Surge Signals a Structural Bull Market
00:57 – Why This Is Momentum, Not a Bubble
02:28 – Debt, Inflation, and the Monetary Case for Gold
05:14 – Portfolio Strategy as Fixed Income Loses Appeal
13:16 – Mining Stocks, Cash Flow, and the Junior Catch-Up
23:22 – What Comes Next for Gold and the In Gold We Trust Report
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Disclaimer: The views expressed in this podcast are those of the author and may not reflect those of Kitco Metals Inc. The author has made every effort to ensure accuracy of information provided; however, neither Kitco Metals Inc. nor the author can guarantee such accuracy. This article is strictly for informational purposes only. It is not a solicitation to make any exchange in commodities, securities or other financial instruments. Kitco Metals Inc. and the author of this podcast do not accept culpability for losses and/ or damages arising from the use of this publication.