Ronald-Peter Stoeferle: Gold Bull Run Not Over, Next Drivers to Watch

Ronald-Peter Stoeferle of Incrementum argues gold’s bull market is intact and currently in a consolidation phase, not a terminal top. He says the latest ‘In Gold We Trust’ framework still points to a structurally strong backdrop, with the move resting on a “healthy” relative valuation base rather than speculative excess. The key forward-looking call is his long-term target: he sees the current cycle as part of a broader “golden decade” that could ultimately carry gold to about US$8,900/oz. The interview frames the next leg higher as dependent on the usual macro drivers that have supported gold throughout the cycle: real-rate trends, monetary policy, and relative valuation versus other assets. For traders, the message is that pullbacks should be treated as consolidation within a continuing bull market unless the macro regime changes materially. The near-term watchpoints are whether real yields re-accelerate, whether policy expectations turn less supportive, and whether gold continues to hold its relative strength versus risk assets and other monetary metals.