(Kitco News) - Gold is not yet at the euphoria stage, but the metal’s rally has legs, said Ronald-Peter Stoeferle, managing partner at Icrementum AG.
On Tuesday, Stoeferle spoke to Kitco Mining at the 2024 Precious Metals Summit Beaver Creek in Colorado.
Incrementum AG is an independent fund and asset management company based in Liechtenstein. Every end of May, Incrementum publishes the report In Gold We Trust.
In 2024, gold has hit several all-time highs, with prices currently holding initial support above $2,500. Even with its 20% rally, Stoeferle said the metal should run higher.
“Whenever I do keynotes and say, ‘gold is cheap,’ people just shake their heads and cannot believe what I'm saying, because most people are considering selling their gold at this moment,” said Stoeferle.
Stoeferle noted that gold is climbing without any big retracements, which is supportive of the metal.
“$4,800 dollars is our target price,” said Stoeferle. “And I can tell you we're right on track. We're climbing this wall of worry. We're definitely not in the euphoria stage.”
Stoeferle said the current rally has legs, but he expects the metal to take a “breather” over the next couple of weeks.
While gold is up, a lot of the other commodities are down, like oil, copper and iron ore, noted Stoeferle. Silver is off, too.
“Silver is massively underperforming the price of gold.”
Coverage of the 2024 Precious Metals Summit Beaver Creek in Colorado is sponsored by Newcore Gold.
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