Video News/Precious Metals Summit 2025

Incrementum AG Managing Partner Ronald-Peter Stoeferle, co-author of the In Gold We Trust report, joined Kitco Mining at the Precious Metals Summit in Beaver Creek to share his outlook as gold trades above $3,650/oz. Gold is up over 40% year-to-date and breaking record highs, which he sees as confirmation that the market has entered the “public participation phase” of the bull cycle. He notes that a 10-15% pullback would be healthy in the short term, especially with the Federal Reserve expected to begin cutting rates in September, possibly by 50 basis points. Longer term, Stoeferle points to powerful drivers including central bank demand of around 1,000 tons annually, rising emerging market buying, and still-low Western investor allocations. Incrementum’s 2020 model projects $4,800 gold by 2030 under its base case, and up to $8,900 in an inflationary scenario. He also highlights silver’s undervaluation, arguing that triple-digit prices remain possible, while miners and juniors should outperform as “performance gold” in this next stage of the cycle. Stoeferle is also bullish on silver, considering it undervalued both in absolute terms and relative to gold. “If we see really stronger investment demand kicking in, then I think we’ll quickly see new all-time highs and, again within this bull market, triple digits are definitely possible for silver,” he said.