At the Precious Metals Summit in Zurich, GoldSeek TV’s Peter Spina catches up with Ronnie Stöferle, managing partner at Incrementum and co-author of the In Gold We Trust Report. Gold has fallen about 25% from its January peak above $5,600, and Stöferle explains why he sees this as a normal correction in a secular bull market rather than the end of the run.
What matters is the kind of cycle. In a normal gold cycle, January may have been the final top. In a “remonetization” cycle, where gold regains a formal role as money, much higher prices lie ahead. He leans toward remonetization.
Volcker Had a Bazooka, Today’s Fed Has a Water Pistol: The Fed has much less room to raise rates than Volcker did. When Volcker pushed rates above 20%, US debt was about 26% of GDP. Today it’s over 100%, so rate hikes hurt far more: Volcker had a bazooka, today’s Fed has a water pistol.
He thinks Warsh’s tough talk on rates is partly an act. In his view, Fed chair Kevin Warsh sounds hawkish mainly to show he isn’t Trump’s man, and knows hiking into an energy-driven inflation problem is a mistake.
This year’s trade was oil up, gold down. Higher oil pushed up inflation and rate expectations, a full reversal from the two rate cuts expected for 2026 at the start of the year. If the Middle East calms down, oil falls, and markets drop the expected December hike and any 2027 hikes, that would be very bullish for gold.
He sees a possible “Bretton Beach” reset at the G20 in Florida (Dec 13–15). Gold-friendly people are close to Treasury Secretary Bessent, including Judy Shelton, and Bessent said in 2024 that he wants a “Bretton Woods moment.” The idea of revaluing US gold reserves from $42 an ounce to the market price is also gaining traction.
The US can’t dictate terms this time. In 1944 the US was the world’s creditor, and now it’s a debtor, so countries holding the most gold may have more say. He puts the odds of a reset well below 100% but “definitely not zero.” Revaluing gold wouldn’t fix the debt problem, but it would buy time.
The free In Gold We Trust report is titled “Back to the Monetary Future.” It lays out six ways gold could regain a monetary role. One is that countries holding little gold, such as Canada, Australia and the UK, will eventually have to buy it again. The full report runs about 450 pages, with a 50-page compact version.
Learn more:
In Gold We Trust (full version download): https://ingoldwetrust.report/?lang=en
Compact version (English PDF): https://ingoldwetrust.report/wp-content/uploads/2026/05/In-Gold-We-Trust-report-2026-Compact-Version-english.pdf
Chartbook (October 2026 update, PDF hosted by Sprott): https://sprott.com/media/fhpgqrjy/igwt-2026_chartbook.pdf
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