Monetary RESET Has Begun, But “Performance Gold” Could Be the Biggest Opportunity | Ronald Stöeferle
Monetary RESET Has Begun, But “Performance Gold” Could Be the Biggest Opportunity | Ronald Stöeferle
Miles Franklin Media: 9-1-2026
Michelle Makori, President & Editor-in-Chief of Miles Franklin Media, interviews Ronald-Peter Stöferle, Managing Partner and Fund Manager at Incrementum and co-author of the annual In Gold We Trust report.
Stöferle explains why gold is undergoing a “creeping remonetization,” driven by central-bank accumulation, geopolitical fragmentation and growing concerns over the global monetary system. He argues that gold’s bull market is not yet in a bubble and reveals why $8,900 gold is now his new base case after his previous $4,800 target was reached ahead of schedule.
The conversation also examines sovereign debt, inflation, de-dollarization and the changing role of gold as a neutral global reserve asset. Stöferle explains why Western institutional investors remain significantly underallocated to gold and why a shift in institutional capital could become an important driver of the next phase of the bull market.
He also discusses silver and mining equities as higher-beta opportunities, the potential role of Bitcoin and commodities in a diversified portfolio, and why the global monetary system could undergo a major reorganization in the years ahead. In this episode of The Real Story:
Why $8,900 gold is now Stöferle’s base case
Gold’s “creeping remonetization”
Central banks and the new gold-buying cycle
Sovereign debt, inflation and de-dollarization
Why institutions remain underallocated to gold
Silver and miners as higher-beta gold plays
Gold, Bitcoin and commodities in a changing portfolio
00:00 Coming Up
01:38 Introduction
03:34 Why Gold Remonetizes
05:59 History Rhymes Again
08:18 Six Vectors Overview
09:04 Central Banks Shift 2022
16:02 Sanctions and Dollar Weaponization
23:21 Bessent Soundbite Breakdown
28:30 Reanchoring With Gold Bonds
33:51 Sponsor Break and Return
38:03 Institutional Demand Gap
43:45 How Allocations Could Rise
48:58 Gold Allocation Framework
50:54 Gold and Bitcoin Allocation
51:14 New 60/40 Outperformance
52:34 Dow Theory Bull Phases
56:14 Why This Bull Isn’t Over
59:16 Gold Targets Reset Higher
01:03:29 Revaluation and Remonetization
01:07:18 Tokenized Gold Reality Check
01:11:07 Miners Catching Up
01:15:07 Why Own Physical Gold
01:17:31 Corporate Gold Standard Idea
01:21:12 What Brings Generalists Back
01:24:29 What Could Break the Thesis
01:28:48 Long View on Gold’s Future
01:33:03 Where to Follow and Closing