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Ronnie Stöferle argues that unprecedented monetary and fiscal stimulus in 2020 has broken all policy taboos, creating conditions for inevitable inflation that will drive gold, bitcoin, and commodities to new all-time highs, marking the transition to a new monetary world order.
- Central banks have shifted from financial QE to fiscal QE, monetizing government debt directly into the real economy via M2 money supply rather than just bank reserves
- Negative real interest rates combined with the Fed's new average inflation targeting creates the foundational conditions for a gold bull market
- The velocity of money will reverse once vaccine-driven confidence returns, combining pent-up demand with constrained supply to create inflationary pressures
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In March 2020, the Fed's emergency rate cuts and QE announcements failed to prevent market crashes, but government fiscal stimulus announcements immediately reversed the decline, establishing the 'government put' as superior to the 'Fed put' in market psychology.
“back in march we went from there being a fed put i think it was kind of psychological but the fed comes out guns ablaze and we're going to fix the repo market we're going to do qe123 and the market goes up because the market thinks that the fed has a backstop but in march they did that the market still went straight down the market didn't recover until the government came out and announced all of their stimulus programs so i think we've gone to a government put”
Paul Volcker was tasked with killing inflation in 1979, but modern central bankers are now desperate to create price inflation, representing a complete reversal of the post-1979 monetary paradigm and indicating a structural shift to inflation tolerance that will persist through 2023 and beyond.
“just one thing regarding uh the the whole thing is that um now if we compare the current uh the current narrative or the current mission of central bankers it is a reverse paul folker paul folker back in the days his job 1979 his job was to kill inflation now central bankers all over the globe are really desperate to create more price inflation”
Between 1776 and 1996 the U.S. government accumulated approximately $5 trillion in debt, but in 2020 alone the government deficit reached almost $5 trillion, meaning the nation added in one year as much debt as it took to accumulate over the first 220 years of its existence.
“between 1776 and 1996 the government accumulated about five trillion dollars over that year span so we've attacked on in just one year as much as it took us to accumulate the first 220 years of our existence”
The Regional Comprehensive Economic Partnership (RCEP), a free trade agreement negotiated since 2013 and announced in 2020, represents 30% of global GDP, operates without U.S. involvement, and is a major geopolitical win for Asia, particularly indicating successful Chinese and regional leadership through the COVID crisis.
“the big winner of 2020 is asia i mean uh the news of of this um uh free trade zone which um basically um affects 30 of world gdp i think this is really big news uh and most people don't don't care too much about it also the fact that china is is coming out of the crisis um basically first and and and based on my my contacts in china and in asia in general it seems that that they they really dealt with the crisis pretty well”
Bitcoin is transitioning from being perceived as a criminal/dark web asset to being adopted by mainstream institutional and traditional asset managers, with major investors like Paul Tudor Jones and Stan Druckenmiller now publicly bullish on bitcoin as an inflation hedge.
“i think this is really 2020 will really be an important year for bitcoin because i think this is really the year where we see a transition into traditional asset management a friend of mine and and i love it because um it just tells you how how creative um investors and and and capitalists are um he said he the the compliance department and risk management really gave him a hard time buying bitcoin”
The European Debt-to-GDP ratio has risen from the Maastricht reference value of 60% to 102% in major EU countries, with governments explicitly stating they will not return to the 60% target after COVID, representing permanent abandonment of fiscal rules.
“um you know there was the the maastricht uh reference value of 60 um now we are we are going to 102 next year and basically every country says well those stability criterias that we once implemented and there were basically something that we promised our citizens when we introduced the euro”
The 100-year Austrian Government Bond has appreciated so dramatically that its price chart resembles a technology stock chart, illustrating the magnitude of capital gains from long-duration bonds in a falling-rate environment and validating financial repression as massive wealth transfer mechanism.
“if you bought the the hundred a hundred year uh austrian bond uh it looks like uh like a tech stock or like bitcoin i i mean the chart is is it's crazy”
The 2020 corporate infrastructure spending ('green new deal', 'infrastructure new deal') will be highly commodity-intensive and will drive sustained demand for metals and energy, supporting commodity bull market for years.
“politicians will come up with so many new deals a green new deal and infrastructure new deal whatever new deal then i think commodities are super under-owned”
The Federal Reserve has shifted from primarily expanding its balance sheet through bank reserves (2008-2020) to directly monetizing government debt by purchasing Treasuries with newly created bank reserves, then the Treasury spends this money directly into the real economy, causing M2 money supply to increase parabolic ally rather than depending on commercial banks to increase money supply.
“the majority of the quote unquote money printing was just the fed expanding the size of its balance sheet and the bank reserves but we really were dependent upon the commercial banking system to increase m2 money supply which for the layman just means the amount of currency units that are chasing goods and services but now that the that we have the fed monetizing the debt buying those treasuries with bank reserves and then the treasury spending that into the real economy you're seeing m2 money supply go straight up”
Environmental, Social, and Governance (ESG) investing criteria, while marketed as value-driven, function as a de facto divestment from commodity industries (oil, gas, coal, copper, gold, silver extraction), which will reduce capital allocation and access to capital markets, causing commodity supply to fall significantly and prices to skyrocket.
“one really big trend uh over here george is esg um this is like the big buzzword and and from my point of view it's um yeah i i think it to to some degree it's a big marketing gag um i think uh those um this whole green washing things that i'm seeing it concerns me uh i i think that uh in general if you have to do if you're investing in commodities um you're a bad guy now um people miss that uh commodities are pretty important for our economy and and and that it's a highly capital uh intensive sector so so if you basically cut um the capital allocation and and and the access to capital markets for for companies in the oil and gas industry in in in coal in copper extraction in in gold and silver uh at some point um supply will will will fall significantly and i have to tell you know opening up a mine nowadays is almost impossible so i think you know it will come back like a boomerang because supply will will diminish and prices will skyrocket so um esg is a big topic has had has massive consequences”
Modern Monetary Theory (MMT) and helicopter money have transitioned from fringe economic ideas to mainstream policy discussion in 2020, with politicians and policymakers now openly discussing universal basic income, debt cancellation, and fiscal spending without the traditional constraints that previously limited deficit spending.
“a couple of years ago that that was just the wet dream of some some uh left-wing uh economist sitting in the towers now it's really going mainstream”
Ludwig von Mises's 'crack-up boom' concept from 'Human Action' describes the end-stage of currency debasement where the public suddenly realizes inflation is permanent, causing panic to exchange currency for real goods 'no matter how much money he has to pay for them,' leading to hyperinflation and currency collapse in 'a very short term time within a few weeks or even days.'
“kraka boom like like ludwig von mises uh uh explained it and perhaps on a final note uh i'm sorry i think we we we're talking for for almost an hour but but i really enjoyed and i hope that you too i i just uh i i picked uh human action from my from my bookshelf and in human action uh mises writes about the uh the crack up boom which is qatar's trophem hoss in in in german he writes but then finally the masses wake up they become suddenly aware of the fact that inflation is a deliberate policy and will go on endlessly a breakdown occurs the cracker boom appears everybody is anxious to swap his money against real goods no matter whether he needs them or not no matter how much money he has to pay for them within a very short term time within a few weeks or even days the things which were used as money are no longer used as a media of exchange they become scrap paper nobody wants to give away anything against them”
The 2021 World Economic Forum conference title 'The Great Reset' represents deliberate language choice and policy ambition to implement centralized control of economies, universal basic income, helicopter money, and debt cancellation under the guise of crisis response, but this carries significant downside risks that planners haven't fully considered.
“i couldn't believe my eyes when i saw that um the title of the 2021 um conference is the great reset and and and i wrote an email to my friend willa middle coupe who wrote the book the big reset a couple of years ago and i said congrats uh your sales numbers will probably skyrocket um but i think you know never waste a crisis uh and and and this is what we're seeing now i think um as i've said all taboos have been broken”
Total global monetary and fiscal stimulus in 2020 reached $33 trillion USD, representing an unprecedented combined intervention that far exceeds previous crises.
“so far um monetary and fiscal stimulus this year has been 33 trillion us dollars”
MicroStrategy CEO Michael Saylor's purchase of approximately $500 million in Bitcoin demonstrates an indirect way for investors to gain Bitcoin exposure while satisfying compliance departments that are hesitant to approve direct Bitcoin purchases.
“so what did he do he bought a stock micro strategy and and you probably heard that um the ceo of microstrategy he bought like 500 millions uh worth of bitcoin um mike michael sailor i think he is his name so so so so he bought that basically as a um yeah as a bitcoin allocation he bought this stock now the compliance department was happy”
The Federal Reserve's shift in August 2020 to average inflation targeting means the Fed will tolerate inflation overshooting above 2% for a period of time to achieve an average 2% inflation rate over the medium term, guaranteeing very low nominal interest rates until at least 2023.
“the federal reserve in in in august i think they announced one of the biggest uh changes of their their policies so they are moving now to this average inflation targeting which means back in the days two percent was basically the ceiling two percent inflation rate now they want on average two percent but as inflation rates were undershooting over the last couple of years now the federal reserve wants uh inflation rates to overshoot right just to have an average at two percent so um that that basically means that we will see very very low nominal rates uh until at least 2023”
Commodities as an asset class are historically unloved and at generational lows relative to equities (particularly the S&P 500) on a long-term ratio basis, with both supply constraints and monetary inflation providing dual catalysts for multi-year outperformance.
“we look at the charts if you look at commodities compared to asset prices or more specifically the s p you see that commodities are at historically low levels going back to i mean the early 1900s in the united states and they're very unloved”
When inflation reaches 4-5%, significant bond market exodus will occur as investors flee negative-real-yield bonds, potentially forcing dramatic repricing and central bank emergency intervention through yield curve control.
“if we if we hit inflation numbers at four or five percent at some point there will be an exodus uh from those bonds um if inflation really becomes a concern you think the fed buys them to keep the rates down on the long end of the curve well i think they will have to buy them”
Specific inflation-sensitive assets to monitor include gold, silver, base metals (copper), agricultural commodities, inflation-protected bonds, and commodity-sensitive currencies like the Australian dollar, Canadian dollar, and Russian ruble.
“just have a look at inflation sensitive assets have a look at gold and silver prices have a look at commodities base metals um uh agricultural commodities um inflation protected um bonds at commodity sensitive currencies like the australian dollar but also the ruble um or the canadian dollar they're all all telling us inflation”
Monetary policy does not work like a precise surgical scalpel but like an uncontrolled sledgehammer, causing widespread disruption and side effects (from the book 'Lords of Finance').
“from one of my most favorite um books it's called lords of finance monetary policy does not work like a scalpel but like a sledgehammer”
Negative real interest rates are the foundation of every gold bull market, and the combination of the Fed's commitment to overshooting inflation targets plus very low nominal rates guarantees negative real rates for years, creating ideal conditions for gold appreciation.
“negative real rates are the foundation of every gold bull market now i think when it comes to inflation um i said at this presentation and this was uh published i think um beginning of november um i had a conversation with with mark bristow the ceo of berry gold uh and and we were talking about the vaccine and he asked me you know um once we get the vaccine what's gonna happen to the price of gold uh and i told him well for the very short term uh it is of course negative for gold but i think in general once we get the vaccine this is the best thing that can happen for gold prices um because the big problem now is uh you know this this enormous uncertainty”
George's example of a Phoenix-to-Vegas semi-private airline that has reduced from 14-15 routes pre-COVID to only Vegas and Burbank illustrates how supply-side constraints from lockdowns will limit consumer choices and drive up prices on remaining services even as demand recovers.
“i just uh flew to vegas over the weekend and there was an airline that it's kind of like a semi-private airline you fly out of phoenix to vegas and right now they only have routes to vegas and burbank but prior to covid they had 14 or 15 different routes to all these different cities so all those flights are now gone so if we flip the switch and go back to like after a third like the spanish flu you know and and uh after three waves it's gone then you're gonna have a lot less choice which drives prices up even i mean lumber has gone up it's quadrupled uh over the past few months and that's with the some of the lockdown still in place”
De-dollarization (countries and regions conducting trade without the U.S. dollar) is a major long-term trend, accelerated by free trade agreements like RCEP and bilateral accounting arrangements that circumvent the dollar, indicating the world is transitioning away from U.S. dollar dominance.
“and george we are writing about the de-dollarization um of the world this this really big trend um for many years already and and i think you know free trade agreements but also bilateral um um uh uh um accounting between countries you know circumventing the us dollar i think these are all signs that um probably the best days for the united states are are might be behind”
Russell Napier is one of the greatest strategists with a tremendous track record of accurate calls who recently converted from being a deflationist to an inflationist in 2020, indicating major reassessment of long-held views.
“what russell napier whom i really really uh enjoy reading and listening to and and he's one of the greatest strategists out there uh with a tremendous amount of um of of of great calls and and he has been a deflationist and he became an inflationist this year”
Once the COVID vaccine achieves widespread adoption and uncertainty about 2021 health conditions resolves, velocity of money will reverse sharply, people will increase consumption and travel, and the enormous money supply created in 2020 will chase goods and services, creating strong inflationary pressure.
“but once we get the vaccine i think this is going to change and and and i really feel and and you can feel it on in financial markets with uh value stocks coming back all the you know the cruise ships uh um oil stocks uh all those um um sectors that were basically beaten down through the covet crisis they are now basically um coming back but also talking to people everybody is getting a little bit bit more optimistic so from my point of view of course financial markets especially equity markets are always discounting the future of course and i think that the stock market already tells us well covet won't be a big problem uh in the second third or fourth quarter of 2021 and and i think um it is completely nonsense people telling us now well people will um they're spending habits and they they won't travel too much anymore i think this is nonsense i think once this whole uncertainty um about you know the health situation is out of the market people will go crazy they will go every weekend to i don't know to london to barcelona to las vegas whatever”
34% of U.S. voters believe a civil war is likely in the next five years according to a survey cited by Paul Keramos, indicating significant social fragmentation and political polarization as a tail risk.
“according to paul by erasmus reports 34 of voters believe that a civil war is likely in the next five years now of course this is super pessimistic but it tells you a lot i mean 34 in the united states think that a civil war is possible in the next five years it tells you quite a lot and and it seems that it's uh definitely a rising tail risk”
Large institutional asset managers are not currently invested in commodities ('I don't know any big asset managers that that really are invested in commodities at the moment'), making commodities structurally underowned and available for institutional allocation without competition.
“i don't know any big asset managers that that really are invested in commodities at the moment”
There are $17 trillion in bonds currently trading at negative yields (guaranteeing loss of principal) and approximately $32 trillion in bonds trading at negative real rates (losing purchasing power after inflation).
“at the moment there is i think 17 trillion uh of bonds trading at negative yields so it's it's a guaranteed loss um and i think jp morgan had the number for real rates i think that 32 trillion of bonds are trading at at negative real rates basically”
Inflation expectations rose much faster in spring 2020 compared to 2008-2009, as measured by TIPS (Treasury Inflation-Protected Securities), indicating market participants more rapidly anticipated inflation from the 2020 stimulus compared to the 2008-2009 crisis response.
“if you compare it 2008 2009 to um spring of 2020 you can see that inflation expectations got up much much faster than in 2008 and 2009”
The traditional 60/40 stock/bond portfolio construction will not work in inflationary or stagflationary environments, yet the average investment advisor is 54 years old and has never professionally managed portfolios through high inflation, deflation, or deleveraging cycles.
“i i often say it's it's interesting that people care so much much about flattening the curve and exponential functions when it comes to covet cases nowadays but nobody is talking about those exponential growth rates when it comes to to uh balance sheets of or monetary aggregates so so so so i think this this traditional 60 40 uh portfolio construction um that we all had to learn and you know if you study for the cfa this is like the holy grail this is something that uh perhaps worked in the past but it won't work in the future and and therefore we showed that in one of our reports the average investment advisor is nowadays 54 years old so in his professional career he never experienced the problems that you have when when you are managing portfolios in a highly inflationary or even stagflationary environment or a deflation no just no deleveraging in general exactly exactly”
Warren Buffett and Berkshire Hathaway's purchase of Barrick Gold represents a significant endorsement of gold by one of the world's greatest value investors and signals that institutional acceptance of precious metals is beginning, validating Stöferle's macro case for gold.
“we saw quite a lot of interesting developments recently you know with warren buffett buying into berry gold but also some some really big names like stan dragon miller paul tudor jones um telling people well gold but also bitcoin is is is is our favorite uh favorite currency at the moment”
After the COVID crisis, the next major crisis will be a solvency crisis rather than a liquidity crisis, as investors begin questioning balance sheets and credit ratings of governments and corporations that have massively increased debt.
“for the next crisis whenever it it will happen i think it it won't be a liquidity crisis it will probably it will rather be a solvency crisis i think is at some point uh investors will really start questioning um balance sheets and and and and credit credit rating so so after the covet crisis comes the debt crisis”
The Federal Reserve will likely implement yield curve control if Lael Brainerd becomes Treasury Secretary, and even if not, the Fed's balance sheet will not shrink and will continue growing at accelerating rates.
“i think they will have to buy them uh and and and i think the whole discussion about um yield curve control it was really a big topic in uh in early summer and then it's it's yeah it kind of fell to sleep and the federal reserve said no it's it's something that we're considering um but now i think with with with brayner if if she really um should uh succeed powell then i think it will be implemented and and i think there's uh the the best bet is that um the balance sheet of the federal reserve uh will not shrink and that the growth rate will uh will further grow”
Russell Napier has done extensive work documenting the transition from private commercial banking-dependent money creation to government-guaranteed and government-controlled money creation, representing a structural centralization of monetary control.
“russell napier did a tremendous uh amount of work on that basically says um governments tried to circumvent um um the the the money creation it's going away from commercial banks and now basically due to uh government guarantees um the government is more and more taking over the control of the money supply”
Eastern European countries and populations are more receptive to Austrian economics, libertarianism, and free-market ideas than Western Europe, particularly younger people, because they have direct experience with socialism and centrally-planned economies and want to avoid returning to them.
“we went there and you know it was it was packed there was like so many young people and and they were all extremely eager to to to learn and find out more about uh about the austrian school about libertarianism it was really fascinating while over here in vienna um if you go on the street and ask you know who is hayek most people will say well selma hayek nobody knows friedrich august von hayek who who won the nobel prize for economics in 1974”
The book 'Central Banking: Modern Central Banking Simplified' literally instructs to 'print money, print money' and 'keep on printing' on its final page, representing the trivialization of serious monetary policy into a mechanical printing function with no attention to systemic consequences.
“and it says the us government has a technology called the printing press or today it's electronic equivalent that allows it to produce as many us dollars as it wishes at no cost um i like that last part at no cost and i got this this this book um when i still worked in the bank somebody just sent it to me i don't know if it was a a a reader of dean goldwith trust report and i said well it looks interesting and i opened it and i said well modern central banking simplified it says print money money print and on the last page it says keep on printing”
Emerging market money managers, particularly in countries with histories of inflation like Brazil, Turkey, and Argentina, have developed different portfolio management approaches including higher gold allocations and different currency and government bond strategies that traditional Western managers could learn from.
“it makes sense to to follow strategies of emerging market managers for example because you know if you're a money manager in in brazil in turkey whatever inflation is just something normal for you and it's it's interesting that for them for example they've got completely different views when it comes to government bonds uh but also of course when it comes to currencies and when it comes to gold”
European investors, particularly in Austria, Germany, and Switzerland, maintain higher typical gold allocations (10-15%) due to persistent 'monetary DNA' shaped by the hyperinflation experience of the 1920s, whereas U.S. investors remain skeptical of gold due to the deflationary Great Depression experience documented by Murray Rothbard.
“countries like turkey have got a completely different uh culture when it comes to gold but also over here in in austria and in germany and in switzerland um if you have a look at the numbers uh the typical gold allocation is easily compared to the united states or or or the uk and and i think that you know over here we are still our our monetary dna is is is still uh affected by by the hyperinflation um while while in the us i i think the the great depression which was deflationary um and i think everybody should read uh mary rothbard's book about the great depression because it tells the real story um but but i think this this explains why you're getting from your from your aunts or from your grandparents where you're getting little gold coins or silver coins here for every birthday or or christmas”
In spring 2020, Ronnie presented his bullish commodities thesis and was ridiculed for it, comparing the reception to suggesting to his wife they take a samba or cha-cha-cha dancing class; he believes great contrarian investments should 'hurt your stomach' and 'give you sleepless nights' at the moment of entry.
“i did a big presentation in in in spring um and and i said you know gold always moves first then it's a silver market then it's energy and then it's a broad commodity complex and i said i i said you know we are pretty bullish commodities and and i was ridiculed it was like if i would tell my wife i don't know um let's do a samba or a cha-cha-cha dancing class yeah because i just come on i mean that's that's that's such an absurd idea and that that that you know that that confirmed my view and and i think that a great investment uh it shouldn't be easy at the beginning it should really really hurt in your stomach and and perhaps give you a sleepless night”
Copper prices have recovered significantly through 2020 and the metal is doing 'very very well,' suggesting commodity bull market is underway; a correction would be healthy for the market but Ronnie expects prices to remain strong.
“now we're seeing a copper price is doing very very very well i think a correction would would be good for the market actually”
Back in 2011, private bankers were recommending 5-10% gold allocations in portfolios, but current allocations are still far below those historical recommendations, indicating significant room for gold to be re-allocated into institutional portfolios.
“back in 2011 basically all the private bankers said you should have at least five to ten percent gold in your portfolio now we're still far away from those numbers but right but it has started”
Oil is currently trading above $40/barrel despite demand still being weak due to the recession, and once economic recovery accelerates in 2021, oil prices should skyrocket from current levels.
“we're seeing the energy markets really waking up and i mean uh oil is trading above 40 dollars and we're still um you know demand is still pretty weak and we're still kind of in the in the worst recession since the great depression or whatever um i wonder where where oil will be trading when uh when when when next year everything is going crazy”
Institutional demand for gold is experiencing a revival in 2020, with wealth managers and family offices that had not called Ronnie in years now reaching out to discuss gold allocations and portfolio hedges.
“i think this is really something that that i'm experiencing at the moment this is people that that haven't called me in ages saying well you know you want to come around and and or do a zoom meeting um you know what did you do the last couple of years you aren't you this gold guy uh and i said yeah um i am uh let's talk about it so so i think many um especially like wealth managers um family offices they are slowly waking up now and this is a great sign”
Eastern European securities offer cheap valuations and strong growth rates and represent an underappreciated investment opportunity, as most Western investors focus on Asia and Latin America but neglect Eastern Europe.
“from an investment standpoint um very interesting growth rates still um i think you know the the the uh most of the companies are doing a tremendous job i'm seeing uh cheap valuations i i think that when it comes to emerging markets uh eastern europe is is probably something that um many investors tend to forgot forget everybody is just focusing on on on asia and latin america perhaps but i think investors should have a closer look at at eastern europe”
Gold moved first in the commodity cycle in 2020, then silver, then energy, and finally the broad commodity complex, establishing a predictable sequence that can be used to time commodity sector entries.
“gold always moves first then it's a silver market then it's energy and then it's a broad commodity complex”
The Bitcoin and gold bull market is not yet in a parabolic phase where 'everybody is crazy' buying altcoins and small exploration companies; instead, the current phase shows strong, focused demand for bitcoin specifically (unlike 2017's more speculative alt-coin focused bubble).
“i think we're we're not in this first phase of the trend not in this accumulation phase where it's super contrarian i think we're now in this public participation phase where where people are really waking up and and just one but but we are not in this is parabolic move uh uh yet where where everybody is going crazy and and and only buying private placements of of of some small uh australian uh uh exploration companies or you know all those uh altcoins or [ __ ] coins yeah they're not doing so well it is really bitcoin that is that is so so strong this time compared to 2017”
George's anecdote about hedge fund managers in St. Barts (a billionaire's paradise where most residents are hedge fund managers and investment bankers) all discussing gold and bitcoin indicates that even the most sophisticated investors are now focused on inflation hedges.
“i was in st bart's for like two or three months and uh if you've ever been to st bart's you know that pretty much every person there's a hedge fund manager i know that hendry is living there right yeah yeah i was hanging out with you and i was hanging out with a lot of his buddies and you know they're all investment bankers or hedge fund managers and uh you know you go out and have a few beers with these guys or go to dinner go to lunch go out to snorkeling and i can tell you that every single one of them is talking about two things and that's gold and bitcoin now”
Countries that trade with each other tend not to fight wars, making the RCEP's consolidation of Asian trade relations a stabilizing geopolitical force that reduces conflict risk in the region despite excluding the United States from the trade framework.
“normally countries that trade with each other um kind of like each other and don't don't fight wars”
Ronnie predicts the term 'crack up boom' will become much more commonly discussed in financial and policy circles over the next few months as inflation accelerates and the risks of currency debasement become apparent.
“so so i think the term crack up boom will be a term that we'll hear much much more often over the next couple of months”
Ronnie's contrarian travel observation: visiting Rome in September 2020 and finding it nearly empty of tourists made him realize the depth of economic contraction and psychological fear, which he compares to the 'ghost town' feeling of a gold mining conference from 2-3 years prior.
“my wife and i we went to rome um in september uh i call it contrarian traveling and and rome was almost empty it was fantastic you know no no tourists at all uh you didn't have to stand in line to to go to the um to the vatican all the big museums the colosseum it was basically empty uh and i told my wife um who's in the oil and gas industry so so she cares a bit about commodities and my kind of stuff i told her well rome now feels like attending a gold mining conference two or three years ago because it was a ghost”
A Bitcoin fund launched by Ronnie's team combines digital and physical gold with an options overlay strategy, using the high volatility of silver and bitcoin to write profitable options that generate income while maintaining long positions.
“over here it it it took us basically three years to launch our crypto fund which combines digital and physical gold with an options overlay so so we use the enormous volatility um um by writing options which which which really makes sense in in in highly uh volatile uh asset classes like like silver but also especially bitcoin”
The 'Boy Who Cried Wolf' is the title of Ronnie's upcoming inflation research report, suggesting that while many have falsely predicted inflation before, this time the wolf (inflation) is truly coming.
“we're currently writing a big report on on inflation it's called the boy who cried wolf another topic is of course where we are in the in the cycle for gold”
Incrementum AG has published the 'In Gold We Trust' annual report for 14 years in German, English, and Mandarin (Chinese), making it a comprehensive, globally-distributed research resource on gold markets and monetary policy.
“our webpage is incrementum.li uh which stands for liechtenstein uh we're publishing the in gold we trust report um now for 14 years published in german in english but also in mandarin so the chinese edition will be published in a couple of of days”