In a year characterized by monetary uncertainty and geopolitical excitement, the 2025 edition of the In Gold We Trust Report arrives with timely insight. The report is co-author of Ronald-Peter Stöferle from Ingrementum AG and explores the evolving role of gold as a strategic asset and what the upcoming phase of this secular bull market may have.
https://www.youtube.com/watch?v=C1qejusmj34
In a recent conversation with Bullionstar, Stöferle discussed the themes behind this year’s report, titled The big one for a long timeAnd offered a comprehensive perspective on Gold’s positioning within an increasingly broken financial system.
History does not repeat itself but it rhymes
The title of the report draws a parallel between the counter -contrarial mindset of the great short and today’s gold thesis.
“Well, of course it’s a reference to The Big Short, a movie that I always enjoyed watching, and I saw it a few times again for this year’s report just to prepare me.”
Stöferle sees similarities in the current environment, where early signals of structural stress are now becoming more recognized. But unlike the housing crisis in 2008, the focal point today is the global monetary regime itself.
Three forces that operate the bull market in gold
Stöferle identifies three primary dynamics that support Gold’s continued strength:
1. Emerging Market -Information Informs the Landscape
A core theme in both the report and the interview has changed in physical demand away from traditional Western markets.
“In the middle of the gold market is no longer in London or New York. It is rather in Shanghai. It’s in Mumbai. It’s in Dubai.”
Purchase of central banking has exceeded 1,000 tonnes annually for three consecutive years, led by institutions in Asia and the Middle East. Accumulation of the private sector in these regions also remains resistant, even at higher price levels.
2. Erosion of trust in traditional safe ports
Stöferle notes that investor behavior during the recent turbulence in the market diverged from previous patterns. Where US Treasuries once represented a universal flight to security, the feeling is now more careful.
“The dollar sold down and the yield rose … People don’t really trust this safe port in the US anymore.”
This, he claims, reflects a wider erosion of confidence – not only in financial instruments, but in the systems that underlie them.
3. Strategic de-dollarization
As global trade and reserve diversifies, gold is reconsidered as a politically neutral reserve asset. Stöferle suggests that discussions once seen as fringe – such as revaluation of gold reserves – enter into mainstream financial debate.
“Things like revision of Fort Knox, or, for example, a revaluation of American gold reserves … This was kind of a topic that was only discussed in the gold scene. But now it really becomes mainstream.”
Location within the bull market cycle
Stöferle frames the current phase of the Gold Bull market within Dow Theory’s three-phase model: Accumulation, public participation and Mania.
“This is the phase where the media picks up the subject again … when the big banks start covering this asset again … when they raise their price forecast.”
He thinks we are midway through the second phase. Institutional coverage is rising, the product issue is rising and the mood is firm – but not euphoric. The report sees this as a constructive setup for additional gains.
Is gold too expensive?
With prices reaching the USD 3,500 in April, many investors question whether gold remains attractive appreciated. Stöferle’s answer is measured:
“Gold is not dirt cheap anymore … but it’s not extremely overrated.”
He quotes the relationship between Gold’s market value and US equities – currently about 40% compared to 160% at the peak of 1980 – as an indicator. He also notes that gold compared to long -term monetary aggregates remains gold underrated.
His practical advice for individuals remains clear:
“A kind of average of dollar costs always makes sense.”
The case of physical metal
In addition to price movements, physical gold wins renewed interest as a strategic asset. At the beginning of 2025, the United States imported over 2,000 tonnes of gold – a figure that surprised many analysts.
“It was primarily individuals with high net value, family offices, hedge funds who bought physical gold.”
Stöferle considers this as part of a wider shift against specific value stores. He emphasizes the psychological difference between keeping physical gold and financial derivatives:
“People don’t want paper lifts. They want possession.”
Silver’s delay may not last
While gold has caught headlines, silver is underpinned. But Stöferle thinks it may be nearby.
“We can easily see a triple digits for silver determined.”
With industrial demand – especially from solar projects – continues to climb, he suggests that the investor’s participation could catalyze a significant revaluation. The relationship with gold silver remains historically elevated, which suggests space for convergence.
China, Brics and the global monetary shift
Another key point of discussion is China and the role of the Brics nations in transforming the global reserve system. China officially reports gold reserves in just over 2,000 tonnes – but analysts, including Stöferle, suspect the true figure may be much higher.
“It would be naive to think they only last as 2,000 tonnes.”
Although he does not foresee a formal gold -supported renminbi, he believes that gold will play a key role in strengthening the confidence in new trade agreements and multilateral economic structures.
The US dollars structural volume
Stöferle articulates a fundamental contradiction that US decision makers face:
“They want, and they need a weaker US dollar, but they want to protect the status of the US dollar as a world reservated currency.”
Maintaining both is increasingly difficult. In this context, gold not only becomes a hedge – but a structural counterbalance in portfolios.
Gold as a mirror of monetary reality
Finally, Stöferle reflected over Gold’s wider meaning:
“Gold is a mirror. It is a mirror, not only of our monetary system, the economy, but also by society.”
He urges new investors to explore gold not only as a price card, but as a reflection of money history, political shifts and long -term purchasing power.
“Gold even protects and increases your purchasing power over long -lasting framework. And I think that’s the most important message.”
Conclusion: Strategic relevance in a transition time
As traditional monetary conditions evolve, Stöferle sees gold that occupies a central role in both institutional strategy and personal wealth. Whether seen as a hedge, a reserve asset or an insurance policy, its relevance is expanded.
The In gold we trust at The report offers a timely lens through which one can evaluate this shift – a rooted not in speculation but in structural transformation.
See the full interview here
Read the full of gold, we trust reports here
Disclaimer: This article is for information purposes only and should not be interpreted as financial advice. Consult with qualified professionals regarding your specific situation before making investment decisions.