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Ronnie Stöferle: $8,900 Gold Target Still On Track

Mining Network Sep 24, 2026 22:09

Summary

Stoeferle argues gold's pause near $4,300 after 2025's 65% rally is consolidation within a secular bull market, not its end.

He frames it as remonetization — gold regaining a monetary role — citing central-bank buying, Tether's purchases, Dutch repatriation and the $42.22 official price.

Revaluing the Treasury's 8,100 gold tonnes at spot would create about $1.1 trillion on paper — his scenario, not stated policy.

Incrementum's model keeps gold on track for $8,900 by 2030 — roughly 16% annually — if private allocations rise from today's 2.7%.

He expects the catalyst when markets accept the Fed must cut, watches the 10-year near 5%, and sees a sweet spot for miners.

Key points on Outcrop Silver & Gold

  • The show's sponsored segment presents Santana as "one of the highest-grade primary silver projects globally", with a stated pathway to more than 100 million high-grade silver-equivalent ounces across discovered veins and exploration targets.
  • A recently updated MRE (Mineral Resource Estimate — an audited tally of in-ground metal) is said to have substantially increased resources, though the specific ounce and percentage figures are left as placeholders in the segment script.
  • Initial metallurgical testing reportedly delivered recoveries over 96%, with a clean concentrate from a simple gravity circuit and flotation that does not require cyanide.
  • The company is advancing Santana toward a PEA (Preliminary Economic Assessment — an early economics study) to support a rapid development timeframe, citing community support, a pro-mining government, and existing road, power and water infrastructure in Colombia's Tuluma region.
  • Outcrop sponsored the show's on-site Precious Metals Summit coverage; the segment notes the stock trades on the TSX under OCG.

Ronald-Peter Stöferle's takeaways

  • Top takeaway Stöferle keeps Incrementum's $8,900 gold target for 2030 "right on track" — about a 16% annualized gain from current levels — contingent on private investor allocations rising from today's 2.7% toward 4-5% or more.
  • He runs his fund on a defensive signal with ample cash, saying call options captured August's gold move while he waits for the "Emperor has no clothes" moment when the Fed must cut rates, possibly in a panic.
  • He calls gold's pullback from the mid-$5,500 range a healthy breather within a secular bull — like pausing on a steep hill after a 65% rise in 2025 — and expects 2026 to be a consolidation year.
  • He argues this is a remonetization cycle, citing central-bank demand, Tether's gold buying, the Dutch repatriation of 68 tons, and the US official gold price of $42.22 per ounce, whose revaluation he estimates could create about $1.1 trillion on paper.
  • He watches the 10-year Treasury near 5% as the real line in the sand rather than the Fed, and calls the mining space a sweet spot after the top four gold companies generated $25 billion of free cash flow over the last 12 months.

Judy Shelton's takeaways

  • Top takeaway The guest cites Shelton as the recommender of gold-backed Treasury Trust Bonds, an idea he frames as a mechanism for restoring trust in bond markets.

Scott Bessent's takeaways

  • Top takeaway The guest cites Bessent's reported "I'm the house now" note — sell euros, buy Japanese yen — as a sign that the Treasury, not the Fed, now steers markets.
  • He reads Bessent's stated intent to make use of the US balance sheet as a hint that official gold revaluation could eventually be on the table.

Alan Greenspan's takeaways

  • Top takeaway Invoked only as a comparison: the guest doubts the current Fed chair would have hiked into an energy shock, saying Greenspan probably would not have done that.

Ray Dalio's takeaways

  • Top takeaway Cited among the big voices on gold allocation — the guest says Dalio recommends 15% — as part of his argument that strategic adoption by major investors could carry gold to his $8,900 target.