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Thursday Conversation - Ronni Stoeferle of Incrementum AG


If you've been a gold investor for any period of time, then you know that the "In Gold We Trust" report put out annually by Incrementum AG is always a must read. One of the principal authors of the report, Ronni Stoeferle, is a longtime friend of TFMR and it's a pleasure to have him back today to go over some of this year's highlights.

Though the compact version of the report is embedded below, the entire full-length version can be found freely available here: https://ingoldwetrust.report/?lang=en

As you might imagine, I could talk to Ronni all day so it was difficult for me to pick just a couple of things to discuss with him. For this call, out of the many chapters, we chose to focus upon these three points:

  • the global economy, QE∞, the coming stagflation and the impact on gold
  • the historic undervaluation of the mining shares relative to the gold price
  • why it may soon be time for silver to shine again

Of what must be over 100 charts in this year's report, I chose these eight to accompany this call. Please look them over and follow along as Ronni mentions them.

Many, many thanks to Ronni and his team for their diligent efforts in crafting this invaluable masterpiece, year after year. And thanks, too, to Ronni for so generously sharing his time with us today.



Jun 12, 2020 - 9:57am

Thank you Turd and Ronnie!

This was an excellent interview, and Ronnie is a joy to listen to.

zman, there is one fallacy which turns your thesis on its ear: the debts are in dollars and other fiat denominated currency which are presently in the hyperinflationary stage of debasement. The crime of debasement is slowly dawning on even the street mobs; as they realize their discontent has its roots in the generational lies spun by the money changers. I do think a fair % of people see the irony of George Floyd; suffocated over the crime of a ‘fake’ $20 bill... no different than the $Trillions now getting printed from nothing to perpetuate the entrenched slave system.

The contracts can be defaulted and repudiated by the masses. The power you speak of is based upon the notion that the people will remain enslaved and accept the deal of an inflated currency system owned by these all powerful debt holders. I think activity on the street suggests otherwise. Hard assets will play a central role as the present economic paradigm crumbles and central powers panic in both fiscal and monetary policy; grasping for a new cycle narrative to appease the masses and slither back into obscurity.

Jun 11, 2020 - 7:00pm


Yes, those bondholders are real stupid. Think about it, The Elite who aren't taxed enough buy the issued debt instead of paying the tax. That enables them to have an asset instead of nothing at all. That also enables them to control fiscal policy with the power of that bond as they collect interest off of the back of the public.

Don't think of bondholders as a retail investor who worked for their money and doesn't find the interest rate attractive relative to their higher living expenses. Big Money owns the bond and as long as wages and commodities remain low then they're very happy. Debt is power and the bondholder makes tax, fiscal and monetary policy. They own all the mortgage, auto, credit card, corporate, student, federal, state and municipal debt. They bought the debt off the backs of the working class and then turn them into debt slaves.

So the reality of the situation is that bondholders are in fact our masters, they control the system and they own the power. Did you ever wonder why there's no infrastructure investment, no immigration reform, no policy to return jobs back to the US, no program to help the broke peasants as the billionaires get richer and richer? That's right, the bondholder refuses to do anything and that's why silver remains dead money year after year.

Sure, one day the bond market will implode for whatever reason, but that could be decades from today. For now, it's debt slavery and recession for the working class and more riches for The Elite who own the vast majority of the bonds I listed above.

Jun 11, 2020 - 6:37pm

Re: that POS moriarty...ha ha ha

Someone please tell that moriarty piece of shit that us Turdites have made more money, just from one stock rec. from Turd, (KL, for those that want to know), than the pos has ever made in 100 trades...

Also tell that pos, that self-made PM billionaire Eric Sprott trusts bullshitters more than bullshit itself...ha ha ha....

What a piece of work....

Jun 11, 2020 - 4:42pm

The reason silver could decouple...

At least imo...is because people seek real money when they realize the system is going under.

It will take a lot of preaching but people have to understand silver is still money even if the people who trade these markets dont look at it that way.

It's still incredibly cheap imo and between that and the fact central banks dismissed it as money decades ago gives us an advantage. Gold is too expensive for the the common man but silver is still under $20 for no other reason other than its considered an industrial metal instead of money.

Jun 11, 2020 - 4:34pm

Yes, bondholders are stupid.

Yes, bondholders are stupid. The longer the maturity of the bond, the stupiderer they are. You can quote me.

Jun 11, 2020 - 4:30pm

I'm a little confused

I'm a little confused why investors think silver would or should decouple from the CRB Index which is at the same level from 25 years ago and has been getting killed since March. Silver is also an industrial metal and demand for ALL commodities remains weak because of DEMAND.

Check out the velocity of money, it's sinking to new lows. This means Main Street is staving for money and demand remains very weak. https://fred.stlouisfed.org/series/M2V

Investors have to understand, higher levels of debt doesn't mean that's US Dollar negative or bullish for hard assets. It all depends on the reasons for the higher debt. If cranking up the debt is for tax cuts for the wealthy or the spending is to socialize Wall Street, it really doesn't matter.

Do you know what would be bullish for silver? Money flowing into the real economy and inflation picking up. How does that happen? Massive stimulus for the real economy. We already know socializing the losses for Wall Street isn't bullish for the metals and bearish for the US Dollar. So that thesis needs to be put to rest for obvious reasons.

Silver will work as an asset IF the conditions change and The Elite are forced to flow money into the real economy. Trust me, sending a one time $1200 check for the peasants isn't what we're talking about, we're taking about real stimulus. Do I think that's going to happen? Not likely anytime soon.

Negative interest rates are coming, but that's because Main Street is going to live in a perpetual recession/depression as wealth inequality gets even worse. Bondholders are NOT stupid, they want deflation and they have it.

Jun 11, 2020 - 4:17pm

Aw hell...got busy and when i

Aw hell...got busy and when i checked JNUG had blown a tire and rode the wall for a straightaway. Dammit. So be it, this is part of the risk.

So do i take my whuppin on the 92.66 JNUG now or wait it out to see??? Im gonna hold overnight to see what Asia does.

This is normally the pattern that cleans my clock. I get down a bit, hold it, then get hammered. Im going to dump it at 82 if it gets that low. A $10 hit sucks bad, but its better than riding a halving.

TFs podcast should be good listening...draw on those waves from last week Bud and dont blow gaskets like the old days lolol....altho epic TF does bring a smile

Jun 11, 2020 - 4:05pm

The other folks...

At his brokerage job.

He basically explained it's all about curve control which they all consider common.

The amazing thing is they dont seem to care or understand the implications for gold. They're clueless.

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Jun 11, 2020 - 4:05pm

Eric Sprott

"I wonder how Eric Sprott deals with days like this."

Never underestimate the power of wealth! Eric has the luxury of being able to sit tight. He doesn't have to worry about a catastrophic illness wiping out his savings/investments, or having to sell [investments] at the wrong time to meet monthly bills. That is an advantage few of us [average retirees] have . . .

It's often said "Money gives you choices." Eric, a long time ago, had all the money he would ever need. Once you reach "critical mass" (whatever amount that is for you), the game changes completely. In essence, he's playing with "house money" now. Even if he suffers huge losses on his investments, he will never be "broke", or have to change his lifestyle one bit. He'll do just fine . . .

When I was a kid, the world's wealthiest man was J.Paul Getty -- an oil wildcatter. What most people forget is that his dad was wealthy, and gave J. Paul $12 million (back when that was real wealth!) to start his career. I have a lot more respect for Eric, who started with nothing and built his fortune, than a thousand John Paul Getty's . . .

Jun 11, 2020 - 4:00pm

"everyone knows they've all but admitted that"

That's truly funny. Absurd to think so. Who is "everyone". The other folks in his chat room?

But, whatever. Thanks for the giggle.

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Key Economic Events Week of 9/21

9/21 8:00 ET Goon Kaplan
9/21 10:00 ET Goon Evans
9/21 Noon ET Goon Brainard
9/21 6:00 pm ET Goon Williams & Goon Bostic
9/22 10:30 ET Chief Goon Powell on Capitol Hill
9/22 Noon ET Goon Barkin
9/22 3:00 pm ET Goon Bostic again
9/23 9:00 ET Goon Mester
9/23 9:45 ET Markit flash PMIs for September
9/23 10:00 ET Chief Goon Powell on Capitol Hill
9/23 11:00 ET Goon Evans again
9/23 Noon ET Goon Rosengren
9/24 1:00 pm ET Goon Bostic #3
9/24 2:00 pm ET Goon Quarles
9/24 10:00 ET Chief Goon Powell on Capitol Hill
9/24 Noon ET Goon Bullard
9/24 1:00 pm ET Goon Barkin again & Goon Evans #3
9/24 2:00 pm ET Goon Bostic #4
9/25 8:30 ET Durable Goods
9/25 11:00 ET Goon Evans #4
9/25 3:00 pm ET Goon Williams again

Key Economic Events Week of 9/14

9/15 8:30 ET Empire State and Import Price Idx
9/15 9:15 ET Cap Ute and Ind Prod
9/16 8:30 ET Retail Sales
9/16 10:00 ET Business Inventories
9/16 2:00 ET FOMC Fedlines
9/16 2:30 ET Powell Presser
9/17 8:30 ET Philly Fed
9/18 8:30 ET Current Acct Deficit

Key Economic Events Week of 9/7

9/9 10:00 ET JOLTS job openings
9/10 8:30 ET Initial jobless claims
9/10 8:30 ET PPI
9/10 10:00 ET Wholesale Inventories
9/11 8:30 ET CPI
9/11 9:45 ET Core CPI

Key Economic Events Week of 8/31

9/1 9:45 ET Markit Manu Index
9/1 10:00 ET ISM Manu Index
9/1 10:00 ET Construction Spending
9/2 8:15 ET ADP employment
9/2 10:00 ET Goon Williams
9/2 10:00 ET Factory Orders
9/3 8:30 ET Initial jobless claims
9/3 8:30 ET Trade Deficit
9/3 12:30 ET Goon Evans
9/4 8:30 ET BLSBS

Key Economic Events Week of 8/24

8/24 8:30 ET Chicago Fed Idx
8/25 10:00 ET Consumer Confidence
8/26 8:30 ET Durable Goods
8/27 8:30 ET Q2 GDP 2nd guess
8/27 9:10 ET Chief Goon Powell Jackson Hole
8/28 8:30 ET Pers Inc and Consumer Spend
8/28 8:30 ET Core Inflation
8/28 9:45 ET Chicago PMI

Key Economic Events Week of 8/17

8/17 8:30 ET Empire State Manu Idx
8/17 Noon ET Goon Bostic
8/18 8:30 ET Housing Starts
8/19 2:00 pm ET July FOMC minutes
8/20 8:30 ET Jobless claims
8/20 8:30 ET Philly Fed
8/20 10:00 ET LEIII
8/21 9:45 ET Markit flash PMIs July

Key Economic Events Week of 8/10

8/10 10:00 ET Job openings
8/11 8:30 ET Producer Price Idx
8/12 8:30 ET Consumer Price Idx
8/13 8:30 ET Initial jobless claims
8/13 8:30 ET Import Price Idx
8/14 8:30 ET Retail Sales
8/14 8:30 ET Productivity & Unit Labor Costs
8/14 8:30 ET Cap Ute and Ind Prod
8/14 10:00 ET Business Inventories

Key Economic Events Week of 8/3

8/3 9:45 ET Markit Manu PMI July
8/3 10:00 ET ISM Manu PMI July
8/3 10:00 ET Construction Spending
8/4 10:00 ET Factory Orders
8/5 8:15 ET ADP employment July
8/5 9:45 ET Markit Service PMI
8/5 10:00 ET ISM Service PMI
8/6 8:30 ET Initial jobless claims
8/7 8:30 ET BLSBS for July
8/7 10:00 ET Wholesale Inventories

Key Economic Events Week of 7/27

7/27 8:30 ET Durable Goods
7/28 9:00 ET Case-Shiller home prices
7/29 8:30 ET Advance trade in goods
7/29 2:00 ET FOMC Fedlines
7/29 2:30 ET CGP presser
7/30 8:30 ET Q2 GDP first guess
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7/31 8:30 ET Core inflation
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Key Economic Events Week of 7/20

7/21 8:30 ET Chicago Fed
7/21 2:00 ET Senate vote on Judy Shelton
7/22 10:00 ET Existing home sales
7/23 8:30 ET Jobless claims
7/23 10:00 ET Leading Economic Indicators
7/24 9:45 ET Markit flash PMIs for July

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