Gold Up 40% YTD as Stoeferle Says Market Needs Pause Before Next Bullish Breakout

With gold up 40% year-to-date and trading above $3,650 per ounce, Incrementum AG’s Ronald-Peter Stoeferle says the precious metal has officially entered the “public participation phase” of its long-term bull cycle. Speaking to Kitco Mining at the 2025 Precious Metals Summit in Beaver Creek, the co-author of the widely respected In Gold We Trust report explains why this breakout may only be the beginning.

Stoeferle sees a 10–15% pullback as healthy, especially with the Federal Reserve expected to cut rates in September, potentially by 50 basis points. But his long-term thesis remains intact: gold is being driven by record central bank demand, emerging market accumulation, and continued underweight exposure by Western investors.

Stay tuned to Kitco Mining for more coverage from the 2025 Precious Metals Summit in Beaver Creek.

00:48 Gold Market Analysis: Technical and Sentiment Perspectives
02:34 Global Conflicts and Their Impact on Gold Prices
03:17 US Federal Reserve and Economic Indicators
04:11 Emerging Market Demand and Central Bank Gold Purchases
05:38 Gold Price Predictions and Inflation Scenarios
08:10 Gold Stocks and Mining Industry Insights
08:24 Central Bank Gold Holdings and Global Reserves
10:41 BRICS and the Role of Gold in Emerging Markets
15:06 Performance Gold vs. Safe Haven Gold
16:50 Investment Strategies in Gold Mining Stocks
21:13 Silver Market Potential and Future Predictions
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