male silhouette.Erik Townsend and Patrick Ceresna welcome Ronald-Peter Stöferle to MacroVoices. Erik and Ronald discuss:

  • Why gold is an important asset to own
  • Correlation between gold and bond yields
  • Brief history of gold
  • Outlook on the bonds and interest rates
  • Global De-dollarization and sovereign gold holdings
  • What does the momentum of recent gold breakout mean?
  • What effect does monetary policy have on gold
  • Correlation between gold and inflation
  • Why inflation will be a concern for 2H19
  • Gold as equity hedge
  • Importance of understanding the stock to flow ratio for gold

We strongly recommend that you download the chart book that accompanies this episode's postgame segment, as Erik and Patrick will refer to it throughout the segment. If you are already registered at, just login and the download link will appear here once you're logged in. If you haven’t already registered, click the red “Subscribe for FREE” button on the top right side of the home page, and register. Once logged in, you will see the download link(s) and will be able to download the PDF document(s).

Click here to register for access to supporting materials.

Get embed code for this episode. | For other embed code options click here. | Download the audio MP3 File (68.57 MB) . | Download the podcast transcript:   pdf Here (174 KB)

Ronald-Peter Stöferle, CMT

Ronnie is managing partner of Incrementum AG and responsible for Research and Portfolio Management. He is responsible for 2 investment funds that focus on precious metals and inflation-sensitive assets. 

He started as an analyst at Vienna based Erste Group and set up the Commodity Research, primarily focussing on oil and precious metals. In 2007 he published his first In Gold We Trust report. Over the years, the In Gold We Trust report has proceeded to become one of the benchmark publications on gold, money, and inflation. This year’s edition was read by almost 2 million people and was for the first time also published in China.

Since 2013 he has held the position as reader at scholarium in Vienna, and he also speaks at Wiener Börse Akademie (i.e. the Vienna Stock Exchange Academy). In 2014, he co-authored the international bestseller “Austrian School for Investors”, and in 2019 “Die Nullzinsfalle” (The Zero Interest Rate Trap). He is a well-known keynote speaker, and has delivered presentations in 30 countries already. Moreover, he is an advisor for Tudor Gold Corp. (TUD), a significant explorer in British Columbia’s Golden Triangle. Ronnie is married and proud father of 3 daughters.