Ronald Stöferle: ‘gold is a soft metal, but a hard currency’

Episode 81: GoldMoney’s Alasdair Macleod interviews Ronald Stöferle, who was a gold expert at Erste Group Bank and now works as a fund manager at Incrementum. They discuss the situation in Europe, central bank money printing, and the positive outlook for gold and silver prices.

Stöferle talks about his decision to leave Erste Bank and start a new fund which is based on the philosophy of the Austrian School of economics. They address the debt crisis in Europe, which is now set against the backdrop of upcoming elections in Germany and the deteriorating situation in France. In light of the continued monetary easing by central banks (and ever diminishing returns) Stöferle points out that gold and silver should continue to be on everyone’s watch list.

He emphasises that institutional holdings of gold and silver assets remain at very depressed levels and have much upside potential. They discuss the importance of physical gold demand from Asia and the renaissance of gold in finance with the changes in the Basel III rules. Finally they talk about silver, its potential to outperform gold during this current bull market, and VAT issues in Europe as well as tight physical supply for both gold and silver in 2013.

This podcast was recorded on 7 December 2012.

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Alasdair started his career as a stockbroker in 1970 on the London Stock Exchange. In those days, trainees learned everything: from making the tea, to corporate finance, to evaluating and dealing in equities and bonds. They learned rapidly through experience about things as diverse as mining shares and general economics. It was excellent training, and within nine years Alasdair had risen to become senior partner of his firm. Subsequently, Alasdair held positions at director level in investment management, and worked as a mutual fund manager. He also worked at a bank in Guernsey as an executive director. For most of his 40 years in the finance industry, Alasdair has been de-mystifying macro-economic events for his investing clients. The accumulation of this experience has convinced him that unsound monetary policies are the most destructive weapon governments use against the common man. Accordingly, his mission is to educate and inform the public in layman’s terms what governments do with money and how to protect themselves from the consequences.

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