Ronald-Peter Stoeferle: Silver Stocks and Energy Stocks will Win in 2021

Ronald-Peter Stoeferle
Managing Partner, Fund Manager at Incrementum AG

Ronald-Peter Stoeferle at the Vancouver Resource Investment Conference 2021 #VRIC21
Ronald-Peter Stöferle is Managing Partner and Fund Manager at Incrementum AG, based in the Principality of Liechtenstein. The company focuses on asset management and wealth management and is one hundred percent owned by its partners. Ronald manages a fund that invests based on the principles of the Austrian School of Economics.

Before becoming partner at Incrementum, he worked in the research department of Vienna-based Erste Group, where he started writing about gold in 2006. He gained media attention when he forecast that the price of gold would rise to USD 2,300/ounce at a time when the price was only at USD 500. His nine benchmark reports entitled "In GOLD we TRUST" draw international coverage and are read all over the world. He is a lecturer at the academy of the Vienna Stock Exchange as well as at the Institute for value based economics. In 2014, he co-authored a book on investing based on the Austrian School of Economics. The English version of the book Austrian School for Investors – Austrian Investing between Inflation and Deflation was published in fall 2015.

Interview Notes

Major investment houses do not yet see commodities as a viable investment class.

Mainstream is not concerned about inflation until we get above the 2% mark.

At some point we could see the implementation of yield curve control - but only if the equity markets get really nervous.

The average age of fund managers in the US and Europe is around 49 years old and they have not managed inflation before.

Ronald reaches out the money manager in countries that have - like Turkey and Brazil.

The best questions Ronald has heard about gold came from investors in Turkey - their view was much more sophisticated. These people have a completely different mindset when it comes to bonds, gold, and foreign currency. It’s natural for them to hold gold as a fixed income or currency hedge.

Once we go above about 2% inflation, Ronald expects a flight from the bond market into inflation hedges like gold, rel estate and some equities.

Ronald is looking at the inflation signal that Incrementum uses to cycle in and out of sectors. They are moving money into the Bloomberg commodity Index Futures, Russian Ruble 10 year bonds, Energy metals, copper, gold.

The Canadian dollar and AUS are highly sensitive to inflation.

If we’re moving from a deflationary mindset to inflationary we’re still early.

Commodities are cheap on a real basis and a nominal basis.

Janet Yellen becoming the head of the Treasury has a massive symbolic sign as she was a big dove at the FED.

Ronald is most excited about silver from a long-term perspective.

We’re moving into a world where the US is a net oil importer and USD exporter.

The US Shale market is a big capital destroyer.

Energy will be one of the most interesting investments moving forward.

Base metals - some of the mining stocks are a free option on the green energy revolution ie.copper, nickel, lithium etc.

Uranium woke up in the last couple months.

Bitcoin

Ronald discovered BTC in 2011/2012 after seeing there are some really clever, insightful people working in the space.

BTC was created to revolutionize our monetary system and there are many analogies between gold and BTC.

Ronald doesn’t understand why discussions around BTC and gold are emotionally charged - He likes competition and believes it’s healthy for both
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