Gold Is Still Dirt Cheap When You Look at the Math, Says In Gold We Trust Author

Gold at all-time highs? Don’t be fooled. According to Ronald Stoeferle of Incrementum AG, gold remains massively undervalued when measured against what really matters: money printing.

In a sharp interview with Daniela Cambone, Stoeferle lays out the math the Fed hopes you won’t do. Since 1980, gold has risen 294%—sounds decent—until you realize the U.S. monetary base has exploded by over 3,500% in that same window. Gold hasn’t even begun to price in the debt and dollar debasement that define the post-2008 and post-COVID era.

And with a Trump return increasingly likely, the dollar faces renewed political pressure. “Trump wants and needs a weaker U.S. dollar,” Stoeferle warns. Translation: the next leg of gold’s secular bull market is about to ignite.

The smart money isn’t watching the price. They’re watching the value. And by that standard, gold still trades like it’s 2008.

Follow Daniela on X: Daniela Cambone