The Phaserl


The true importance of gold lies in its possession, not its price

by Lars Schall, Gold Switzerland:

“You have to be patient these days”

On occasion of the publication of his seventh annual “In Gold We Trust“ report, renowned gold market analyst Ronald Stoeferle discussed for Matterhorn Asset Management / GoldSwitzerland some aspects of his latest report and the larger picture, inter alia: the current bad market sentiment in gold; the rather strange fact that gold is traded like a currency but analyzed like a commodity; the question if it’s a problem that gold is traded now below average cash costs for mining companies; and the most contrarian call at the moment: gold mining equities.

Lars Schall: Mr. Stoeferle, your new report is called once again “In Gold We Trust”. However, the sentiment in the market is currently extremely bad. Why so?

Ronald Stoeferle: Well, we’ve seen a massive price drop and in the course of the recent gold crash the market has definitely demonstrated once again its tendency to maximize pain. The fact that sentiment is by now at the most negative level since the beginning of the bull market, gives us cause to be clearly positive about the long term. Sentiment indicators like e.g. Market Vane, the Hulbert survey and Rydex precious metals fund cash flows show that the gold price is miles away from excessive euphoria. According to the Hulbert Financial Digest, the allocation recommended by gold newsletter writers was recently at minus 44%, an all-time low.

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