The reaction to the current crisis is already feeding the next crisis. A crisis caused by expansive monetary policy being solved by the same means seems naive. The driving forces of prosperity are savings and investment, not consumption and debt. The rising price of gold is, in our opinion, only a logical consequence of quantitative easing, which in our opinion is only a euphemism for launching the (digital) printing press. Gold remains an antagonist to uncovered paper currency–an excellent hedge against worst-case scenarios. The perfect environment for gold means low real interest rates and high counterparty risk. Both are currently clearly present and we expect this to continue. At current real interest rates, gold is a clear alternative to short-term government bonds, current accounts and term deposits.
Ronald-Peter Stoferle was born in Vienna on October 27, 1980. He completed studies of business administration and finance at the University of Vienna, as well as in the United States. He began at Erste Group in Vienna, and wrote international gold reports which were quoted on Bloomberg TV, CNBC as well as in the Wall Street Journal and Economist. For 3 years he has been responsible for the analysis of oil and gas at the Erste Group; his last oil analysis with the title "Force Majeure" was published in March. His last gold report "in GOLD we TRUST" was published on July 4. In 2011, he was given an award by Bloomberg for his gold analysis. In addition to his research work, he is responsible for the management of 2 gold-equity Baskets, as well as a silver-based Basket. Stöferle is a chartered market technician (CMT) and certified financial technician (CFTe).