Ronnie Stoeferle: Gold's "Bearish Bull Market" Pullback Is a Healthy Correction and a Classic Buying Opportunity

Gold has pulled back sharply despite geopolitical risk and central-bank buying, prompting many to ask if the bull market is over. Ronnie Stoeferle says no this is a classic "bearish bull market" phase, a healthy reset before the next leg higher as gold continues its remonetization journey.

Disclaimer

This article is for informational and educational purposes only and does not constitute investment advice, financial advice, or a recommendation to buy, sell, or hold any securities. All statements regarding future expectations, gold market trends, gold price correction, gold bull market scenarios, gold stock forecast, remonetization thesis, or investment outcomes are forward-looking and involve significant risks and uncertainties. Actual results may differ materially from those expressed or implied due to factors including commodity price volatility, interest-rate changes, U.S. employment data revisions, currency fluctuations, geopolitical events, regulatory developments, permitting delays, exploration and development risks, operational challenges, financing availability, and general market conditions. Gold mining stocks, Canadian gold stocks, TSX gold stocks, junior gold stocks, gold exploration stocks, and precious-metals investments can result in substantial or total loss of capital. Investors must conduct their own thorough due diligence, review all SEDAR+ and SEC filings, technical reports, and company disclosures, and consult qualified professionals before making any investment decisions. Past performance is not indicative of future results. CanadianMiningReport.com and its affiliates are not registered investment advisors.

Ronnie Stoeferle: Gold’s Bearish Bull Market Is a Healthy Correction — Remonetization Remains on Track

Gold has delivered one of its most confusing performances in recent memory. War has broken out, geopolitical risk has escalated, deficits keep growing, and central banks remain net buyers — yet bullion has pulled back sharply, testing support near $4,300 before a modest rebound. For Canadian investors holding or considering Canadian gold stocks, TSX gold stocks, or junior gold stocks, the move has raised familiar questions: Is this gold price correction a warning that the trade is overheated, or is it the kind of healthy reset that keeps a secular bull market alive?In a wide-ranging Kitco interview with Jeremy Szafron, Ronnie Stoeferle — managing partner at Incrementum AG and co-author of the influential In Gold We Trust report — delivered a clear and compelling answer. This is not the end of the gold bull market. It is a “bearish bull market” phase — a temporary demand vacuum driven by liquidity needs, rate repricing, and Western investor panic, not a fundamental reversal. The structural drivers of remonetization remain firmly intact, and the current gold pullback may be creating one of the more attractive entry points of the cycle for quality gold mining stocks. Stoeferle’s analysis is particularly relevant for CanadianMiningReport.com readers. Canada’s stable rule of law, deep capital markets, and rich geological endowment position Canadian gold stocks favourably in a world shifting toward hard assets. The lessons from one of Europe’s most respected gold strategists offer a timely framework for navigating volatility and identifying opportunities in the gold mining sector.

A Classic Correction in a Secular Bull Market

Stoeferle was candid about the near-term pressure on gold. The metal has faced a meaningful pullback, driven by stronger U.S. jobs data, a hawkish repricing of Fed policy, and rising real yields. Seasonality is weak, and Western financial investors have been aggressive sellers of gold ETFs — March saw the highest outflows in years. Yet he views this as a healthy mid-cycle correction rather than the start of a new bear market. Gold had delivered more than 60% returns in dollar terms the previous year — an exceptional move for a large asset class. “We really have to digest this move,” he explained. “We’re sitting now in some sort of a base camp.”Historical parallels support this view. Gold often sells off early in geopolitical or macro shocks because investors liquidate liquid assets to meet margin calls or raise cash. The metal then recovers as the deeper debt and liquidity problems come back into focus. Stoeferle believes the current environment fits this pattern: a temporary demand vacuum, not a structural break. For Canadian investors, this distinction is critical. The gold mining sector — including TSX gold stocks, Canadian gold stocks, junior gold stocks, and gold exploration stocks — amplifies moves in the underlying metal due to operational leverage. A sharp pullback in gold can lead to even larger declines in share prices, creating selective buying opportunities for those who focus on quality assets with strong balance sheets and clear growth catalysts.

The Remonetization Thesis: Six Vectors Driving Gold Higher Long Term

The core of Stoeferle’s analysis is the remonetization of gold — a slow but powerful shift in which gold is regaining its historical role as a monetary asset.

He outlines six key vectors supporting this thesis:

1. Central-bank buying: Emerging-market central banks continue to accumulate gold as a strategic reserve asset and hedge against USD dominance. While Western investors have been net sellers of ETFs, Asian and central-bank demand has remained resilient.

2. Private investor reallocation: Family offices, pension funds, and high-net-worth individuals are slowly increasing gold allocations as bonds lose their safe-haven status in a high-debt, higher-inflation world.

3. Central-bank balance-sheet recapitalization: Rising gold prices strengthen central-bank balance sheets. In some jurisdictions, this is already being treated as a form of equity.

4. Tokenization and digitization: Projects like Tether are bringing physical gold into the 21st century as collateral and settlement infrastructure.

5. Western re-engagement: “Gold-light” countries (including potential buyers like Canada, Australia, Japan, and the UK) may eventually return to gold purchases to restore trust in their currencies and bond markets.

6. Broader monetary reorganization: The erosion of trust in fiat currencies, political institutions, and traditional financial systems is accelerating a return to hard assets.

Stoeferle emphasized that these vectors are independent but mutually reinforcing. Even if only two or three fully materialize, the impact on gold prices could be significant. His long-term base-case target remains $8,900 per ounce by the end of the decade — a level that still looks conservative in a full remonetization scenario. This framework is highly relevant for Canadian investors. While Western financial investors have been panicking out of gold ETFs, the structural demand from central banks and emerging markets continues unabated. Quality Canadian gold stocks with low geopolitical risk and strong fundamentals are well-positioned to benefit as the remonetization theme gains broader acceptance.

Miners: Strong Cash Flows, But Generalists Not Yet In

Stoeferle was positive on the gold mining sector. Producers are generating record free-cash-flow margins (up significantly from 2023 levels), and the top 10 gold producers tripled their free-cash-flow last year. Balance sheets are pristine, and many companies have used higher prices to strengthen their financial positions rather than overpay in M&A.However, he noted that generalist investors have been slow to return. “The easy money has been made,” he said. “Now it’s really time to be active… do your homework.” The sector needs to simplify its message, focus on cash flow rather than geological jargon, and demonstrate consistent execution to attract broader capital.For Canadian investors, this creates a window. TSX gold stocks, Canadian gold stocks, junior gold stocks, and gold exploration stocks with strong assets, low all-in sustaining costs, and clear growth pipelines are trading at valuations that appear more reasonable after the recent correction. Stoeferle’s advice is clear: have a structured process, know your list of quality names, and be ready to buy aggressively on panic.

Silver: Still the Leveraged Play in the Monetary Metals

While the conversation focused heavily on gold, Stoeferle also highlighted silver’s potential. He sees silver as having even greater upside leverage in a remonetization scenario, driven by both monetary demand and strong industrial offtake (particularly solar). His long-term view remains constructive, even after the metal’s recent volatility.

Practical Advice for Canadian Investors

Stoeferle’s message to investors is pragmatic and process-driven:

• Have a game plan: Know the quality names you want to own and the price levels at which you would buy aggressively.

• Use the correction: The current gold price pullback and weakness in mining stocks may be creating some of the better entry points of the cycle.

• Focus on long-term momentum: Short-term noise (rate headlines, geopolitical events) matters far less than the structural remonetization thesis.

• Diversify intelligently: Gold remains underowned in most portfolios. Even modest allocations (e.g., 5–10%) can improve risk-adjusted returns and reduce drawdowns.

For Canadian investors, the combination of a stable domestic mining jurisdiction, deep capital markets, and a rich pipeline of gold projects on the TSX and TSXV provides a unique advantage. Quality Canadian gold stocks with strong fundamentals are particularly well-positioned to benefit as the gold bull market resumes its upward path.

Conclusion: A Healthy Reset in a Secular Bull Market

Ronnie Stoeferle’s analysis offers a clear and reassuring perspective: the current gold pullback is a temporary demand vacuum in a secular bull market, not a trend reversal. The remonetization thesis remains on track, driven by central-bank buying, private investor reallocation, and the gradual erosion of trust in fiat currencies and traditional bonds.For long-term Canadian investors, this gold price correction and the associated weakness in TSX gold stocks may represent one of the more attractive entry points of the cycle. Those who maintain discipline, focus on quality assets, and look beyond short-term noise are well-positioned to benefit as the structural drivers of the gold bull market reassert themselves. The gold bull market is not over. It is simply experiencing a healthy reset — one that has created selective opportunities for patient investors in the Canadian gold mining sector.

Sources

• Full transcript of the Kitco interview with Ronnie Stoeferle and Jeremy Szafron (June 2026).

• In Gold We Trust report, 20th anniversary edition (Incrementum AG).

• Public central-bank gold purchase data and positioning reports (as of mid-2026).

• Public company disclosures for TSX-listed gold mining companies (SEDAR+).

This article reflects publicly available information as of June 2026. Gold prices, gold market trends, and mining fundamentals evolve rapidly. Investors must verify the latest developments and conduct independent research. Precious-metals and mining investments involve substantial risk of loss.