TL;DR
Get home office essentials delivered free — and shop member deals
- Fast, free delivery on millions of items
- Access to Prime Big Deal Days deals on October 6–7
- Prime Video, Amazon Music and more included
Sprott managing partner John Hathaway and Incrementum partner Ronald-Peter Stöferle said at the Precious Metals Summit in Beaver Creek that gold may be taking on a more lasting role as an alternative to government bonds and the U.S. dollar. They cited central-bank buying, de-dollarization and gold’s rise alongside bond yields since 2022, while describing a broader shift as an interpretation rather than a settled conclusion.
Gold may be taking on a broader role as an alternative to government bonds and the U.S. dollar, Sprott managing partner John Hathaway and Incrementum partner Ronald-Peter Stöferle said at the Precious Metals Summit in Beaver Creek, Colorado, on September 22. They pointed to gold rising even as bond yields climbed since 2022, a departure from the usual inverse relationship that they said could signal a longer-term shift, not just another market cycle.
The speakers cited persistent central-bank purchases, efforts to reduce reliance on the U.S. dollar, and gold’s recent performance alongside higher bond yields as evidence for their view. Stöferle framed the central question as whether the market is in a conventional gold cycle or a wider “remonetization cycle”—a term for gold regaining a more prominent monetary role. He said, in his assessment, the evidence increasingly favors the latter explanation.
Hathaway said the altered relationship between gold and bonds reflects weaker confidence in fixed income as a safe haven. He also argued that institutional and retail participation in gold remains low. In his view, that leaves room for additional investment if portfolio managers and individual investors shift away from bonds; the report did not provide participation figures or quantify potential flows.
The two investors also said gold-mining companies remain undervalued, citing stronger balance sheets, margins and cash flow than a decade ago. Stöferle said the industry needs to make its case to generalist investors more clearly and positively, rather than leaning mainly on crisis, inflation or financial-collapse messaging. These are the speakers’ assessments, not independently established valuations or forecasts.
Gold’s Changing Place in Portfolios
If gold continues to attract demand while bond yields rise, investors may be treating it less as a short-term hedge against falling rates and more as a standalone monetary asset. This could affect how portfolio managers assess government debt, the U.S. dollar and precious metals in diversified portfolios. The speakers’ argument depends on whether the observed price relationship persists; simultaneous gains alone do not establish a lasting change.
The discussion also raises the possibility of a divergence between gold prices and mining shares. Hathaway and Stöferle cited company finances and investor participation as factors that could affect interest in miners, but the outcome is uncertain. Mining businesses face operational and market risks, and the speakers’ valuation assessments do not establish that shares will rise or that investors will enter the sector.
As an affiliate, we earn on qualifying purchases.
The Bond Relationship Since 2022
Gold and bonds have often moved in opposite directions, in part because higher yields can make interest-bearing assets more attractive relative to gold, which pays no interest. The Beaver Creek report describes a change in that familiar relationship: gold has risen even as bond yields climbed since 2022. The source does not give specific yield or gold-price figures, a measurement period beyond that broad reference, or a quantitative comparison with earlier cycles.
The speakers placed the pattern alongside central-bank buying and de-dollarization. Those themes support their interpretation that gold could be regaining monetary importance, but the report does not provide purchase totals or detail which institutions are changing their reserves. The discussion took place at the Precious Metals Summit on September 22 and was reported by The Northern Miner on October 1, 2026.
As an affiliate, we earn on qualifying purchases.
How Durable Is the Shift?
The report does not establish whether gold’s performance alongside higher yields will continue or whether it reflects a lasting change in investor behavior. It provides no underlying price series, bond-yield data, time comparisons or figures for central-bank purchases and investor participation. The speakers’ remonetization-cycle thesis remains an interpretation, not a confirmed market consensus.
It is also unclear how much of the claimed low participation applies to different types of investors, or what evidence supports the valuation assessment for miners. The report does not identify specific companies, define the valuation measures used, or quantify how much new investment might enter bullion or mining shares.
As an affiliate, we earn on qualifying purchases.
What Investors Will Watch
Investors will be watching whether gold continues to rise when bond yields increase, and whether central banks maintain their buying. Those indicators may help clarify whether the pattern described at Beaver Creek is persisting, though they cannot alone prove that gold’s monetary role has changed. Further price and reserve data, as well as evidence of portfolio allocations, would help test the speakers’ claims.
The summit report does not announce a specific follow-up event, policy decision or deadline. Stöferle said miners need to communicate their financial position and investment case to generalist investors. Whether that leads to broader participation remains uncertain. Any investment in gold or mining shares carries risk, and prices can fall as well as rise.
As an affiliate, we earn on qualifying purchases.
Key Questions
What was discussed at the Beaver Creek summit?
Sprott’s John Hathaway and Incrementum’s Ronald-Peter Stöferle discussed whether gold’s performance alongside rising bond yields reflects a lasting change in its monetary role or a normal market cycle.
Why did the speakers say gold’s relationship with bonds has changed?
They pointed to gold rising even as bond yields climbed since 2022. Hathaway interpreted this as a sign of weaker confidence in fixed income as a safe haven. The report does not provide data to measure the size or durability of the change.
What does “remonetization cycle” mean here?
Stöferle used the phrase to describe the possibility that gold is regaining a broader monetary role, rather than simply moving through a conventional price cycle. That is his interpretation, not a confirmed outcome.
No. They argued that miners appear undervalued and have stronger balance sheets, margins and cash flow than a decade ago. Those are their assessments; the report gives no valuation figures and makes no guarantee of future performance. Gold and mining shares carry risk of loss.
Source: rss
Fall Picks
fall essentials
As an affiliate, we earn on qualifying purchases.
