Ronnie Stoeferle
@RonStoeferle
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Fund Manager, Author of "In Gold we Trust report" & "Austrian School for Investors", Proud father of 3. Suffering fan of Rapid Wien Tweets ≠ investment advice
Liechtenstein/Austria
Joined February 2013
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Last Seen Profiles
Pinned Tweet
.
@MarkValek
and I always held the view that a flexible combination of
#BTC
📷 and
#GOLD
is a prudent investment strategy. Let's briefly expand on our reasoning. A little
#Thread
about the combination of the two goods with the highest
#stocktoflow
:
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It always amazes me that the majority of the public focuses primarily on the turmoil in the stock market...
What is happening in the bond market this year is even more striking: This is the fourth worst year (after 1721, 1865 and 1920) in the last 322 years!
ht
#BOFA
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"The intelligent investor is a realist who sells to optimists and buys from pessimists."
Benjamin Graham
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As previously noted, i really read everything that
#ZoltanPozsar
puts out...His Aug 24th piece was terrific again. In this
#thread
I summarize the most important takeaways: 🧵
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Dave Rosenberg just made a great point:
The economy faces 5 shocks, not just one:
-A global demand shock
-A global supply shock
-A negative wealth shock
-An oil shock
-A credit shock
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Dad, I want to be a socialist, when I grow up.
You can't do both, son.
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I'm reading everything that
#ZoltanPozsar
puts out for many years...His latest piece "War and Interest Rates" (August 1st) was a true masterpiece...Here are some highlights in a
#thread
🧵:
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World oil demand is back to pre-covid levels and continues to grow. Seems that renewables are not (yet) making a noticeable economic difference on a global scale. ht
@topdowncharts
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"The causes of all panics crashes and depressions can be summed up in only four words:
The misuse of credit. "
Ludwig von Mises
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Folks, you know that I enjoy reading every piece that
#ZoltanPozsar
at
#CS
writes. His latest piece "War and Commodity Encumbrance" (Dec. 27th) was particularly worth reading. Here's a little
#thread
with the most important parts:
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This "analysis" by the
#WEF
about
#BTC
obviously did not age too well :-)
@LawrenceLepard
@NikoJilch
@btcecho
@JackFarley96
@wmiddelkoop
@marcfriedrich7
@saylor
@100trillionUSD
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Still one of my "favourite" Christine Lagarde quotes:
„We should be happier to have a job than to have our savings protected.“
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Interesting take by Ken Moelis, saying that Germany is in big trouble bc it has
1. Outsourced military to U.S.
2. Outsourced their finances to the EU.
3. Outsourced their energy to Russia and
4. Outsourced their end market to China.
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Folks, 9 days after feeling my first COV-symptoms, i am still faaar from full recovery.
Do me a favour and don't take
#Covid19
too lightly. For me it's def. much worse than "just a flu".
Stay safe and have a happy, healthy and prosperous new year!
Thanks for all your support!
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"One of the biggest taxes is one that is not even called a tax – inflation."
Thomas Sowell
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Mind the gap!
While
#GOLD
would have to rise 8% to reach a new all-time-high,
#GoldMiners
would have to rise 193% to make new highs...
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Very, very interesting graph: Offline vs. online margins for a pair of premium jeans.
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It's finally out: In Gold We Trust 2021 - Monetary Climate Change:
350 pages about
#gold
#inflation
#silver
#miningstocks
,
#btc
#macro
. ..
Enjoy!
@TuurDemeester
@RaoulGMI
@JamesGRickards
@Breedlove22
@LynAldenContact
@LukeGromen
@jessefelder
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"A bull market is when you check your stocks every day to see how much they went up. A bear market is when you don't bother to look anymore."
John Hammerslough
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If you're a
#BTC
sceptic (which is totally fine for me), read this article by
@JeffBooth
. It might change your mind:
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"When half of the people get the idea that they do not have to work, because the other half is going to take care of them, and when the other half gets the idea that it does no good to work, because somebody else is going to get what they work for, that is the beginning of the
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"The definition of a central banker is someone who will permit inflation in anything except wages.”
Russell Napier
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#GOLD
is 8% below its alltime-high and the sentiment in the gold and mining space is in the dumps.
Not the worst sign...
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"The purpose of studying economics is to learn how not to be deceived by economists.”
Joan Robinson
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“Don’t buy gold. Own gold. When you buy something, it’s usually a trade. When you own something, it’s a very different mindset and, we are entering a period where you and I, like every central bank in the world these days, are going to want to own gold.
Unlike treasuries, which
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A picture says more than a thousand words.
Many thanks
@TaviCosta
#gold
#silver
#mining
#gotminers
#ingoldwetrust
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Alright, i just learned that there's a "VEGAN CLIMATE ETF"....
Biggest positions? Tesla, Apple, Microsoft and Mastercard.
This basically says it all... over and out...
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Back to a
#goldstandard
? We'd need gold trading around USD 40,000 to back 40% of the M2 money supply...
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"A surprisingly large % of US income tax receipts are tied to a rise in US stock prices. When the US stock market just stops rising…not falls, but just stops rising, that will put pressure on the receipt side of the US fiscal picture, which no one is talking about."
A. Greenspan
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"A mania first carries out those that bet against it and then those that bet with it."
Jim Rogers
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Thx for reading this
#thread
. The full version of Zoltans paper can be found here:
#Zoltan
@LukeGromen
@LawrenceLepard
#commodities
#inflation
@wmiddelkoop
@ttmygh
@GoldSwitzerland
@JeffBooth
@JamesGRickards
@SantiagoAuFund
@dan_pantera
@TaviCosta
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Sentiment on Miners (GDX) now trading at levels of pessimism that we have only seen twice this decade...
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This will be the shortest and shallowest rate hike cycle in the history of the
#FederalReserve
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Just finished reading the brandew "Gold Investing Handbook for Asset Managers" by the World Bank.
The 72 pages report is indeed well worth reading and can be downloaded here:
For your convenience, I have created a little
#thread
to sum up the highlights
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"Possibly the most robust indicator of an impending recession is when the Fed dismisses the inverting yield curve as a predictor of an impending recession."
ht
@albertedwards99
Fabulous chart by
@TaviCosta
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Morgan Stanley sees the Fed’s balance sheet exceeding $10 trillion by the end of next year.
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"Panics do not destroy capital; they merely reveal the extent to which it has been previously destroyed by its betrayal into hopelessly unproductive works."
John Mills 1867
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"Silver is the only morphing metal. It's about to transform from dirt cheap, to Unaffordium, to Unobtainium."
ht
@GoldSilver_com
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Very, very important article!
The biggest misconception with regard to gold – High stock-to-flow ratio is the most important characteristic of gold
ht
@RobertBlumen
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Stuff that you want to see at a
#goldbottom
:
"Mad Money host Jim Cramer, a long-term gold proponent, says that gold has let him down. He has become more bullish on bitcoin, advising investors to put 5% of their portfolios in the cryptocurrency to protect their assets."
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Probably one of the most important charts that i ever tweeted out .-)
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"Bear markets have three stages — sharp down, reflexive rebound and a drawn-out fundamental downtrend." Bob Farrell
ht
@hedgeye
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One of my favourite
@RonPaul
quotes:
"Because gold is honest money it is only disliked by dishonest men."
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Interesting:
#Gold
is trading close to it's alltime-highs and sentiment (according to Sentimentrader's Optix-index) is still in neutral territory...
Confirms my view that this rally might have legs!
#gold
#sentimentrader
@TaviCosta
@ttmygh
@wmiddelkoop
@LukeGromen
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#Gold
is now entering its strongest seasonal phase...This plus very poor sentiment as well as increasingly positive CoT-reports suggest that we should be close to a bottom...
ht
@kevinmuir
and
#NautilusResearch
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In Gold we Trust 2020 - The Dawning of a Golden Decade -
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Probably one of my very favourite Ludwig von Mises quotes:
"The artificial prosperity cannot last because the lowering of the rate of interest, purely technical as it was and not corresponding to the real state of the market data, has misled entrepreneurial calculations. It has
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“Inflation is just like alcoholism. In both cases, when you start drinking or when you start printing too much money, the good effects come first, the bad effects only come later.”
Milton Friedman
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I have just re-read Zoltan's piece called "Oil, Gold, and LCLo(SP)R"....Here's my little summary:
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Bernanke? Seriously? Whats next? Academy Award for Arnold Schwarzenegger? Defender of the year for Harry Maguire?
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The full piece can be read here and it's really well worth taking the time:
#inflation
#war
#stagflation
#FedPolicy
#Gold
#ZoltanPozsar
#macro
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As expected: The renaissance of gold in institutional portfolios is starting:
$16 Billion Ohio Police & Fire Pension Fund Approves A 5% Allocation For Gold | Zero Hedge
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The most interesting
#FED
paper that you've probably never heard of: "Fiscal Dominance and the Return of Zero-Interest Bank Reserve Requirements"
Particularly this quote was quite "interesting:
“Second, because many people are unfamiliar with the concept of the inflation tax
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Looking at the chart of
#GOLD
, this quote comes to my mind:
"In economics, things take longer to happen than you think they will, and then they happen faster than you thought they could."
Rüdiger Dornbusch
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Well that did not age so well...pretty much nailed the bottom in
#gold
....
GOLDBUG MACRO IS DEAD
I'm officially calling it. Goldbugs have had enough time to make their case. They failed. It's over.
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