Gold’s growing role as a monetary alternative to government bonds and the U.S. dollar could mark a structural shift rather than another cyclical bull market, Sprott managing partner John Hathaway and Incrementum partner Ronald-Peter Stöferle told the Precious Metals Summit in Beaver Creek, Colo., on Sept. 22.

The pair pointed to persistent central-bank buying, de-dollarization and gold’s ability since 2022 to rise even as bond yields climbed. Stöferle said the key question for investors is whether gold is in a normal cycle or a broader “remonetization cycle,” arguing the evidence increasingly supports the latter.

Hathaway said the changing relationship between gold and bonds reflects weakening confidence in fixed income as a safe haven. At the same time, institutional and retail participation in gold remains remarkably low, leaving significant room for capital to move into bullion and mining shares if traditional portfolios begin shifting away from bonds.

Both also argued that gold miners remain undervalued despite stronger balance sheets, margins and cash flow than a decade ago. But attracting generalist investors will require the industry to communicate its case more clearly and positively, Stöferle said, rather than relying on the familiar language of crisis, inflation and financial collapse.

Watch the full conversation here: