Incrementum’s ‘In Gold We Trust’ report for 2015 — valuation anomalies galore

Dear Friend of GATA and Gold:

Liechtenstein-based asset management firm Incrementum partners Ronald-Peter Stoeferle and Mark J. Valek today published the firm’s annual “In Gold We Trust” report, a magisterial review of gold’s standing in the financial markets.

The report identifies many anomalies suggesting that gold now may be more undervalued since King Croesus of ancient Lydia recognized its potential as money and minted the first gold coins, or at least since GATA Chairman Bill Murphy, toward the end of the long night of the organization’s founding in 1998, mistakenly put a Louis d’or into a vending machine in pursuit of a Dr. Pepper.

These anomalies are why Incrementum remains bullish on gold. But while the report includes a chapter on “financial repression” — central bank intervention to defeat markets and expropriate investors — it seems not to mention the biggest mechanism of repression, gold price suppression, which, documented extensively by GATA here —


— largely explains the anomalies cited in the report and must temper bullishness about gold.

Despite that omission, the report should get people wondering about those anomalies, and so it’s posted in PDF format at GATA’s Internet site here:


CHRIS POWELL, Secretary/Treasurer
Gold Anti-Trust Action Committee Inc.

Categorised as: precious metals

Posted by: Kramer

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