Contango Silver & Gold (CTGO) Fireside chat summary

Introduction and agenda

• The event featured a walkthrough of slides on the current metals environment, planned questions, and live audience Q&A, with a focus on gold and silver markets and company strategy.

• The session was recorded and made available for replay, ensuring broad access to the discussion.

Background and experience of the speaker

• Ronnie Stöferle has published the In Gold We Trust report for 20 years, focusing on gold, macroeconomics, and asset management.

• Manages CHF 580 million across two funds, emphasizing active management and daily NAV publication.

Current industry trends

• Interest rate expectations have shifted from anticipated cuts to potential hikes, impacting gold's narrative.

• Inflation expectations are at multi-year lows, possibly setting the stage for future rate cuts.

• Gold experienced a 64% rise last year, followed by a 5.5% decline year-to-date, seen as a healthy correction.

• Central banks have become major gold buyers, now purchasing up to 1,000 tons annually, about a third of global production.

• De-dollarization and increased emerging market demand are reshaping gold's role in global reserves.