In this interview, Stephan Bogner of Elementum addresses key questions: How did gold and silver perform in 2025? Which trends shaped the market? What distinguishes Elementum’s strategy? What opportunities does 2026 offer? What advice does he give to investors? How does Elementum secure investments, and which innovations lie ahead?
1. How would you describe 2025 for investors in gold and silver – what made it such a remarkable year?
2025 was an exceptional year for precious metals investors – not only because of the strong returns, but above all due to the clear market mechanics that unfolded.
At the beginning of the year, gold was clearly in the spotlight. The spot price of gold rose sharply, dominated headlines, and was once again perceived as a safe haven. Measured in euros, gold gained around +47% in 2025 – an extraordinary performance for a traditionally stable store of value.
Silver, by contrast, initially appeared relatively subdued. Many market participants did not yet see silver as a driver. Nevertheless, at Elementum we deliberately continued to focus on silver, because experience shows that in genuine precious-metals bull markets, silver typically rises at least twice as strongly as gold.
This view was not popular at first. However, our clients recognized the underlying signals: The structural supply deficit, rising industrial demand, and silver’s historic undervaluation relative to gold.
As the year progressed, this strategy was confirmed impressively. Silver clearly outperformed gold, achieving a gain of more than +137% in euro terms in 2025. As a result, silver delivered nearly three times the performance of gold in euro terms – exactly the scenario we had anticipated.
Thus, 2025 was not only a year of high returns, but also a textbook example of how crucial contrarian thinking, patience, and a well-grounded precious-metals strategy truly are.
2. Which key trends did you observe in the precious metals market that influenced returns?
A key trend was the return to physical ownership. An increasing number of investors have realized that there is a fundamental difference between mere price exposure and actual ownership in physical form. In uncertain times, what matters is not what exists on paper, but what is physically available and clearly assigned from a legal standpoint.
This became particularly evident in silver. Compared to gold, silver is a very small market – both in terms of annual mine supply and the amount of freely available tradable material. At the same time, industry is consuming an ever-larger share of total supply. For several years now, the silver market has been in a structural deficit, and there are currently no signs of a lasting improvement on the supply side.
This scarcity is not a theoretical concept; it is increasingly being felt in physical reality. High-quality, immediately available silver is becoming harder to obtain, supply chains are under strain, and the gap between paper prices and actual physical availability is widening.
In addition, silver has undergone a strategic revaluation. Today, silver is no longer viewed solely as a precious metal, but increasingly as a strategic metal. The United States has officially classified silver as a critical material, and China also requires large quantities for key technologies such as electric vehicles, solar energy, electronics, and for military applications as well. This demand is structural and long-term, not cyclical.
In this environment, another development proved decisive: The decoupling of the paper market from the physical market. While futures markets fluctuated in the short term, physical silver became steadily scarcer. This clearly demonstrated that price movements alone do not capture the full picture.
At Elementum, we recognized this trend years ago and positioned our clients accordingly. In a market that is small, structurally undersupplied, and growing in strategic importance, the conclusion is clear: Physical metal is what counts. Everything else becomes irrelevant over longer periods.
This combination of scarcity, strategic demand, and growing distrust of traditional financial promises was a key driver of returns – and it will remain relevant well beyond 2025.
3. How does Elementum’s strategy differ from other providers in seizing market opportunities?
The decisive difference is that we do not view precious metals as a product, but as a strategic asset instrument. We are not a traditional precious-metals dealer that sells once and then hopes prices will rise over time. Our approach is different: We act as strategists for physical precious metals.
At Elementum, we do not analyze markets primarily through price forecasts, but through relationships and cycles. A central tool in this process is the gold-to-silver ratio. This ratio has fluctuated for centuries in recurring patterns, often independently of absolute price levels.
For us, it is therefore not decisive whether gold or silver appears “expensive” or “cheap” in the short term. What matters is how many ounces of gold or silver can be exchanged for another ounce. Based on this principle, we have developed a clear switching strategy for our clients: In phases where silver is significantly undervalued relative to gold, silver positions are built. When the ratio shifts clearly in favor of silver, positions are deliberately switched into gold, and later back again.
The objective is always the same: To increase the amount of physical metal owned by our clients over the long term. The focus is not on the nominal price, but on substance.
This mindset fundamentally distinguishes us from traditional buy-and-hold approaches. We do not want clients to simply wait and hope that prices rise. We want them to accumulate more metal strategically, without deploying additional capital, purely through intelligent reallocations within the precious-metals universe.
Especially in an environment of structural scarcity, particularly in silver, this approach reveals its full strength. Because in the end, what matters is not the nominal value of a portfolio, but how much physical metal is actually held.
Our conviction is clear: Value is not created by waiting, but by strategy. And that is exactly what Elementum stands for.
5. What advice would you give to new investors considering investing in gold and silver?
The most important advice for new investors is this: Do not wait for the perfect timing, but focus on the right structure and strategy.
Many beginners strongly orient themselves toward charts and try to identify the “best entry point.” In practice, however, decades of experience show that it is not timing but systematic investing that matters most. A central element in this approach is the cost-average effect: Those who invest a fixed amount on a regular basis achieve the best average prices over the long term while simultaneously reducing the risk of entering the market at the wrong time.
This approach is particularly effective in volatile markets such as silver. That is why many of our clients at Elementum rely on regular investments, often through monthly or even multiple monthly standing orders. Starting from as little as 50 EUR per bank transfer, clients can invest physically in silver and gold and gradually build positions, independent of short-term price fluctuations.
Another crucial factor is cost and product structure. Many investors buy small or exotic coins and bars that may look attractive but carry high premiums over the spot price. Our philosophy is clear: What matters is not the most exotic product, but the best price per gram.
For this reason, we purchase exclusively 15-kilogram silver bars. Even if a client invests only 50 EUR, they acquire a fractional share of physical silver from a large bar and benefit from bulk-purchase discounts that are otherwise typically accessible only to financially strong investors. This creates cost efficiency, an often underestimated driver of long-term returns.
In addition, we offer further discount and benefit models, for example for long-term saving or for families. Through the so-called Family Treasure, family members can invest together and pool their discounts, an approach that is particularly well suited for intergenerational wealth building.
In summary: Anyone who wants to invest successfully in precious metals should not speculate and should not wait for the perfect moment. What matters are a sound structure, a clear strategy, and consistent execution. This is how risks can be minimized and genuine substance built over the long term.
6. How does Elementum ensure that investments are both secure and profitable?
For us, every investment begins with security. Without security, any return is merely a number on paper.
At Elementum International AG, headquartered in Altdorf in the Canton of Uri, security is our highest priority. We do not aim to be the cheapest provider in the market, but the safest. For this reason, we have deliberately elevated our security architecture to a level that many other providers simply cannot achieve.
Our precious metals are stored exclusively in Switzerland, in former military bunkers in Central Switzerland, far away from urban centers and civilian infrastructure. These facilities are located deep within granite mountain massifs, were originally constructed for military purposes, and today meet the highest security standards. Physical protection, access controls, redundancies, and insurance coverage are all organized at the highest possible level.
However, security for us is not only about concrete and steel, it is equally about structure and control. Our clients’ holdings are regularly audited independently by BDO, one of Switzerland’s leading auditing and advisory firms. BDO is also responsible for maintaining our accounting, which is itself reviewed annually by an independent statutory auditor. This ensures the highest standards of transparency, accuracy, and oversight.
In addition, we have a distinguished Board of Directors that exercises an active supervisory and control function. Its members are public figures with outstanding reputations who, alongside their roles at Elementum, are active in academia, business, and public life. Their credibility and reputation are a central pillar of our governance framework.
Over the years, we have also built a strong and highly experienced team focused exclusively on security, processes, and structural integrity. Ownership, storage, insurance, and availability are clearly separated and transparently defined. The precious metals belong to our clients at all times, are not recorded on the balance sheet, and do not form part of any insolvency estate under any circumstances.
We do not define profitability as short-term price movements, but as the long-term preservation and enhancement of real purchasing power. This is achieved through physical ownership, maximum security, and a clear strategy – not through cost optimization at the expense of substance.
In summary, Elementum combines exceptionally high security standards, clear governance, and independent oversight with a strategic precious-metals approach. It is precisely this combination that ensures wealth is not only built, but also protected under all circumstances.
7. Are there any specific trends or innovations that you plan to introduce at Elementum in the new year 2026?
Our focus for 2026 is less on short-term innovations and more on the consistent further development of our core principles: Security, structure, and reliability.
A central priority will be to continue investing even more in security. At Elementum International AG, we do not view security as a static condition, but as an ongoing process. For this reason, we are further expanding our security architecture, both physically within our storage facilities and organizationally and procedurally.
In this context, we are deliberately working toward ISO certification for Elementum. For us, this certification is not a marketing tool, but another step toward elevating processes, controls, and responsibilities to an internationally recognized quality standard.
Another important focus is the expansion of our team. Well-trained, responsible employees are a key factor in both security and quality. We invest specifically in expertise, internal structures, and long-term employee retention, because sustainable quality can only be achieved with stable, committed teams.
At the same time, we are advancing the further expansion of our presence across Europe. Demand for physical precious-metals storage with clear ownership structures is growing throughout the continent. Our goal is to make these structures available step by step in additional countries, always adapted to local legal and regulatory frameworks.
We also plan to continue growing in Switzerland. In addition to storage, we intend to expand our presence and, over the long term, establish our own trading company in Switzerland. This will give us greater control over the value chain and allow us to implement our strategic direction even more consistently.
In summary, 2026 at Elementum is not about spectacular innovations, but about deepening, professionalization, and sustainable growth. We invest where it truly matters over the long term: In security, people, and structures. From our perspective, this is the foundation for trust and stability in an increasingly uncertain environment.
How can you buy precious metals cheaply and store them safely?
Elementum Deutschland GmbH, based in Sindelfingen (Germany), specializes in trading physical precious metals. Customers who purchase precious metals from Elementum Deutschland (or one of the other national Elementum companies in five European countries) can store them in the renowned high-security vaulting facilities in the St. Gotthard Massif in Switzerland at Elementum International AG.
Of course, you also have the option of purchasing gold and silver directly and having it delivered to your desired address. However, storing silver in the so-called open duty-free warehouse (“offenes Zollfreilager”) at St. Gotthard offers decisive tax advantages:
- The 19% value added tax customary in Germany is completely waived on purchases and sales – a considerable price advantage that effectively secures you 19% more silver for your money.
- If you store your silver in this high-security vault, you can sell it back to Elementum Deutschland GmbH at any time – without any bureaucratic hassle and also without VAT, as the trade takes place within the duty-free warehouse. You will receive the funds via bank wire.
- VAT is only payable when you physically remove the stored silver – either by picking it up in person (after prior notification) or by having it shipped to your address.
More silver, more return
Thanks to duty-free storage, you receive 19% more physical silver when you buy. This additional amount also participates in the performance of the silver price if it rises – a leverage effect that significantly improves your return opportunities.
Secure your storage space now – free of charge and without obligation
Register now for a storage space in the St. Gotthard high-security vaulting facility and receive free access to:
- our General Terms and Conditions (GTC)
- current fee tables
- annual audit reports from the auditing company BDO AG
- transparent proof of use of funds
- family discount information
- the popular children’s program “Schatz4Kids” (“Treasure4Kids”)
- as well as numerous other documents and information on storage, purchase, and resale, as well as the ratio “switching” strategy.
Register now: https://silberbar.elementum.de/
Tip for discounted entry: Enter the promotional code “50” (“Aktionscode“) and the “Vermittler” number 1000166 when registering to receive a 50% discount on the storage space setup fee.
Important: Registration is non-binding and does not commit you to anything – but it is your first step towards an independent and crisis-proof precious metal investment.
Elementum is a second-generation, owner-managed family business. Trust, consistency, and long-term thinking are at the heart of our philosophy. The Board of Directors of Elementum International AG is composed of internationally renowned experts in the money and precious metals markets, including economists, analysts, university professors, and precious metals specialists. This in-depth expertise forms the backbone of our actions – for your security, your assets, and your future.
About the Author
Stephan Bogner
CEO of Elementum International AG
Stephan Bogner, who holds a degree in business administration, studied economics at ISM Dortmund (Germany) and wrote the university’s first thesis on precious metals as a hedge against inflation. After studying in the UK and Australia and gaining professional experience in Dubai, he took over as CEO of Elementum International AG in Switzerland in 2012. His expertise in precious metals has had a significant impact on the company’s development.
Contact
Rockstone News & Research
Stephan Bogner (Dipl. Kfm., FH)
Müligässli 1, 8598 Bottighofen
Switzerland
Phone: +41-71-5896911
Email: info@rockstone-news.com
Disclaimer: This article reflects the personal opinion of the author. Elementum assumes no responsibility for the accuracy of the content and accepts no liability for its use. This article may contain links to external third-party websites. Elementum is not responsible for the content of these external sites and expressly distances itself from all information provided there. At the time the links were created, no unlawful content was identifiable. This article does not constitute a recommendation to buy or sell. Elementum International AG is a Swiss company that specializes exclusively in the storage of physical precious metals in a high-security vault facility located in the St. Gotthard mountain massif in Central Switzerland. The Board of Directors and Executive Management of Elementum International AG have been selected solely based on their professional expertise and long-standing experience in precious metals markets. As these individuals may also be professionally active outside their roles at Elementum International AG, the company has no influence over their external activities and respects their right to freedom of expression. Therefore, the views expressed by persons working with or for Elementum do not necessarily reflect the opinion of Elementum International AG. Investments in precious metals are subject to risks, including those specific to the structure of this market. Please read our full risk disclosures and consult a licensed financial advisor before making any investment decisions. Neither the author, Elementum International AG, nor Elementum Deutschland GmbH assume any liability for actions taken based on the information provided. Past performance is not indicative of future results. The cover picture has been obtained and licenced from Shutterstock.com.
