Egon Von Greyerz https://goldbroker.com/author/egon-von-greyerz It was a tremor that shook the financial markets in the trading days following Liberation Day, when tariffs were imposed on almost every country in the world. One of the big winners was gold. After a brief setback below USD 3,000, the USD 3,200 mark was broken on April 11, the USD 3,300 mark on April 16, marking new all-time highs. However, the significant depreciation of the US dollar – the US dollar index fell by around 4% within a few days, by more than 4% against the euro and by around 8% against the Swiss franc – meant that the gold price in euro rose only slightly and fell by more than 4% in Swiss francs. By way of comparison, the S&P 500 dropped by more than 7%. One reason for gold’s strength is its portfolio property as a hedge against (economic) political uncertainties of any kind, whether due to armed conflicts, political crises or trade conflicts. The positive correlation between the gold price in US dollars and the World Uncertainty Index is evident.... Mon, 05 May 2025 05:45:44 +0000 https://goldbroker.com/news/gold-role-rearrangement-global-economic-order-3530 The picture above shows the Bonfire of the Vanities (Falò delle Vanità) in 1497 in Florence. Objects of sin like art, books, cosmetics etc were burnt. Tom Wolfe wrote an excellent book with the same title in 1987. The Wise, the Unlucky and the Greedy Some time ago, I wrote an article with the title: THE MOST IMPORTANT ARTICLE I HAVE PENNED. It is a story about three investors, two real and one fictional (The Wise, the Unlucky and the Greedy). Their destinies are very different… The article starts with Brutus’ speech in Julius Caesar about choosing the right current: “…..AND WE MUST TAKE THE CURRENT WHEN IT SERVES, OR LOSE OUR VENTURES”. We Have Finally Arrived So, what do I mean by that? Simply, we are now at the point when investors must take The Current or lose it all. Let me just repeat what I have said many times: Forecasting time and price is a mug’s game. But we all do it sometimes. This is a lesson I have learnt after about 65 years of market exper... Wed, 02 Apr 2025 17:34:36 +0000 https://goldbroker.com/news/bonfire-paper-asset-vanities-rebirth-gold-3520 Trump would not be surprised if there is no gold in Fort Knox. There should be 4,600 tons there, at a value of $430 billion. The U.S. allegedly holds 8,100 tons of gold in Fort Knox, with most remaining reserves stored at the New York Fed. TRUMP: “Elon and I are going to Fort Knox to see if there is any gold there. If there are only 27 tons, we would be happy. Would not be surprised if there is nothing here – they stole this too!” So, is Trump preparing the world that there is no gold in Fort Knox? In a recent Tweet, I said: AMERIKA SHOW US YOUR GOLD HAND! A potential US gold revaluation will have zero meaning if they don’t prove to the world that they have 8,100 tonnes. A proper audit must of course include all gold leasing, futures contracts etc. I doubt we will ever see the true position. In… — Egon von Greyerz (@GoldSwitzerland) February 20, 2025 So, the time has now arrived for the U.S. to show the world their gold hand.... Tue, 11 Mar 2025 06:30:51 +0000 https://goldbroker.com/news/next-gold-price-move-will-surprise-world-3507 In this 48-minute conversation, Egon Von Greyerz and Ronni Stoeferle delve into a wide range of topics, such as: Ronni’s 18 years as the foremost Global Gold Ambassador with his "In Gold We Trust Report" The relationship between gold and Bitcoin: Are they competitors or complementary assets? The connection between Trump and gold. All gold ever produced is valued at less than the top 10 US stocks. Central banks’ gold holdings, amounting to $3 trillion, are still less than the value of Microsoft. Retail gold buying is down in 2024, but the price is up 30%. Central Banks switching from dollar reserves to gold reserves. The growing significance of BRICS countries in the gold market. Stoeferle’s forecast of gold reaching $2,660 in 2024, with a $4,800 prediction for 2030. Von Greyerz’s perspective that gold will increase by multiples in value. Rising gold demand can only be met with higher prices, not increased production. The p... Mon, 06 Jan 2025 06:42:54 +0000 https://goldbroker.com/news/increase-gold-demand-can-only-satisfied-with-higher-prices-3479 This 32-minute discussion between Grant Williams and me covers my 55-year professional journey from banking in Switzerland, building and running a major UK FTSE 100 company (DIXONS), and setting up a major business in wealth preservation based on physical gold. In the interview, I discuss with Grant that gold is nature’s money and, therefore, the only money that has ever survived in its original form. This 5,000-year record is unlikely to be broken by any new form of money, whether CBDC (Central Bank Digital Currency) or electronic money like Bitcoin. Grant and I discuss how gold was unloved and undervalued in 2002 at $300, but even today, at $2,600, it is massively undervalued in relation to the current and coming debt explosion. I explain why gold is going to go up by multiples. But as we both stress, gold is actually not going up, but the value of fiat money is down, as it has for millennia. We also discuss the fact that all the gold i... Tue, 31 Dec 2024 06:36:33 +0000 https://goldbroker.com/news/the-coming-paradigm-shift-in-gold-3475 As Eastern and Southern Central Banks substantially increase their gold holdings, Western Central Banks will most probably have little physical gold in their coffers. Total global gold reserves allegedly held by central banks (37,000 tonnes) are valued at $3.1 trillion at the current market price of $2,700. That value is absurd when one US company – Microsoft – has the same valuation. Just think about it: Microsoft is as big as the gold backing of the global financial system. Furthermore, Western central banks have most probably hypothecated and re-hypothecated (lent, leased) their gold several times via bullion banks. That gold will never come back. Consequently, CBs is heavily short on gold and will be badly squeezed as the gold market becomes disorderly. The combination of Eastern/Southern Central Bank gold buying and all CBs replacing their dollar reserves with gold will lead to unprecedented demand for gold for many years. More gold cannot satisfy this demand... Mon, 09 Dec 2024 06:54:34 +0000 https://goldbroker.com/news/the-case-for-gold-incontrovertible-3457 There is a fine line between happiness and misery, as Dickens describes in David Copperfield. Copperfield’s landlord, Mr Micawber, was just on the wrong side of happiness by six pence. Annual income: twenty pounds. Annual expenditure: nineteen and six. Result : happiness. Annuel income: twenty pounds. Annual expenditure: twenty-pound ought and six. Result: misery Charles Dickens (David Copperfield) In a recent article called THE END OF THE US ECONOMIC AND MILITARY EMPIRE AND THE RISE OF GOLD, I stated: “Unsustainable deficits and galloping debt levels, combined with a crumbling military, are the perfect recipe for the end of an Empire.” So, we are obviously not talking about a six-pence deficit in the case of the virtually bankrupt US empire but instead about a debt that is growing exponentially, now by several trillions of dollars annually. History doesn’t just rhyme, but it repeats itself over and over and over again. Let’s just look at the final stages... Fri, 08 Nov 2024 06:49:50 +0000 https://goldbroker.com/news/gold-best-performing-asset-2000-best-yet-come-3446 Unsustainable deficits and galloping debt levels, combined with a crumbling military, are the perfect recipe for the end of an Empire. And it is exactly the position that the US finds itself in. But it also means a new golden era for real money, which is obviously GOLD! (more later…) I have written before about the END OF THE US EMPIRE – ORWELL’S 1984 NEWSPEAK & DIRT CHEAP GOLD. A prospering empire must have a very strong and functioning economy, a solid currency, and a controlled level of debt. Today, America does not possess any of these essential requirements. The empire must also be supported by a strong military. Sadly, this is not the case any longer, as ex-defence Secretary Robert Gates explains in a recent (24 September 2024) article about the weakness of the US military in the Washington Post called “The Pentagon and Congress must change their ways”: “We face unprecedented peril. The Pentagon and Congress must change their ways. America cannot m... Fri, 11 Oct 2024 05:24:37 +0000 https://goldbroker.com/news/end-usa-economic-military-empire-rise-gold-3432 It was always inevitable that the GOLD price would reach $ 1 million! So, now we are there. The price for a 400-ounce gold bar has now reached $ 1 million. It reached $ 1 million on August 16, 2024 – 53 years and 1 day after the US (Nixon) permanently said farewell to the dollar as a store of value by closing the Gold Window. Let’s just recap what has happened to the cost of a 400 oz gold bar since 1971: So, has the value of gold gone up 71x since 1971? (71x$14,000=$1M) No, of course not. The dollar has collapsed by 98.5%. Or, if we look at it differently: That is a loss of purchasing power of 98.5% over the 53 years between 1971 and 2024. Just think about it: If you put $14,000 in the bank in 1971 and earned, say 4% on average, that would be $116,000 today. A far cry from the $ 1 million that the same amount invested in gold – REAL MONEY – would be worth. So, what does closing the gold window actually mean? It simply means that after... Mon, 09 Sep 2024 10:54:20 +0000 https://goldbroker.com/news/one-million-gold-price-exchange-controls-3410 The failure of Western financial structures, including the currency system, is in its final stages. Sadly, no one takes any notice – YET! Global debt has already tripled this century, with the dollar and most currencies having lost 98.5% of their purchasing power since 1971. Experts say the US can never default as they have a printing press. Whatever lies the US and European governments come up with, a 98.5% fall in the value of a nation’s currency is an absolute default. All other explanations are just noise. With global debt at around $350 trillion and global GDP $100 trillion, the Global Debt to GDP is 350%. Over 100% Debt to GDP is unsustainable and cannot be financed over the longer term. And 350% Debt to GDP is bankruptcy – Banca Rotta. With financial markets distorted and leveraged to the hilt, global risk today is greater than ever. There is an obvious path that small and big investors can take to minimise this risk. The best solution is to... Mon, 05 Aug 2024 06:02:52 +0000 https://goldbroker.com/news/avoid-coming-debacle-with-personal-gold-bank-3389 With the collapse of the Western financial and political systems now happening before our eyes, wealth preservation takes on a totally different meaning. As political parties, currencies, stocks, bonds and other bubble assets fall, the indisputable winners will be gold and silver. The world and in particular the West is now entering a period of political and social unrest that signifies the end of a major era. It is the consequence of deficit spending, major debt expansion, currency debasement, inflation leading to political and economic turmoil and misery. Politics in the West are already a total mess. Whatever party gets into power, the deficit spending will accelerate, probably exponentially. That is certain in the UK with the new Labour led government, in France with a motley coalition government and in the US where one candidate might end up in jail (or become president) and the other one is too senile to stand for election. In either case, the US will hav... Mon, 15 Jul 2024 06:07:47 +0000 https://goldbroker.com/news/political-parties-fall-gold-silver-will-rise-3377 At the end of a monetary era a number of dominoes will keep falling, initially gradually and then suddenly as Hemingway explained when asked how you go bankrupt. Some of the important dominoes the world will see falling are: Political, Geopolitical, Currency, Debt and Investment Assets. The consequences will be unthinkable – Social Unrest, War, Hyperinflation, Deflationary Implosion of Assets, Debt Defaults and much more. But when things settle down, there will also be offsetting forces such as the emergence of powerful BRICS nations often backed by commodities. Gold will play a major role during this process. Both central banks, sovereign wealth funds and investors will turn to gold as the most stable part of a crumbling system. This will lead to a fundamental revaluation of gold. As more gold cannot be produced, increased demand can only be satisfied by higher prices. The likely result will be a revaluation of gold by multiples. Fall of the leadership domino Ine... Mon, 24 Jun 2024 13:02:55 +0000 https://goldbroker.com/news/dominoes-fall-gold-will-stand-stronger-than-ever-3367 Since the October 2023 gold low of just over $1,600 gold is up but is anyone buying? Well no, certainly none of the normal players. Gold Depositories, Gold Funds and Gold ETFs have lost just under 1,400 tonnes of their gold holdings in the last 2 years since May 2022: But not only gold funds are seeing weak buying but also mints such as the Perth Mint and the US Mint with its coin sales down 96% year on year. Clearly gold knows something that the market hasn’t discovered yet. Rates much higher For the last few years I have been clear that there will be no lasting interest rate cuts. As the chart shows below, the 40 year down trend in US rates bottomed in 2020 and since then rates are in a secular uptrend: I have discussed this in many articles as well as in for example this interview from 2022 when I stated that rates will exceed 10% and potentially much higher in the coming inflationary environment, fuelled by escalating deficits and debt expl... Mon, 06 May 2024 05:47:41 +0000 https://goldbroker.com/news/real-move-gold-silver-yet-start-3339 The desire of gold is not for gold. It is for the means of freedom and benefit. Ralph Waldo Emerson Gold is now in a hurry and silver even more so. The price moves in the coming months and year are likely to be spectacular. The combination of technical and fundamental factors can easily drive gold well above $3,000 and silver to new highs above $50. Forecasting gold is a mug’s game, as I have often stated. But that is in the short term. In the medium to long term, forecasting the Gold price is a cinch. How can I be so certain? Well, since the history of gold and money began, gold has always increased in value measured against fiat money. Voltaire gave us the formula in 1729: PAPER MONEY EVENTUALLY RETURNS TO ITS INTRINSIC VALUE – ZERO. So why has no investor or layman ever heeded the simple fact that: ALL CURRENCIES HAVE WITHOUT FAIL GONE TO ZERO. What most people, including experienced investors, don’t understand is that gold doesn’t increase in va... Mon, 15 Apr 2024 05:44:15 +0000 https://goldbroker.com/news/gold-silver-entering-exponential-phase-3328 The world’s best kept investment secret is GOLD. Gold has gone up 7.5X this century Gold Compound annual return since 2000 is 9.2% Dow Jones Compound annual return since 2000 is 7.7% incl. reinvested dividends So why are only 0.6% of global financial assets in gold? The simple answer is that most investors don’t understand gold because governments suppress the virtues of gold. Governments will always lie to their people Has anyone ever heard a Western government tell their people that gold is the best protection against their government’s total mismanagement of the economy and their currency? Has any government ever told their people that throughout history all governments, without fail, have destroyed the total value of the people’s money? That includes every single currency in history since no currency has ever survived. And have current governments told their people that since 1971, their currencies have declined by 97% to 99%?... Mon, 01 Apr 2024 06:19:45 +0000 https://goldbroker.com/news/world-best-kept-investment-secret-gold-3313 All Empires die without fail, so do all Fiat currencies. But gold has been shining for 5000 years and as I explain in this article, Gold is likely to outshine virtually all assets in the next 5-10 years. In early 2002 we made major investments in physical gold for our investors and ourselves. At the time gold was around $300. Our primary objective was wealth preservation. The Nasdaq had already crashed 67% but before the bottom was reached, it lost another 50%. The total loss was 80% with many companies going bankrupt. In 2006, just over 4 years later, the Great Financial Crisis started. In 2008, the financial system was minutes from imploding. Banks like JP Morgan, Morgan Stanley and many others were bankrupt – BANCA ROTTA – (see my article First Gradually then Suddenly, The Everything Collapse) Virtually unlimited money printing postponed the collapse and since 2008 US total debt has almost doubled to $100 trillion. Gold backing of a currency doesn’t alw... Wed, 13 Mar 2024 07:02:43 +0000 https://goldbroker.com/news/gold-we-have-liftoff-3304 All the fundamentals are now in place for the above equation to be true: Wars will sadly not go away but instead escalate since there is ZERO desire for peace from the US neocons or the weak Europeans. Inflation and interest rates will increase rapidly, driven by deficits and exponential growth of debt. Wars and inflation will lead to a major shift into GOLD by Central Banks, the BRICS as well as for wealth preservation purposes. “Poverty is the parent of revolution, crime and war” is what Aristotle stated 2,300 years ago. I added “war” since this is often the consequence of poverty and bankruptcy for a nation in a desperate attempt to borrow more money and blame the war for the economic woes. As the US is now totally losing its hegemony, we can on a daily basis follow the desperate actions that a failing super power takes. As every empire and nation that fails, the US has followed the same pattern whether we talk about the Roman, Mongol, Ottoman, Qing or Br... Tue, 27 Feb 2024 07:31:01 +0000 https://goldbroker.com/news/war-inflation-gold-3293 Egon von Greyerz, sits down with Investor Talk’s Jan Kneist to discuss his outlook for 2024, which includes clear signs that now, more than ever, investors need to be prepared for an historic wealth transfer. Egon opens with a brief explanation of the naturally evolved name change from Matterhorn Asset Management AG to VON GREYERZ AG. He places specific emphasis on the values and principles behind the family name--the very same values which will mark his enterprise for generations to come. As to looking forward, Egon’s core views of current and future financial conditions are driven by a consistent understanding of past lessons and patterns. Market patterns today, for example, are reminiscent of the boom and bust cycles of yesterday; he addresses the massive (and dangerous) over-valuation in current markets with greater detail. As to inflation concerns, Egon’s conviction for a much higher inflationary end-game remains the same. Current Fed bala... Wed, 14 Feb 2024 14:41:19 +0000 https://goldbroker.com/news/now-time-protect-enhance-wealth-3287 With the US shooting itself in the foot again, we are now certain that this is the final farewell to the bankrupt dollar based monetary system. More about this follows but, in the meantime, an extremely important warning. If you have never been a goldbug, this is the time to become one. I decided 25 years ago that the destiny of the world economy and the financial system necessitated the best form of wealth preservation that money could buy. And physical gold performs that role beautifully just as it has done for several thousands of years as every currency or fiat monetary system has collapsed without fail throughout history. Thus, at the beginning of this century we told our investor friends and ourselves to buy gold for up to 50% of investable liquid asset. So at $300 we acquired important amounts of gold and have never looked back. We have of course never sold any gold but only added since. I have never called myself a goldbug, just someone who wanted to... Tue, 16 Jan 2024 15:45:12 +0000 https://goldbroker.com/news/catch-goldwagon-lose-your-fortune-3270 In this opening MAMChat for 2024, Matterhorn Asset Management principles, Egon von Greyerz and Matthew Piepenburg, take a sober look ahead at a macro environment riddled with undeniable event-risk—from geopolitics and asset bubbles to debased currencies and distrusted global leadership. None of these facts are pretty, yet they point the way to protective thinking as well as open appreciation in precious metal markets for the coming year. Egon opens with a sober analysis of geopolitical risks emanating from the Ukraine and Middle East to inflamed election cycles in socially fractured nations like the UK and U.S. An obvious pell-mell of both predictable and unpredictable events in any of these areas can and will have headline-making impact on our personal and financial security. In addition to such geopolitical vulnerabilities, investors are crawling toward open market, currency and rate market risks. As Egon reminds, the temporary and rate-cut-dr... Tue, 09 Jan 2024 06:05:59 +0000 https://goldbroker.com/news/looking-2024-extreme-event-risk-golds-open-rise-3268