Financial crisis

When global debt represents three times world GDP, and given the unfair differences in access to debt, emerging countries suddenly seem to realize the difference between debt and currency.

The multitude of macro drivers supporting the onset of another gold cycle is truly remarkable. Amplified by the prevailing skepticism surrounding the metal, we are arguably experiencing the most important time in gold's history.

While banks are not in the same situation as in 2008, certain sectors of the economy are beginning to feel the adverse effects of higher rates, and could contribute in the very short term to triggering a credit crunch and a drop in consumption.

Investors' infatuation with tangible assets and the gradual abandonment of growth stocks is likely to be the theme of late 2023.

The central banks' communication on the CBDC projects is a trial run, to test reactions, and then it will naturally appear simpler to stay with a single currency.

If the rationale for owning US Treasuries today is solely based on the premise that the system cannot endure substantially higher interest rates, then gold is a far superior choice.

Tectonic shifts lie ahead. These will involve a US and European debt crisis ending in a debt collapse, a precipitous fall of the dollar and the Euro with Gold emerging as a reserve asset but at multiples of the current price.

It is as if gold and silver are waiting for the resolution of the US debt ceiling talks. In addition to debt risk, the other risk of blowout is now in the U.S. housing market.

When the banking system is multiplying bankruptcies, the US Treasury is preparing to default on its debt, real estate prices are collapsing and emerging countries are abandoning exchanges in dollars, there is only precious metals to protect its capital. Gold and silver are at the very start of an...

In this discussion between Egon von Greyerz and Alasdair Macleod, on the state of the current banking system and the importance of gold, the speakers express concerns about the system’s eventual collapse due to the excessive creation of “funny money.”