THE VON GREYERZ PERSPECTIVE - vongreyerz.substack.com

Gold has risen strongly over the past few years while technology stocks have captured most of investors’ attention. At a glance, it appears that stocks have created the real wealth, while gold has simply kept pace with inflation. Matthew Piepenburg argues that this conclusion depends on how wealth is measured. Since the fourth quarter of 2021, the S&P 500 has gained roughly 60% when measured in U....

For most investors, a 25% correction in the gold price is unsettling. It’s well beyond what many would consider a normal pullback, and enough to make some wonder whether the bull market has already run its course. But gold has never moved in a straight line. Every major bull market has included periods where prices fell sharply before recovering. Gold rose 65% during 2025, one of its strongest ann...

The silver market has continued to function for years despite persistent supply deficits. Industrial demand kept growing. More silver was being consumed than mined. Yet physical shortages never became severe enough to force a major repricing. China may have been central to that flow of silver. Large amounts of silver doré were shipped to China for refining before finding their way back into global...

Economic and political developments often dominate discussions about the future. An election result. A central bank decision. A conflict in the Middle East. A shift in trade policy. These developments attract attention because they are visible. They dominate headlines, move markets, and shape investor sentiment. Yet some of the forces that shape history unfold over much longer periods. Simon Hunt...

Investors rarely welcome corrections. When prices rise, confidence grows. But as prices fall (even within a long-term uptrend), doubt quickly returns. Von Greyerz argues that is what’s happening in silver today. Silver has gone up from $4 at the beginning of this century to as high as $120. Viewed against that move, the recent correction appears far less significant than many investors believe. Th...

For decades, investors have been conditioned to focus on asset prices. They watch stock indexes, property values, bond yields and commodity prices. They celebrate gains and fear losses, assuming wealth can be measured by the number of dollars, euros, pounds or yen attached to an asset. But what if the measuring stick itself is broken? What if the real story of the last century has not been the ris...

For most of recorded human history, the world’s population barely moved. Empires rose and collapsed. Entire civilizations disappeared. Wars, plagues, famine, and monetary destruction repeatedly reset societies back toward survival rather than expansion . And yet through thousands of years of human history, the global population remained below one billion people. Then, in the span of barely two cen...

For decades, investors have been conditioned to believe that rising asset prices represent growing wealth. Higher stock markets, more expensive homes, and larger numbers in retirement accounts are all interpreted as signs of prosperity. Yet history repeatedly shows the same uncomfortable truth at the end of every monetary cycle: Assets are not always becoming more valuable. Very often, money itsel...

Clarity has become increasingly rare in today’s financial landscape. Headlines shift constantly, narratives evolve without resolution, and yet the deeper forces shaping outcomes remain largely unchanged. Geopolitical tensions, oil markets, and central bank actions dominate attention, but they do not determine the direction ahead. Because the direction has already been set. When Julius Caesar cross...

Road To $75,000 Gold April 18 (King World News) – Jonathan Haycock, partner at VON GREYERZ: “A lot of people say to me, Eric, how do I value gold? I can see that it’s outperformed the S&P for the past 25 years, and I don’t own any, but how do I value it? I look at it three ways: One, just look at gold market cap as a percentage of global stock markets. The long-term average is 40%. Today it’s just...

After a powerful rise in gold, many investors naturally ask the same question: has the move already gone too far? Short-term corrections always create doubt. But focusing only on the price of gold risks missing the far bigger story. Gold is not driven primarily by sentiment, headlines, or market momentum. Gold reflects the condition of the monetary system itself. And that condition is deterioratin...

Investors in gold and silver are increasingly asking the same question: is this bull market coming to an end? After a strong rise over the past few years, a correction has naturally raised doubts. But focusing on short-term movements risks missing the broader reality. Because precious metals are not driven by sentiment or market timing. They are driven by the underlying condition of the financial...

In this video, Simon Hunt explains why the current geopolitical escalation in the Middle East could ultimately trigger the next major move in commodities — particularly copper. While headlines focus on the military confrontation between Israel and Iran, Hunt argues that the real market story lies in how governments and central banks respond when geopolitical stress begins to threaten financial sta...

We are approaching the end of a monetary era. Throughout history, every currency system has eventually gone to zero. No paper currency has survived indefinitely. Without exception, they have all been destroyed by the same forces: excessive debt, uncontrolled money creation, and the inevitable loss of confidence. The current system began in earnest with the creation of the Federal Reserve in 1913....

As the global debt bubble approaches its inevitable breaking point, the world is slowly awakening to a fundamental truth: Real wealth does not exist in paper promises or digital entries on a bank’s balance sheet. True wealth resides in tangible assets that carry no counterparty risk. For centuries, that has meant one thing above all: physical gold. But does this mean gold will rise in a straight l...

THE PAPER SILVER CRISIS HAS BEGUN From London’s Empty Vaults to Shanghai’s Physical Rule: The End of Fractional Reserve Metal Markets. In this presentation, Alasdair Macleod , advisor to VON GREYERZ AG , delivers a stark warning about the state of the global silver market. He argues that what we’re witnessing isn’t speculation or investor mania — but mounting structural stress inside the Western p...

$3,000,000,000,000,000 in Debt — AND COUNTING How Unsustainable Debt Is Driving the Move from Bonds to Gold What happens when the global financial system builds debt faster than it can ever repay? Official debt already stands in the hundreds of trillions. Add derivatives and unfunded liabilities, and total exposure approaches $3 quadrillion. At that scale, the issue is no longer mathematical. It i...

ONE DAY THERE WILL BE NO OFFER — ONLY A BID What happens when paper stops clearing and liquidity vanishes? In a world where debt has swollen far beyond historical precedent, the gold/S&P ratio becomes more than a chart — it is a stress indicator of the system itself. As liabilities expand toward quadrillions, equity markets depend increasingly on liquidity rather than fundamentals, while gold quie...

Silver’s Silent Squeeze Why the Real Shortage Has Only Just Begun History is an unforgiving teacher, and we are currently entering its most brutal lesson: the final stage of a multi-decade fiat experiment. For decades, global finance has relied on digital claims and central bank balance sheets to substitute for real capital, operating on the delusion that digital promises and printing presses coul...

SILVER IS ABOUT TO DO WHAT FEW BELIEVE IS POSSIBLE Why structural shortages, failing paper markets, and rising demand signal a historic reset in real money. Something fundamental has shifted in the silver market—and most investors have not yet recognized it. Price levels that once acted as resistance are no longer behaving as they did in the past, and what appears to be a price move is, in reality...

WHAT OUR GRANDPARENTS KNEW ABOUT WEALTH The constant that survives every rise and collapse of money Monetary cycles do not end with announcements. They end quietly—when trust thins, when promises require explanation, and when systems must be defended rather than relied upon. At that point, money stops behaving like money. And value begins to reveal itself not through performance, but through persi...

PHYSICAL OWNERSHIP IS NON-NEGOTIABLE Silver may rise faster but with greater volatility; gold remains the long-term foundation of stability. --------------------------------------------------------------------- In this presentation, Egon von Greyerz, founder of VON GREYERZ AG , explains why holding physical gold and silver is not about speculation, but about protection in an era of monetary declin...

A 400-OUNCE LESSON IN REAL MONEY Why gold preserves purchasing power while fiat systems inevitably fail For decades, gold has served as a simple but unforgiving mirror of monetary reality. Not because it promises growth, yield, or innovation, but because it measures what paper currencies systematically conceal: the loss of purchasing power over time. This is a public episode. If you would like to...

400 OZ VS 22,000 OZ: CHOOSING THE TRUE KING OF METALS 1.6 Mio. USD vs 1.1 Mio. USD: Measuring True Monetary Value For most of history, money was not defined by promises, leverage, or paper claims. It was defined by scarcity, trust, and permanence. When paper currencies expand without limit, their true value can no longer be measured in numbers on a screen. It must be measured against something rea...

The $50,000 Silver Bars Inside the $50K Silver Vault Throughout history, money has never been defined by promises or paper claims, but by scarcity and trust. Silver, like gold, fulfilled that role for centuries. Yet in recent decades, it has been gradually pushed aside, dismissed as secondary and buried under layers of paper contracts and financial engineering. Today, that illusion is beginning to...