The recent bank collapses after a string of interest rate hikes are deeply foreboding for the U.S. monetary system, said Egon von Greyerz, founder and managing partner at Matterhorn Asset Management.
Earlier this month Greyerz spoke to Kitco at Deutsche Goldmesse in Frankfurt, Germany.
This year there have been a series of bank failures as the Fed quickly raised interest rates, making it hard for financial institutions to adjust. In March SVB Financial Group, the parent company of Silicon Valley Bank (SVB), filed for bankruptcy. Signature Bank, a New York-based regional bank also went under, the third-biggest bank failure in U.S. history.
Greyerz argued the moves portend a larger move.
“[We have] reached the end of this monetary era,” said Greyerz. “It doesn’t happen overnight and it’s taken longer than I expected nevertheless it’s happening and..it’s starting to accelerate.”
Investors have been fleeing the banking sector. Year-to-date the SPDR S&P Bank ETF is down 22%.
Gold has benefited, trading above $2,000 an ounce for much of 2023. The fear trade has also benefited the gold miners, which are up 10% year to date.
Coverage of Deutsche Goldmesse 2023 sponsored by Defiance Silver.
0:20 – What do the recent bank failures indicate?
2:00 – End of the monetary era.
3:55 – Dedollarization
6:05 – Why focus on currencies to determine the direction of gold?
7:48 – The problem with service-based economies.
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21 Comments
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11:36 “…you cannot write off debt without at the same time writing off the other side of the balance sheet which is your assets…if the debt disappears then so will the asset values also and the whole system will implode and that is going to happen in the next few years sadly.” WOW!
Good show 👍
Kitco Is no News agency.
All we need to know is gold is finished. No central banker you need kitco.
Gold control out of their hands, August will see the end of the US petro-dollar WEF Banksters world economic dictatorship and how will these criminals react do?……escalate WW3, using their media, politicians and military… lovely lot they are….NOT!👹
What an interview!!! Wow!
Egon is so correct in this description of the future
Remember all of it has been planned it ! Banking " crisis" they create the problem and provide the solution, CBDC to control everyone in the world, you won't be able to save , buy whatever you want if you say something that they do not like .
Great insights von Egon von Greyerz as usual, thank you!
The Crypto con artists are here, in this comment section.
Buy b2gold
Interesting to hear about the Weimar Republic from someone who has observed it in real time.🙂
Like Egon. Straight to the point. Tired of history lessons. As he said. Gold is wealth preservation. Thats how people in germany after ww2 got back on their feet.
Central banks are preparing for the new monetary era with the introduction of CBDC.
what WOULD RUSSIAS 85 TRILLION of natural assets REALLY BE WORTH , without the wests counterfeit derivative [SLEDGE HAMMER ] tamping down
Get money out of the banks Buy gold and silver
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Inn Norway Nkr gold are record high because of weak Nkr vs strong $ ,inn Thailand gold are also strong , but silver are weak
Words of wisdom. Very few of us are aware of this end of an economic era.
Did not catch what he said Gold price would be. Any help. Thx