Egon von Greyerz: Warning of Wealth Risks in a World of Financial Jenga
Egon von Greyerz: Warning of Wealth Risks in a World of Financial Jenga
Palisades Gold Radio: 2-22-2024
Tom welcomes back Egon von Greyerz, founder and managing partner at Von Greyerz Gold Switzerland. Egon highlights concerns about the current state of the global economy.
He underlined the mounting national debts and potential for war as the two primary factors adding to the world's chaos. Despite this, he stresses the importance of focusing on individual wellbeing and controlling what can be influenced personally.
Greyerz suggests investment in gold as an effective method of wealth preservation. This is because gold maintains its purchasing power over extended periods, even as fiat currencies lose value.
Greyerz predicted a surge in gold interest as a safe haven amid increasing national deficits and economic instability worldwide. The attractiveness of gold is amplified by the potential impacts of overdue debts, particularly in the real estate sector.
Furthermore, Greyerz draws attention to the significant shift in the U.S. government's method of funding debt. As central banks continue to create fiat currency, many countries are offloading their U.S. treasury bonds, leaving the Federal Reserve as the main purchaser. This situation, combined with an inflationary world economy, may trigger more financial troubles.
Greyerz expresses concerns that governments could potentially confiscate assets or force investment into specific securities such as U.S. treasuries. Moreover, Greyerz warns of the risks associated with investments in Bitcoin and Gold ETFs, emphasizing the need for owning physical gold stored outside the banking system for effective wealth preservation.
Despite an overall gloomy prediction for the global economy, Greyerz urges investors to focus on non-monetary values such as family ties and personal relationships.
Time Stamp References:
0:00 - Introduction
1:30 - Wealth Vs. Living
2:33 - Gold Fundamentals
12:55 - Dollar & Debt Outlook
18:17 - BRICS & Russia
20:22 - C.B. Gold Buying
29:42 - U.S. Gold Holdings?
33:25 - Counterparties & Audits
34:49 - Scarcity & Balance
37:04 - Inflation & Wars
39:16 - Fed & Rates
44:10 - Other Assets?
47:38 - Gold ETF Concerns
51:08 - Concluding Thoughts
53:22 - Wrap Up
Talking Points From This Episode - Why Gold reliably retains purchasing power over time, unlike fiat currencies." - Exponential gold price rise predicted due to increasing demand, limited supply. - Greyerz cautions the risks of potential government confiscation of assets in banks. - He also notes that the best things in life are free and help those around you.