Stijn Schmitz welcomes Matthew Piepenburg to the show. Matthew Piepenburg is Partner – Von Greyerz Gold Switzerland, Author – Gold Matters. Piepenburg argues that despite 2026 volatility, including war, a historic gold correction, and US government debt surpassing $40 trillion, the secular gold bull market remains in its early chapters. He sees shakeouts and price interventions as features, not an end, and believes conditions today are stronger than the 1970s run, driven by $265 trillion global debt, negative real rates, and currency debasement.

He contends that governments and central banks have narrowed options and increasingly rely on hidden QE, misleading inflation and employment data, and dollar debasement to manage debt, while Main Street suffers a real recession and middle-class erosion, and stock market gains mostly benefit top wealth.

Piepenburg highlights central bank gold accumulation at record levels, especially after dollar weaponization, as a sign gold is replacing Treasuries as global collateral. He notes the shift in physical gold flows from Western exchanges to Eastern central banks and sovereign funds, and the development of Shanghai-Hong Kong physical settlement, challenging paper price discovery. He expects continued eastward shift, not dollar collapse, but a significant repricing.

Matthew discusses possible US gold revaluation, either marking gold certificates to market or letting gold run, as a form of “gold QE” that would further debase the dollar. He sees miners as leveraged opportunity after sentiment lows, and stresses patience and education. For high-net-worth investors, physical gold outside the banking system in Switzerland and Singapore serves as wealth preservation. He closes that gold won’t get one rich quickly but protects from getting poor.

Timestamps:
00:00:00 – Introduction
00:01:10 – Volatile Year Market Overview
00:03:48 – Gold Bull Market Status
00:08:20 – Mining Sector Investor Interest
00:18:55 – Global Debt & Demographics
00:28:30 – Inflation & Conflicts
00:35:55 – Central Banks & Gold Holdings
00:45:30 – Gold Revaluation Mechanics
00:54:17 – Gold & Gov’t Debt Doubling
01:01:12 – Preparing for Coming Risks
01:07:34 – Von Greyerz Storage Services

Guest Links:
X: https://twitter.com/GoldSwitzerland
Website: https://goldswitzerland.com/
Articles: https://signalsmatter.com/
Book (Amazon): https://tinyurl.com/pvpfmy8c

Matthew Piepenburg is a Partner of Von Greyerz and the author of the popular book, “Rigged to Fail”. Matt is fluent in French, German, and English. He is a graduate of Brown (BA), Harvard (MA), and the University of Michigan (JD). His widely-respected reports on macro conditions and the changing behavior of risk assets are published regularly at SignalsMatter.com