Gold Is Not Peaking, It’s Just Beginning

By Egon von Greyerz

Founder and Chairman

April 25, 2025

In this latest Gold Matters discussion, VON GREYERZ principals, Egon von Greyerz and Matthew Piepenburg, speak candidly about the current debt backdrop in which the cycles of currency debasement, market volatility, and rising inflationary pressures are playing out in real time.

Von Greyerz reminds that record highs in physical gold are not the signals of a speculative moment, but rather a classic sign of an inevitable and forewarned re-rating of the global credit system. In this historical backdrop, gold is emerging (predictably so) as a far more credible reserve asset than USTS.

The tariffs, of course, have been the obvious catalyst for bringing these recent realities to play, but as Piepenburg makes clear, the central and more direct cause of the seismic monetary shifts (from de-dollarization to gold’s Tier-1 status at the BIS) are simply owed to historically unprecedented and unsustainable debt levels in the U.S. and globally.

Both Piepenburg and von Greyerz discuss the desperate measures now in play—from DOGE, USAID, BTC Reserve headlines and, of course, Trump’s tariff war—but recognize that this debt-based system (including inflated risk assets) will continue to weaken as more fake money and disorderly resets seek to solve an otherwise insolvable debt crisis. Toward this end, necessary but difficult times will need to play out before better policies, moral values and national accountabilities can eventually return.

Gold, of course, is the historical as well as common-sense preparation asset for the coming financial distortions, and it has by no means reached peak valuation, but is instead just beginning to move north as a global gold revaluation now plays out in the backdrop of openly declining—and debt-driven—fiat currency systems.