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Gold’s Key Indicator

By Egon von Greyerz

Founder and Chairman
Egon von Greyerz interviews with Kitco at Deutsche Goldmesse, Frankfurt, Germany.

After the recent bank collapses and string of interest rate hikes, Egon von Greyerz shows his deep concerns for the U.S. monetary system.

“It’s not that gold is getting incredibly strong [by itself], it’s that everything else is getting weaker, and that in particular means your currency, whether it’s the world reserve currency, British pound sterling etc.”

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’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 benefitted, 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.

About Egon von Greyerz
Born with dual Swiss/Swedish citizenship, Egon's education was mainly in Sweden. Egon von Greyerz began his professional life in Geneva as a banker and thereafter spent 17 years as the Finance Director and Executive Vice-Chairman of Dixons Group Plc. During that time, Dixons expanded from a small photographic retailer to a FTSE 100 company and the largest consumer electronics retailer in the U... More...

Egon von Greyerz
Founder and Chairman

Zurich, Switzerland
Phone: +41 44 213 62 45

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