Skip to content

Swiss Safety in a World of Market Bubbles, Distorted Currencies and Global Saber Rattling

By Matthew Piepenburg


In this brief interview with Investor Talk’s Jan Kneist, Matterhorn Asset Management principal, Matthew Piepenburg, addresses tensions in Ukraine, central bank-driven bubble sustainability, the critical role of interest rate movements, market mean reversions, historical debt levels, cornered central banks and finally the unique advantages of storing gold in Switzerland.

Although originally recorded just prior to the Russian invasion into Ukraine, Matthew addresses the dangers of brinkmanship in a nuclear era and warns that military conflicts are nevertheless all-too common consequences of debt-cornered sovereigns. Jan and Matt then discuss the artificial and Fed-driven stock bubble in the U.S. which has defied years of war, pandemic lock-downs, historical wealth disparity and rising social and political fracturing on the backs of unlimited money printing and artificially repressed interest rates. As Matthew describes, this debt party and asset bubble was born from low rates and will die from rising rates, a fact which central bankers are desperately trying to postpone but by no means avoid.

Jan and Matt then look at the ignored market force of mean-reversion to track future losses in equity markets once this extended/pretended stock bubble eventually “pops.” In the interim, Matthew addresses how convenient crises like Covid and even war in the Ukraine can be promoted as scape goats by policy makers who created the current debt and equity bubble long before either crisis made the headlines. Also discussed is the nightmarish corner in which central banks have placed themselves in choosing between combating inflation with rising rates or saving asset bubbles via low rates. Ultimately, Matthew argues that central banks will pretend to fight inflation but will have no choice but to allow inflation and negative real rates for the long term to address rising debt levels, all of which will be long-term tailwinds for gold.

As to gold, Matthew addresses recent concerns out of Canada as to locally stored gold as well as the inherent but often unknown risks of owning ETF /paper gold rather than vaulted physical gold. He concludes by underscoring the key advantages of storing gold in Switzerland rather than other common jurisdictions.

About Matthew Piepenburg
Matt began his finance career as a transactional attorney before launching his first hedge fund during the NASDAQ bubble of 1999-2001 Thereafter, he began investing his own and other HNW family funds into alternative investment vehicles while operating as a General Counsel, CIO and later Managing Director of a single and multi-family office. Matthew worked closely as well with Morgan Stanley’s... More...

Matthew Piepenburg

Zurich, Switzerland
Phone: +41 44 213 62 45

VON GREYERZ AG global client base strategically stores an important part of their wealth in Switzerland in physical gold and silver outside the banking system. VON GREYERZ is pleased to deliver a unique and exceptional service to our highly esteemed wealth preservation clientele in over 90 countries.
Contact Us


Articles may be republished if full credits are given with a link to VONGREYERZ.GOLD