Von Greyerz & Macleod: Global Debt Trap = Golden Era

By Egon von Greyerz

Founder and Chairman

May 15, 2025

Egon von Greyerz joins Alisdair Macleod in an informal yet thought-provoking exchange on their respective journeys toward a fuller understanding of gold against a historical backdrop of escalating credit, geopolitical and financial risks.

Although both have a long history and understanding of precious metal investing, von Greyerz and Macleod discuss how the golden era for physical gold is just starting, despite a clear historical arc in its favoured direction. Macleod thinks back to the debt and credit woes of the 90s and central bank manipulation of rates, in which the gold cycle bottomed around 300 before Egon began making his first core gold investments. Since then, the price has grown by 10x.

Alasdair shares his own evolution from stockbroker to gold investor in the 70’s, a time when equities, commercial property and banking risk in the UK were painting an obvious picture for the longer-term direction in precious metals. Both agree that understanding gold is ultimately a process of self-education. Greenspan, ironically, understood this as well, but as soon as he became a political figure, the imperative of sound money and common sense gave way to the political imperative of downplaying the obvious..  

Von Greyerz & Macleod respect history as well as the significance of understanding credit as something very separate from money. The rapidly rising gold price of late reflects a breakdown of paper money in an oversized credit bubble. Macleod underscores how governments now find themselves in an undeniable debt trap which makes gold a far more viable store of value than paper money and sovereign bonds. 

Egon argues we are now in the exponential phase of a credit busting cycle and currency debasement—all signposts, again, for rising gold as this cycle plays out. 

A gold rush in this over-indebted backdrop is now mathematical/inevitable, and both wonder just how much gold the US actually has. The future is not looking easy or smooth as the Western financial system suffers a debt reckoning, and gold will become a much larger part of investor allocations in the years ahead. In such difficult times, family and supporting others will be critical, as more human values gain priority in a financial setting that has lost its way.