Gold has surged past $5,000 and silver is extending its move beyond $100, but Matthew Piepenburg says the real story is not metal prices. It is the accelerating breakdown of trust across global bond and currency markets.
Speaking with Kitco News at VRIC 2026 in Vancouver, Piepenburg, Partner at Von Greyerz, points to rising yields in Japan, the US, and Europe as a clear warning sign. “The bond market is the thing you have to understand,” he said. “Yields are the cost of debt.” When yields rise even as central banks step in, Piepenburg argues it shows sovereign IOUs are being repriced and the so-called risk-free asset has become “return-free risk.”
Piepenburg says gold’s move is not speculative excess, but the logical outcome of decades of debt expansion and deliberate currency debasement. “What should shock you is how bad fiat money has gotten,” he said. As governments rely on negative real rates to manage debt, Piepenburg argues gold is being repositioned by central banks as a neutral settlement asset in global trade, not something you spend, but something you trust when paper systems falter.
Recorded January 25, 2026.
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00:13 – Market Volatility, Rising Yields, and Central Bank Stress
01:12 – Japanese Yen Surge and Global Bond Market Dysfunction
03:48 – Trust Breakdown in Sovereign Debt and Fiat Currencies
06:53 – Debt, Politics, and the Limits of Monetary Policy
13:30 – Gold as a Global Settlement and Collateral Asset
16:17 – The US Dollar’s Role in Global Trade and Reserve Systems
18:15 – COMEX, Paper Markets, and Physical Supply Constraints
19:31 – Gold and Silver Price Moves as Warning Signals
21:03 – Historical Parallels in Currency and Debt Crises
23:32 – East vs West Markets and Global Price Discovery
28:15 – Measuring Trust in Modern Financial Systems
32:21 – Wealth Preservation vs Speculation in Volatile Markets
34:28 – Final Thoughts on Gold, Trust, and Systemic Risk
#Gold #Silver #PreciousMetals #BondMarket #CurrencyCrisis #CentralBanks #DebtCrisis #GoldAsMoney #KitcoNews
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27 Comments
More truth here than anywhere else
4 time rejected
This approach not only prepares you for unexpected market shifts but also keeps you grounded during the volatile of the market price. It’s a valuable reminder that crypto investing should ultimately serve our personal aspirations, rather than just becoming a game of chasing numbers…managed to grow a nest egg of around 100k to a decent 932k in the space of a few months. Thanks again, Lewis Reacher, for the regular updates.
Outstanding!!! This gentleman articulates extremely well!! Thank you Jeremy! Gracias Chico
19:15 whoa! Friday was rigged!
Excellent interview – thanks Kitco and thanks to Matthew
Why on earth does he think the US has the most credibility of all countries?
If you don't have to drive and/or are not working, please stay off the roads for now and be patient with mail and delivery trucks. We are backlogged and already overwhelmed with the amount of delayed packages to deliver. Combine that with horrible unplowed roads and slippery ruts to maneuver large trucks through, we are not enjoying this either. People decided to start buying everything and anything while in their houses so now we are stuck blocking roads to deliver your bored winter apocalypse purchases. If I fall one more time on a slick driveway I'm not delivering to that neighborhood again until the ice is gone. Just fyi. Be kind to your delivery people.
Something happened that might change in the trust in precious metals.
Strictly no buying of US miners stocks , don't forget how US gov outlaw gold in the past, only Canadian miners and Australia miners.
Subbed
This is the best explanation of the current financial crisis. I have heard
In gold we trust. These two gentlemen are simply sharp and honest. Thank you both for speaking the truth, unlike the mainstream media. ❤
I sold physical Silver (3 times) prior to today's 31.37% speculative drop. Held back some, may look at a re-enter in the future. I do (100.0%) project (at least) a >20.0% non-Linear drop in the U.S. stock market by late October 2026.
Trust is measured by gold and silver not fiat currency. From Biblical times to the present.
Did you know that China,s Central Bank like the West is under Jesuit control?
great interview
The Fed is active in the FX markets?
I swear I’ve been buying every dip trying to ‘catch the bounce’ but nah 😭 all my trades just turn into pain. Account bleeding, confidence gone. I don’t need another beginner class or some 5 step BS. I need someone who’s REALLY trading live and actually making it happen. HELP.
Thank you 🎯
Bonds are BS. You are better off in the long run with stocks/Gold, rather than stocks/bonds.
Crazy times! Great interview
Great interview!!
These prices wont last and if you don't sell at the right time your money will be locked for decades unless you sell at a loss
You are wrong! Clearly State Whether The Japanese Yen Strengthened or Weakened!
When USDJPY goes Up, the Yen Weakened. When USDJPY goes Down, the Yen Strengthened.
The Yen is Not the same as Dollar-Yen! Get it RIGHT!
This guy's the man
Haha.. nice to hear US got law and order 🤣🤣🤣🤣