🆕 Egon von Greyerz: Eine Chance, die man nur einmal im Leben bekommt🚀#egonvongreyerz #gold #silber

🆕 Egon von Greyerz: Eine Chance, die man nur einmal im Leben bekommt🚀#egonvongreyerz #gold #silber

Silver could move up by multiples even in the 
next 6 to 12 months. So that’s a an incredible opportunity not just from an investment 
point of view but also not obviously from from wealth preservation point of view and that’s 
an opportunity which is one in a lifetime. Ladies and gentlemen after two months Agon Fon Grey is 
back at our monthly interview. Agon, great to see you. We have interesting topics as always. Japan, 
India, BTC and gold of course. Yeah, always good to talk to you and and you know the excitement is 
increasing day by day now and I think we’ll see that with a few pauses in between. We’ll see that 
for the next few years. Um the end of the monetary era is not going to be easy for the world and 
this is what we’re entering now. That’s true. And we saw it the the high in gold recently. We 
had a short setback but it recovered quickly. As you just said it Agon we are facing a global 
mess. And I found there a very good graphic by the visual capitalist. Let’s start with that. 
Isn’t that interesting? The whole world is in depth and Japan marks the center next to Sudan 
and Venezuela. Greece by the way also. So we are facing a global mess. Japan is our bigger topic 
today. I think there is no way out. We discussed that a couple of times in the past. There is no 
single one good paper money in the world. So now there’s only one force attracting a lot of buying 
and this is gold. Yeah. And that’s absolutely correct. and and I look quickly at that um the 
circle of of debt, horrific circle of debt and and um you know the US is just over 120 but but I 
didn’t see Switzerland there maybe it’s hidden somewhere but Switzerland just to compare to 
well-managed economy well-managed country for a very long time Switzerland’s debt to GDP is 25% 
25% as as against you know 230 plus% and and the the Swiss the budget deficit is 200 million which 
is 0.2% of the annual budget is nothing. This is how a well-managed economy and a well-managed 
currency behaves. that is an economy that doesn’t run on deficit, doesn’t doesn’t print money uh and 
doesn’t have constant debt um increasing. So you know that is that is how and that’s why the Swiss 
currencies has been absolutely unique in holding its value much better than every other currency. 
So it and you know there’s no question of gold backing of the currency or any or anything of that 
kind. is just they they manage their expenses so that they’re lower or or not higher uh than than 
the revenues. It’s so simple. No western country in the world manages that today. Yan, that’s true. 
My congrats to you Swiss guys, Agon. But Japan is the big topic because we saw the headlines. 
Some people are expecting the carry trade, the yen carry trade to reverse and that could 
cause really chaotic market circumstances. But I am not of that opinion. I will ask you for 
yours in a moment. Let me show the Japanese yields first. I would start with a quote from an 
article that I will link also to the video. The raise in yields followed the announcement of 
a stimulus package exceeding 17 trillion yen equivalent to approximately 110 billion US that is 
extended to over 130. This is intended to counter inflationary pressure and stimulate growth. And 
what happened? We see it here. The 10-year yield increasing today. That is a very long-term chart 
here. And also the 30-year yields, it goes back here to 99. And look, we are having now a gon 3.3% 
on the 30-year Japanese bonds. At least so far, there is no reverse of the carry trade inside 
because otherwise the yen would strengthen and the yields would go down. But it’s not happening. I 
really think that is completely wishful thinking. Yes, I’m slightly more cautious than 
you are, Yan. Um, you know, you realize, well, this increase in in in long-term rates from 
virtually zero to now 2 3% or more. Um, that means a cost of financing for Japan going up from, you 
know, 100 billion to to almost 300 billion. Um, and that’s more than they can afford. So that’s 
inflationary. Um stimulus stimulus packages are inflationary also. And you know I I see a high 
risk of this carry trade. Carry trade means that country countries or or speculators let’s say uh 
which is governments and traders uh around the world are are borrowing yen and they have borrowed 
yen for nothing and then investing it in other um things like it could be US treasuries for 
you know yielding two three 4% depending on the period they’re investing it for um or bitcoin for 
example but I think that now is much less attract attractive. So I could see, you know, it doesn’t 
happen overnight as we’ve seen, but I could see the the carry trade declining first gradually and 
then I can see it imploding one day. So you know, the whole we have been waiting for this for a very 
long time and it’s just unreal uh that the the Japanese have been able to borrow so much money 
uh which such a rotten economy and such a massive debt to GDP. So I I I um I yeah I’m I would be 
concerned about the carrier trade and I certainly wouldn’t have any position in that at this point. 
And the Japanese prime ministry even said they would be available to step into the market if the 
currency exchange reaches 160 to the US dollar or so. What happens then? Yeah, that means that they 
print more money and it means that the the the yen will weaken uh because the printing more money 
is inflationary. They’ll mean the yen will weaken and it means that Japanese bonds will go down and 
interest rates up. So I think you know it’s a very very sensitive um equation this and um you know 
I’m afraid that maybe longterm Japan like most most western countries will lose out with debts 
exploding, interest rates exploding, inflation exploding and um you know that that whole carry 
trade will be in a mess one day. I would certainly not I will certainly keep out of it. Y let 
me say that that’s a good question how the mess will look like at the end. I will quote here 
from Reuters um another sentence from the central bank governor. While the bank of Japan has kept 
rates steady since hiking them to 5% in January, UEA from the central bank has dropped strong hints 
of action in December or January next year. So they would even consider to increase the rates and 
they going to look at 5% in the USA. The rates are much higher and we just saw it. The yield of 
the 30 years is over 3%. That’s a subsidizing program for the banks. But nevertheless, we saw 
in the charts how the yields develop. The losses are there. Massive losses already trillions of 
losses for savers and banks. Agon and they can try diversionary tactics and pretend to have 
the situation under control, but they haven’t. I think so. they do not have it under control. It 
is sooner or later game over. Yes, absolutely. And remember that they are still big investors in US 
treasuries. Um and one day they will need to dump those also to to to actually finance their own 
problems. Um and that’ll be also bad for the US and bad for the world. So you know it all it comes 
together. Yan and the end of a monetary era means massive debt explosion, massive increase in rates. 
as I said before um and total financial disaster uh when it comes to surviving this and um it’s 
as we know it’s not going to end well for the western financial system um it’s not going to 
end well for western currencies dollar euro etc uh but it’s going to obviously continue to do very 
well for physical precious metals y that’s a good keyword Ion there is one solution at least for the 
financial part of this mess. And this is of course gold. Let’s have a look at the gold chart in yen. 
Here it is over the last few years. It’s also strong in dollars today. Another 1% plus today. 
And it looks more or less like Turkey. But I think this is a phenomenon we will witness around the 
world. It is something to talk about a possible end of the financial era for years and then to see 
it happening in front of our eyes. This is really a dangerous time and we can only encourage the 
people to take financial precautions. We just saw it not just in yen. Get your gold now. Yes. You 
know y I mean this is what we anticipated when we invested heavily in physical gold 25 years ago of 
course. Um and as I’ve said before, you know, this it is now starting this trend of of the decline of 
the western fin monetary system is actually going to mean that precious metals, gold and silver are 
going to accelerate. Now, uh they they’ve been, you know, they still doubled in the last two years 
and and and gold is up 35% this year and silver is up over 50% this year. But, you know, especially, 
I mean, gold is also always going to be the core holding of the precious metals, but and now I see 
a massive opportunity in silver. I think silver is going to catapult from here and and move at 
least twice as fast as gold. And I think silver is now right at that majino or or marginal line uh 
that that he’s been holding since 1980. $50 1980, $50 2011 and $50 now or just over. I think silver 
is just going to explode or catapult as I said and I think silver could move up by multiples even 
in the next six to 12 months. So that’s a an incredible opportunity not just from an investment 
point of view but also not obviously from from wealth preservation point of view and that’s an 
opportunity which is one in a lifetime. So people you know they should hold gold but now is the time 
to be more also exposed to silver because silver is a is a real opportunity today. We can only 
agree to that Agon of course and we stay in Asia and have a look at India because a good months 
ago there was an important announcement from India. Let me quote the Jerusalem Post. India has 
taken a historic step towards the broad financial recognition of silver updating guidelines that 
formally include silver ornaments as illegal collateral for small loans under new Reserve Bank 
of India lending rules set to take effect April 26. While not a formal valuation ratio, the policy 
sets collateral illegability at 10 kilo of silver versus 1 kilo of gold. A comparison analysts view 
as symbolically significant. Soon I think that is very important for India. They always used gold 
and silver as means for their savings. They used uh their paper money for their daily obligations. 
But they always saved in precious metals. And now why not using their precious metals in this 
case silver for small loans to uh encourage the economy. I think a very wise step and that could 
also increase the demand for silver. What do you think? Absolutely. No, I mean the Indians have 
always understood you know the the importance of precious metals because every Indian holds 
gold, physical gold often in the form of jewelry of course. um and and you know they get always 
jewelry for for gifts for weddings or uh birthdays etc. But now also you know and they’re actually 
focusing more on silver which is absolutely right and the the timing timing is right you know I 
mean there is only just under a billion ounces of silver produced every year and there is a 
massive shortage every year of silver of about 200 million ounces and that is only financed in 
futures markets um and let by by lending silver temporarily to make up the deficit. it that’s 
not going to work in the long term. Remember that industrial demand for silver has gone from from 
10% of silver production to now 50%. You know, and obviously that is for solar solar panels uh 
car batteries uh and um electrical and electronic products, you know, Yan, funnily enough, you 
can’t use paper uh to make uh solar panels or to make electric car batteries. You can’t you have 
to have real physical silver and that silver is not going to be there. So this is why we will have 
a massive squeeze the p on the price of silver and that’s why it will go up by multiples here. So 
you know I I see that there’s going to be a real problem in the silver market with all of these 
paper shorts not finding physical silver when people ask for delivery which they will do. So 
we will have a massive squeeze and this is why silver will go up by multiples in a relatively 
short period of time in my view. Let’s come to our last topic for today. The so-called new gold. 
So it doesn’t look as golden as it used to be. I talk about Bitcoin. Here we have a big promoter 
of Bitcoin who just sold. I talk about Robert Kiyosaki. And we read here that he just sold for 
2.25 25 million Bitcoin. He bought them for 6,000, by the way. And he says, “I’m still very 
bullish and optimistic on Bitcoin and will begin acquiring more with my positive cash flow.” But 
nevertheless, this last weeks were really bloody for Bitcoin investors. And I would say as liberal 
or libertarian, okay, the best money should win. They should compete against each other. I think 
this is now the litmos test for Bitcoin and it proved our caution. I think we were right on it’s 
not a store of value. It is rather something to gamble like a technology stocks on steroids. Yeah. 
Isn’t it interesting? You know every time we see Bitcoin mentioned as the illustration is always a 
round gold coin with a B on it. you know, it’s not gold. It’s an electronic entry on a computer or 
on a memory stick. That’s all it is. And you know, again, just like you can’t use paper silver to 
make things, you can’t use electronic in entries to to make things either. And and um you know, 
we’ve always said that Bitcoin will either go to a million or to zero. In my view is the risk is 
higher that it goes to zero because I think it’s a Ponzi scheme. But I know a lot of Bitcoiners will 
not agree with me. Of course, it doesn’t matter. We don’t own Bitcoin because Bitcoin is not for 
wealth preservation. It can never be because it’s not in physical form. If you ever need it, it’s 
just on a on a computer or a memory stick as I said. So now I know Robert Kiasaki, you know, 
he’s a great guy. The but his whole investment philosophy is based on debt, borrowing as much 
as possible, leveraging as much as possible. He’s done that in in the property market and of course 
there’s been successful with that. Um but and and I’m sure he’s doing that with with Bitcoin also 
and that as we approach the end of of a monetary era in my in our view who you know we are focusing 
on wealth preservation not on speculative gains. I think borrowing and and high leverage is not the 
time now um in order to to preserve your wealth. So it’s a different philosophy. It has worked 
extremely well uh during this very long uh and substantial money printing period. I think that’s 
now pass and therefore we should not hold uh major amounts of debt. We should hold real assets like 
gold and silver unencumbered that is not borrow anything against it. That’s the view we look at 
pure wealth preservation. That was a good final statement Agon. It’s really the time to preserve 
your purchasing power now because when the others the purchasing power of the others is decreasing 
with their paper wells and you can protect yours with your physical precious metal assets then you 
clearly improve your own position. Right. By the way to our audience before I forget it I would 
suggest to make a Q&A session again in December. Yeah absolutely. It sounds good. And people always 
like to ask questions and and I enjoy answering them the best to the best of my ability. So 
yes, let’s do that. Y absolutely. Let’s do that. Till next month, Agon. Thank you. Bye-bye. Okay. 
Thanks very much. Thanks. Bye. Bye. Bye. Bye. Bye.

Die gesamte Welt sieht sich einer Schuldenkrise unbekannter Dimension gegenüber, wobei Japan das am schlimmsten verschuldete „westliche“ Land ist und die Schweiz der Musterschüler. In Japan steigen die Renditen kontinuierlich und erreichen Höhen, die man seit Jahrzehnten nicht bezahlen mußte, was große Verluste für die Bondhalter bedeutet. Der Carry-Trade dürfte zum Erliegen kommen und damit ein wichtiger Treiber für die Käufe von Bubble-Assets. Egon von Greyerz ist überzeugt, daß weltweit eine monetäre Ära zu Ende geht und dies mit steigenden Zinsen und großen Verlusten bei allen Blasen-Assets verbunden sein wird. Für den Vermögenserhalt hat sich Gold als überragend erwiesen, doch gerade jetzt könnte Silber eine Chance bieten, die man als Anleger nur einmal im Leben bekommt. Jahrelange Defizite und hoch Nachfrage bilden einen perfekten Sturm für Silber. Während die Edelmetalle glänzen, ist Bitcoin angeschlagen. Es ist jetzt Zeit für Vermögenserhalt, nicht für Spekulationen.

Deutsche Untertitel finden Sie im YT-Player.

0:00 Intro
1:12 Die ganze Welt ist verschuldet, Japan bildet des Schuldenzentrum
2:05 Die Schweiz ist mit 25% Schulden zum BIP ein Musterschüler
3:25 Dreht sich der Yen-Carry-Trade um bzw. versagt er als billiges Finanzierungsmittel?
6:30 Japan steht bereit für Währungsinterventionen, d.h. mehr Inflation
7:55 Sind Zinserhöhungen in Japan überhaupt finanzierbar?
8:55 Die monetäre Ära endet mit hohen Zinsen und Währungszusammenbrüchen
10:55 Silber sollte deutlich stärker als Gold steigen und bietet eine einmalige Chance
11:58 Indien wird ab April 2026 Silber als Sicherheit für Kleinkredite akzeptieren
14:25 Papiersilber taugt nicht für die Wirtschaft, ein Squeeze wird immer wahrscheinlicher
15:00 Robert Kiyosaki hat Bitcoin verkauft
16:30 Das Risiko ist hoch, daß Bitcoin wertlos wird
17:40 Man sollte jetzt Schulden meiden und Realwerte halten

Quellen und weitere Informationen

Schulden
https://www.visualcapitalist.com/state-of-world-debt-in-2025/

Japan
https://de.beincrypto.com/japan-yen-renditen-bitcoin-gefahr/
https://www.cnbc.com/quotes/JP10Y-JP
https://www.cnbc.com/quotes/JP30Y-JP
https://www.finanzen.net/devisen/us_dollar-yen-kurs
https://www.reuters.com/world/asia-pacific/japan-ready-take-necessary-action-forex-pm-takaichi-says-2025-11-26/
https://www.reuters.com/world/asia-pacific/japan-signals-chance-currency-intervention-yen-rises-2025-11-21/
https://www.goldseiten.de/kurse/Goldcharts-JPY.php

Indien
https://www.jpost.com/business-and-innovation/precious-metals/article-871338

Kiyosaki
https://www.zerohedge.com/news/2025-11-23/rich-dad-kiyosaki-sells-his-bitcoin-amid-market-crash

Über den Interviewpartner:

Egon von Greyerz gründete Matterhorn Asset Management (heute Von Greyerz AG) 1999 als private Investmentfirma. Von Beginn an war die Strategie der Vermögenserhaltung die tragende Säule des Unternehmens. Bereits 2002 waren wir der Meinung, dass die finanziellen und wirtschaftlichen Risiken in der Welt ungewöhnlich hoch wurden. Daher investierten wir in diesem Jahr substantielle Investments in physisches Gold bei einem Durchschnittspreis von 300 US Dollar. Wir empfahlen unseren Kunden und Partnern, mindestens 25% und bis zu 50% ihres finanziellen Vermögens in physisches Gold zu investieren. Da die globalen Risiken heute noch bedeutend höher sind, sind wir der Meinung, dass eine substantielle Gewichtung von physischem Gold zentral wichtig ist.

Von Greyerz AG, Zürich, Schweiz, Telefon: +41 44 213 62 45 Von Greyerz AG lagert strategisch einen bedeutenden Teil ihres Vermögens in der Schweiz in physischem Gold und Silber außerhalb des Bankensystems. (Quelle: Von Greyerz Webseite)

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