The crisis is already here, says Matthew Piepenburg. What does that mean for stocks, the housing market, the dollar and gold? Yael Potjer welcomes back the Von Greyerz partner to discuss rising government debt, the risks behind the AI boom and why he believes gold is still nowhere near its peak.

Starting with France’s mounting debt problems, Piepenburg explains why rising bond yields are a warning everyone should pay attention to. He argues that the United States faces the same problem on a much larger scale, while central banks are running out of effective tools. Can policymakers keep borrowing costs under control without sacrificing the purchasing power of their currencies? The discussion also covers the future of the euro, declining US dominance and the push to create demand for American debt through stablecoins.

The consequences reach beyond financial markets. Could house prices fall while homeownership becomes even less affordable? We explore how rising mortgage rates affect the housing market, why wealthy cash buyers face a different reality and what this means for younger generations trying to buy their first home.

Turning to stocks, Piepenburg questions the risks investors take when regularly buying the S&P 500. He points to extreme concentration, circular financing and enormous spending on AI infrastructure, drawing comparisons with the dot-com bubble and 2008. Could cheaper Chinese competition undermine the assumptions behind the AI boom—and what happens if those assumptions prove wrong?

Finally, if the case for gold is so strong, why has its price struggled? Piepenburg shares his interpretation of the gold and silver correction, examines central bank buying and China’s long-term strategy, and explains why he is more bullish heading into 2027. What could trigger the next move—and are investors overlooking gold’s changing role in the monetary system?

Learn more about Matthew Piepenburg and VON GREYERZ: https://vg.gold/

Follow Egon von Greyerz on X: https://x.com/GoldSwitzerland

Timestamps

00:00 Intro

01:55 France, bonds & yields

08:30 Debt, inflation & unrest

12:30 ECB, euro & money printing

16:45 America is broke

21:00 Debasement crisis

25:20 End of US hegemony & Stablecoins

31:00 Housing market crash?

35:00 The middle class & Wealth inequality

38:02 Stock market & AI crash

51:15 Gold, Silver & China

59:10 Gold price, Silver price

Holland Gold: https://www.hollandgold.nl/en

Paul Buitink: https://x.com/paulbuitink

Yael Potjer: https://x.com/GoedWeerGeniete

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