Video News/In Focus with Jeremy Szafron

Matthew Piepenburg, Partner at Von Greyerz, says rising Treasury yields and persistent inflation pressures are exposing structural weaknesses in the U.S. financial system. Speaking with Kitco News Senior Anchor Jeremy Szafron, Piepenburg argued that bond markets are increasingly dictating monetary conditions as 30-year Treasury yields approach 5% and debt servicing costs continue to rise. Piepenburg said the combination of expanding debt, inflation, and weakening real wages reflects what he described as an “invisible tax” on consumers. He also discussed growing divergence between paper and physical precious metals markets, pointing to continued movement of gold toward Eastern buyers and ongoing stress in delivery systems. Piepenburg outlined the monetary framework behind his long-term gold outlook, arguing that gold’s rise reflects declining confidence in fiat currencies rather than speculative excess.