When the Surreal Becomes Real: Gold in 2025

VON GREYERZ, Partner Matthew Piepenburg, joins Jesse Day at Commodity Culture to discuss the ever-changing shifts in markets, geopolitics, the economy, and the rising role of precious metals against a surreal backdrop of extreme headlines.

Piepenburg opens by drawing critical signals from the COMEX inflows/outflows as confirmation of a world replacing fiat reserve assets with physical gold. He further warns of increasing market risk in an economic setting waiting for an official recession bell. As to geopolitics, it’s hard to know where to begin, but Piepenburg is blunt with his concerns on the recent Zelensky headlines from DC before turning his thoughts to the topic of US gold audits, the potential for a gold-revaluation and the impacts that follow.

Piepenburg then addresses the silver market, value-seeking, and other asset classes before offering additional and final thoughts on the evolving Trump tariff headlines.

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