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The Perfect Storm: When Sovereign Debt Meets Monetary Reality

January 28, 2026

In this latest Gold Sessions, Jonny Haycock, Partner at VON GREYERZ, is joined by Alasdair Macleod to examine what may be shaping up to be a perfect storm for global markets.

The discussion begins with Japan’s emerging role as a potential warning signal of wider sovereign debt stress, alongside accelerating de-dollarisation and rising geopolitical uncertainty – developments that are contributing to growing instability in government bond markets.

As trust in the existing monetary system continues to erode, capital is increasingly moving away from financial assets and towards real ones.

The conversation then turns to the shifting dynamics in precious metals, including silver’s unique position at the intersection of sound money and industry, as well as the implications of the gold–silver ratio. In this environment, traditional portfolio models such as the 60/40 allocation may struggle to perform in an increasingly inflationary world order.

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Jonny Haycock, a former professional tennis player, qualified as a Barrister at Middle Temple in London before embarking on a long and successful 27 year career in the City. He joined Salomon Brothers in 1997 before moving into the European Equity division of Morgan Stanley in 2001 to sell equities to the London Institutional and Hedge Fund client base. Jonny was made Managing Director in 2007 and in later years sat on their prestigious European Equity Underwriting Committee. When he resigned after almost 23 years to join VON GREYERZ in early 2024, Jonny was one of Morgan Stanley’s longest serving MDs in London.