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Seismic Changes in the Global Currency & Precious Metal Markets

May 12, 2025

Matterhorn Asset Management (now VON GREYERZ) principal, Matthew Piepenburg, sits down once again with Elijah Johnson of Liberty Finance to discuss recent shifts in the global currency and precious metal markets leading into the August 2022 Jackson Hole summit. Matthew addresses the ongoing issue of when, how or if the Fed will eventually pivot from current hawkish tightening policies to future and inevitable dovish policies.

Ultimately, Matthew argues that the Fed simply can’t beat 9% inflation with a rising (2-3%) Fed Funds rate; instead, the most effective force to fight inflation will be the disinflationary forces of a recession, which is all but assured. Toward that end, Matthew also addresses the false narrative of strong labour market data out of DC to pretend that the US is not in a recession.

Turning to the USD, there’s no denying its relative strength on the back of intentionally rising rates. This current, strong-dollar policy, however, is desperate and will be short-lived once the Fed is forced to weaken the dollar and reduce rates, namely, when recession denial turns to recession reality in the US. As the financial war between the West and East intensifies, more and more nations are choosing their “camps” and slowly moving away from the USD in both international trade and oil purchases, including more signs of gold-for-oil transactions.

Equally significant in this changing new “world dis-order” are recent proposals out of Moscow to find an alternative to the LBMA market, which will have massive ramifications, as discussed.

VonGreyerz.gold

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Matt began his finance career as a transactional attorney before launching his first hedge fund during the NASDAQ bubble of 1999-2001

Thereafter, he began investing his own and other HNW family funds into alternative investment vehicles while operating as a General Counsel, CIO and later Managing Director of a single and multi-family office. Matthew worked closely as well with Morgan Stanley’s hedge fund platform in building a multi-strat/multi-manager fund to better manage risk in a market backdrop of extreme central bank intervention/support. The conviction that precious metals provides the most reliable and longer-term protection against potential systemic risk led Matt to join VON GREYERZ.

The author of the Amazon No#1 Release, Rigged to Fail, Matt is fluent in French, German and English; he is a graduate of Brown (BA), Harvard (MA) and the University of Michigan (JD). His widely respected reports on macro conditions and the changing behaviour of risk assets are published regularly at SignalsMatter.com.