Investor Talk, Released on 9/21/23

Jamie Dimon, CEO of JP Morgan Chase, warns of risks in the banking system and believes the U.S. consumer is less strong than always claimed. Banks in the U.S. and Europe are losing over $1.5 trillion in deposits in a year, while their bond holdings continue to lose value. The FED now reports a $100 billion deficit it pays banks in deposit interest. Dramatically for the bond market, $7.6 trillion worth of U.S. bonds will mature within a year. This and the expected deficit of $2 trillion per year can no longer be financed without QE or yields will shoot to unbearable heights. The gold market in China has decoupled from the West. In Shanghai, the peak price paid is $121 more per ounce than in the West. Evidence of the growing importance of physical trading? Either way, the current financial system is unsalvageable, so buy the fire insurance now that will surely be called upon!

0:00 Intro
1:10 Jamie Dimon (JP Morgan) warns about banks and consumer problems
3:15 Banks’ survival in a new banking crisis is doubtful
3:50 $1.555 trillion in deposit withdrawals from banks
5:35 FED loses $100 billion so far on interest on bank deposits
6:15 $7.6 trillion in debt coming due within a year
7:05 US budget deficit soon to reach $2 trillion annually
9:25 Very unusual events in China, high premium in gold price!
10:50 Physical market in China vs. paper market in the West.
12:00 In the current quiet market, all gold is absorbed, rising demand only goes through price
13:35 Shanghai gold price is the real gold price?
14:25 Chinese also buy gold to protect savings
14:50 The real gold price is revealed when paper holders demand delivery
15:55 In the West, few people buy gold regularly so far
17:20 Gold price reflects mismanagement of finance
18:10 Gold is fire insurance for a fire that is sure to come

Egon von Greyerz is founder and Managing Partner of Matterhorn Asset Management AG & GoldSwitzerland. Since the 1990s Egon von Greyerz has been actively involved with financial investment activities including mergers and acquisitions and asset allocation consultancy for private family funds. This led to the creation of Matterhorn Asset Management, an asset management company based on wealth preservation principles. MAM is part of the Aquila Group, Switzerland’s largest independent asset management group. Von Greyerz makes regular media appearances on CNBC, BBC, etc. and publishes articles on the world economy and wealth preservation.

  gold, inflation, investing, precious metals, silver