Making Sense of Precious Metals Highs & Volatility

February 06, 2026

By Matthew Piepenburg

Partner

In a candid discussion at the VRIC event in Vancouver last week, Matthew Piepenburg, Partner at VON GREYERZ, makes clear that the 2025 surge in precious metals is not speculation, but the consequence of a fiat monetary system under increasing strain. Decades of debt accumulation, monetary expansion and currency debasement are now manifesting openly in the gold and silver markets.

Piepenburg traces the recent price action back to the pivotal 1971 break, examines the decisive shift in central bank behaviour, and explains why trust in sovereign debt and paper currencies continues to erode. He also addresses the growing role of stablecoins, the diminishing but still active ability of futures markets to suppress genuine price discovery, and the structural forces driving capital away from paper promises.

The discussion further highlights the widening disconnect between financial markets and the real economy, identifies the bond market – not equities – as the true barometer of systemic risk, and explains why physical gold remains an essential tool for long-term wealth preservation in an increasingly unstable monetary environment.

Watch the full interview for clarity beyond headlines and price targets.


About Matthew Piepenburg
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... More...

Matthew Piepenburg
Partner

VON GREYERZ AG
Zurich, Switzerland
Phone: +41 44 213 62 45

VON GREYERZ AG global client base strategically stores an important part of their wealth in Switzerland in physical gold and silver outside the banking system. VON GREYERZ is pleased to deliver a unique and exceptional service to our highly esteemed wealth preservation clientele in over 90 countries.
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