Risk Exponential and Unmeasurable – Egon von Greyerz

By Greg Hunter’s USAWatchdog.com (Early Sunday Release)

Financial and precious metals expert Egon von Greyerz (EvG) vaults gold for clients at two secret locations on two continents. He says his wealthy clients have at least 20% of their net worth in physical gold and silver. Some have much more. Why so much physical metal? EvG says it is because of record risk in the world today. EvG explains, “There is only ½% of all world financial assets held in physical gold. So, this is a very small group, but it is still a lot of money. Of course, the majority doesn’t believe this because if they did, all the other markets would collapse. The particular people that are concerned about risk that we deal with, and they are not concerned in a minor way . . . look at all the asset classes, whether you take the stock markets, bond markets or property markets, they are all in the most massive bubbles fueled by exponential growth in credit. Global credit has tripled since 1999 to today. Global debt went from $80 trillion to $240 trillion. When debt triples, it doesn’t mean that risk triples. Risk goes up exponentially. Then you add to that all the off-balance sheet items and unfunded liabilities. The derivatives are at least $1.5 quadrillion. . . . Officially, it is reported $600 billion, but it is probably $1.5 quadrillion. . . . So, you are talking about risk that no one understands, and no one can measure. Most of it is in paper or air, if you will. It’s like a balloon, and when you pop that balloon, you will find it is mostly air. This means asset values will implode, and so will debt.”

How bad is this going to get? EvG says, “I think stock markets and bond markets will go down by at least 75%, and I would say it could be up to 95% or more. A lot of companies will disappear. I am not saying the world is going to end. You must remember, in 1929 risk and debt was nowhere near where what it is today and certainly not globally either. This is a global problem, and not just in the U.S. In 1929, the stock market went down by 90% between 1929 and 1932. It took 25 years to get back to the 1929 level. So, it could go down by 95% today and that would not surprise me at all because we are talking about a much bigger problem. And don’t believe that central banks and governments are going to rescue this. They have used all their tools. They have inflated the money supply with printed money, and they are telling us all that they have it under control. They have nothing under control, and there is no margin to lower interest rates anymore either. Therefore, in my view, interest rates are going to surge. They could try to lower them when the markets get into trouble. It will not succeed, and it will be like in the 1970’s, and you will see 20% interest rates.”

EvG also says, “With this risk, people have to take insurance. This business is not a business, it is a passion, and I have a passion to help the few people that see the risks. . . . I think your best wealth preservation will be gold.”

In closing, EvG says, “. . . At some point, all hell will break loose. There is no question about it. It could be something very serious coming this autumn. The whole political system is fighting against Trump, and that is going to be tough, very tough. . . . The markets are giving me the signal that things are going to turn in the autumn, and you can easily find a number of catalysts for this to happen.”

Join Greg Hunter as he goes One-on-One with Egon von Greyerz of GoldSwitzerland.com and Matterhorn Asset Management.

(This report talks about extreme record breaking risk in the financial markets, why people need to have an insurance policy of physical gold and silver, and a possible crash of the markets this fall.)

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After the Interview: 

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  1. Marie Joy

    Is there any place, in the world, that an American will be safe? It seems we are expendable.

    • Spikey Norman

      Americans have bombed, threatened, plundered or invaded every nation on the planet. Yet Americans still see themselves as the cream of Earth’s population that would just like to go and live in a nice safe non violent country where they can enjoy their guns, drugs, corrupt and immoral lifestyles in peace. Problem is, nobody wants you.

      • Pugsley

        We know, Spike. You just want our Republic, for which it stands!
        One nation under God. Indivisible, with liberty and justice for all.

        I’m sure in your country, you can’t wait to get it. Well your not welcome to it.

        How did they sell socialism in your country? Did they put you all to sleep first? Well, we the American people are waking up fast. As to who wants our country and you sir ain’t gonna get it. Thanks to our Bible and the founders of our Republic, hi who were wise to give us the right to bear arms. Like Ben Franklin said when he was approached by a group of citizens asking what sort of government the delegates had created. His answer was: “A republic, if you can keep it.” The brevity of that response should not cause us to under-value its essential meaning: democratic republics are not merely founded upon the consent of the people, they are also absolutely dependent upon the active and informed (USAWatchdog.com) involvement of the people for their continued good health and Norman the Yank’s, still got a measure of good health and a very healthy president at this time.
        There’s another Norman I can’t help thinkin of. He’s known as the Shark. He chose to be an American and we love him. His name is Greg Norman. Ever hear of that fellow? I’m sure you have, Spikey Norman! We love Greg’s around these parts and some were even born here, like Greg Hunter, Mannarino and millions more. So don’t worry and beware. We’re not going down without a fight. So either take a flight and get your bum over here, or stay where you is and fight fer yer country and let freedom ring!


      • Charles H

        No, Spikey – your over-generalization is incorrect. And America does NOT have the patent on war, injustice, or corruption: ALL nations DO. America happens to be in prominence – so such crime extends across the world more than most. If you painted a picture fairly – the USA rescued the world a couple times; but then became corrupt and did some serious damage. But America has never conducted a real genocide – only toyed with regimes and many minor countries. Also you overlook that good that America historically has accomplished.
        And the idea that nobody wants us is also disproved by the MILLIONS of Illegal Immigrants who have passed to, and the millions more who are trying to get into the USA. I assure you it is not for the drugs, corrupt, and immoral lifestyles. Overgeneralization in this form is intellectual dishonesty. You should have known the USA in the Fifties. Milk came in glass bottles, with waxed-paper caps, delivered to your door.

        • Bet

          And Charles please tell me about genocide !!! Are u kidding me when usa has perpetrated so much covert experimentation & death of it’s own people … In excess of +500k and other nation`s. The 5-i’s country military ops have very covert activities unknown to most of their civilians…look up Agenda 21 and then explore it thoroughly. How do I know so much?? I am living with daily covert experimentation as a non-consenting victim of microwave and radio frequency attacks. Please go and investigate then wake up all those around you…you could then be classified as a mental case, lose further civilian rights and institutionalised for more experimentation. Here is a massive coverup, now uncovered for our benefit via a website, even offering a FREE eBook “ Psychiatric-fraud.pdf “
          at http://antipsychiatry.org
          Here a video
          Prof DR Jeffrey A Schaler
          Please educate your community.

      • Jallen

        Spikey Norman,
        There is a reason for that; they have turn their back on the Almighty G-d of Abraham, Isaac and Jacob and his only begotten son born in the flesh Jesus Christ, It is all down hill from here until they cry out for G-D.


        • Charles H

          Even those saved out of the gathering cesspool, won’t be spared the hard time of the direction the world is going in. But the Second Advent (1Thess.5:13-17) of Jesus Christ WILL take us out of the way for God to finish His short work on the earth.
          God has done a work equal to redeeming the whole planet: but sinful man doesn’t want it. So the result is ‘a remnant’, out of the whole – a people, then a peculiar people is who He will reserve to Himself. The problem is that many recent ‘scholars’ can’t distinguish between God dealing with the Church and Israel: so they lump them both in together, when God will handle them separately.
          The ‘all downhill from here’ is in God’s plan and Scriptural record. Nothing will stop or divert it. But we, and those, who DO cry out to God will not be judged with the world.

          • Andre

            Charles H.
            The salvation is by one name only – Jesus Christ. He is the Door to the Father. Who Knows him, knows the Father. Wo rejects Him, rejects the Father.
            The Children of Abraham are those who do work of Abraham. He was a friend of God because he believed that redeemer will come. Abraham rejoiced when he saw Christ is his vision.
            Christ’s bride is a church (His people). He is not polygamist. One woman – one church.

            • Charles H

              All this is true. At some future point, when the Jews realize the ‘messiah’ of a future date – was their mistake: they will as a nation turn back to Jesus Christ (and probaby will get their wings and the wilderness, because at that point they will have the testimony of Jesus Christ) which concurs with the Tribulation timeframe. The blood-bought bride of Christ, being redeemed – I can’t understand why God would have ‘her’ go into or through Tribulation. So I conclude that Israel and the Church are treated differently. Two entities; two covenants; two determinations.
              As to the John 8:39 verse – I find nothing in the whole chapter that actually spells out ‘the works of Abraham’; only prophetic realization that God would provide Christ the Redeemer – so that you must go back to Genesis to derive the principles ascribed as ‘works’. (Believing; trusting; obedient…)
              I am suspicious of the popular use of such an obscure scriptural reference. Such amplification usually allows lots of humanly derived ideas to be interjected.

              Also – the idea that Christ is not a polygamist doesn’t quite fit either. One God: three Persons. How can Christ have the Bride, and not the others? And Israel is never described as a ‘bride’.
              You DO know that one of the tenets of Satanism is: “as above; so below”. Which gives cause to think that God and Heaven are like we have here on earth. Never! It is a trap of the devil to convince people that Heaven is like we know here: NO WAY. God is so beyond us – that we only bear “an image”. He can more than provide for an earthly chosen people, and an spiritual redeemed people – in His time; and in His way: under differing conditions.

      • Donald

        Spikey Norman…. sounds like you are insane… perhaps you have been watching too much CNN??? People like you are what’s wrong with humanity – full of anger, hate, violence all because of being stupid due to mental laziness and a narcissistic belief that everyone and everything owes you something.

    • Bill

      It all depends on how you define safe.

  2. Marie Joy

    The $21 Trillion Missing is is only 2 departments. What about the other departments? When other departments are audited, it may be much more than $21 Trillion missing.

    • Sgt. Carter

      Let Freedom Ring!
      Why we can’t let the terrorists win…..
      The reason our intelligence agency’s spy on us we the people too. Not only our enemies. We’re all the enemy now. And the one we sent to fix this mess, is their enemy no. 1! We no longer have any representation anymore except for him. Trey Gowdy and Paul Ryan no longer represent us, but them. Unlike the Trumpster their deer in the headlights cowards. Barack Obama, had more guts in standing up to them, then they. When this is all said and done they’ll be remembered as Benedict Arnold is remembered.
      Why They Took Our Governence
      We can’t let terror win!

  3. William Stanley

    Mr. Hunter: Thanks, I needed that: solid common sense.

  4. Maria das Santos

    Thanks Mr Hunter and Mr von Greyerz,and may I re-iterate Mr von Greyerz’s last comment,thank you Mr Hunter for what you are doing for us “deplorables”.
    The awkward question is,with the only remaining asset that is liquid,will a sitting president not turn up at the gates of these gold storage units and demand the keys in utterly dulcet tones of civility,whilst next to him stands a bull of a man in a sharp suit obviously carrying a gun as his enforcer?And there won’t just be one bull necked man,there will be many all with advanced weaponry.Of course many will say this is unlikely in Switzerland,well Mr Obama during his regime ensured Swiss banking and asset management were nearly destroyed and a number of very old banks were.Reality,socialism is dying,just like communism did,and in its death throes all assets will be consumed for its benefit;that Goya or Chagall on your wall can be sold for the benefit of your local government’s pensions.Better to have your Goya “stolen”,whilst uninsured,an important point,and a sad loss only to emerge after the collapse.This is the mechanism a number of wealthy are employing for jewels which will gravitate to art if not already.
    Those legal mechanisms of handing money onto the next generation,will be attacked,particularly here in the UK such is the ferocity of the socialists in power who are hiding behind religious garb.

  5. paul ...

    As EvG states: “people concerned about risk are buying gold” and they are doing the right thing … as it looks like we are headed for another war … if you listen to the pompous ass warmongering neocons we haven’t had enough wars (i.e. Iraq, Afghanistan, Ukraine, Syria, Yemen and now Iran) … and what excuse is Pompeos using to get us into another war? … for one he is saying that we should invade Iran because their economy is not doing well (because of US sanctions?) … did he ever consider how our US economy will be doing once Russia and China put sanctions on us? … he also says some workers are not getting paid, strikes are occurring, the rial is falling and unemployment is at the staggering level of 25% (according to John Williams (no government officials listen to) our unemployment level is close to this level) … then he says some people in Iran are expressing frustration with their government’s corruption and mismanagement l(ike we Americans are similarly frustrated with corruption and mismanagement (i.e the missing 21 Trillion dollars, etc., etc.)?? … you know … we Americans are lucky we don’t have foreign countries trying to do a regime change on us for these flimsy reasons (but come to think of it … we do have a bunch of internal traitors trying to do a regime change and get rid of Trump) … so here we go … off to war once again … will it be nuclear??? … Pompeos will try to tell us fighting Iran (along with their two nuclear armed allies Russia and China) is going to be a cake walk because the Iranian people will welcome us with candy and flowers … I guess just like the people did in all the other countries we invaded (and are still fighting 18 years later)!! … https://www.zerohedge.com/news/2018-07-21/state-dept-insider-eerily-familiar-drumbeat-war-intensifying-ahead-pompeos-iran

    • paul ...

      So it looks like it’s going to be the “Mother of all Wars” … https://www.zerohedge.com/news/2018-07-22/iran-warns-trump-not-cut-oil-exports-threatens-mother-all-wars

      • paul ...

        This is the way the Iranian President Rouhani explains negotiations with the US … he says that “the US Government’s words or even signatures cannot be relied upon and thus negotiations with the US are useless” … sort of the same lesson the American Indians learned when they negotiated with the US and then our government ripped up our “signed or unsigned treaties” with them!!

        • paul ...

          You know … instead of the neocon warmongering knuckle heads fighting another war over oil … why don’t the American people take a stand and demand that the hundreds of billions of dollars that will be needed to fight a war with Iran … be used instead to build a massive solar farm in the desert southwest and make the US completely energy independent??

        • Keyboard Cat

          White man speak with forked tongue!

    • Russ McMeans

      Both Iran and North Korea have have threatened us, and Japan / South Korea. Iran has also threatened Israel. I say we bomb the crap out of them if they don’t tone it down. Just one or two nukes would settle the score. Luckily we have some excellent leadership- ie Trump and Our secretary of defense that are trying to negotiate peace and also undermining those regimes through quiet back channels. We should be very grateful and pray a lot too. The end is coming but not yet!

      • Frederick

        You would say that Russ Maybe you and Robert can both go live there

        • Robert The Zionist American Patriot Lykens

          Better than Turkey.

          • Frederick

            To each his own Chump

      • sk

        There is probably an Iranian writing to an Iranian web site right now saying ” USA has threatened Iran. USA has also threatened Palestine. I say we bomb the crap out of them if they don’t tone it down. Just one or two nukes would settle the score.” Oh wad some power the gift gie us to see ourselves as others see us……

      • Donald

        ” I say we bomb the crap out of them if they don’t tone it down.”

        Why do you suppose there is so much hatred toward the USA? Go no farther than what has in more recent years been called the deep state. These people are essentially psychopaths and they DO NOT represent the majority of people in America. But EVERY country in the world has psychopaths. The big failure of humanity has been to not get this – partly because psychopaths are adept at being charming and portraying themselves as ones who are looking out for others. How do they give themselves away? No conscience, always belittling others, always sowing seeds of doubt, always lying, always twisting things and so on. They manipulate others for their own benefit.

        • Donald

          Here is a good example of a psychopath:


          If you read the article you will notice how Andy Campbell creates false “facts” and goes out of his way to belittle others to convince the reader that all those who he is writing about are nut cases. Problem is, his report is nonsense. But I suppose someone who believes this sort of commentary will have fallen for it.

      • This sceptred Isle

        easy Dr Strangelove

  6. David Larsen


    I couldn’t help noticing a discrepancy in the poll numbers.

    The Yes number is 2,855, and the No number is 111. This totals 2,966, yet the Total Voters shown in the box is 3,486. That’s a discrepancy of 520 voters. What’s going on there? People attempting to vote twice?

    Great interview with Mr. von Greyerz. Happy Sunday.

    • Greg Hunter

      Something like that.

    • AndrewB


    • sk

      “giftie” apologies

  7. Ross

    Maths does not lie as Egon knows. The debt created currencies have not only destroyed savings and the value of assets but also the real productive value of human education and inspiration to achieve.
    We have a perfect storm of bubbles in real estate, shares , bonds , astronomical debt and derivates that get honoured first.
    They have never lost control over the markets before because people could escape to another asset class and they just conjured up more money to patch the holes. This time is really different.

  8. Roderick Pagnossin

    Pure wisdom right there. Egon chases fact not fear. Reminding all to not think all is well but to take precautions.. to have a insurance policy against the facade of fiat, there is a high probability of a huge crash. Thank you Greg for asking the right questions and asking them of all your guests often, cheers.

  9. Frederick

    Good stuff and the synch problem was nothing We get his message and some of us got it a LONG time ago

  10. genocidal politician

    the prophecy of HD looks like it is emerging
    oil is obviously running out, there is nothing else in Iran worth fighting over.
    EvG fantastic speech.

    • Charles H

      Peak Oil is a contrived deception. This is a carbon-based world. Just what do you think hydrocarbons are? There is coal for centuries; but oil? Peak Oil is like Climate Change: just a pretext for extraction of greater sums.

      • paul ...

        The Sun of God is sending us a message as to exactly where to build our Nation’s “solar farm” (to free us from our oil and energy problems) … a “massive solar farm” the size of Long Island will provide ALL our energy needs … and yes … just like ESTHER our Sun of God can provide us all the oil we need through the process of “man made” photosynthesis just as crops like corn, soy, flax, olives, etc., etc. do for us … our “solar farm” can be engineered to pump out all the oil we will ever need need … so you warmongers out there can stop all your immoral and unnecessary wars that kill women and children to control Middle East oil wells! … https://www.zerohedge.com/news/2018-07-24/us-southwest-suffering-heat-and-drought-not-seen-1930s-dust-bowl

    • Frederick

      Pistachios are delicious

  11. Anthony Australia

    What more can you say.
    Thanks Greg

  12. NH Watcher

    I already see inflation and prices going up in my small home town in rural New Hampshire. Wages certainly are not going up; my employer passed on any increase for the first time this year in many years (since health care costs continue to rise, any sales increases are marginal at best, etc.) I do agree that anyone may buy even a small amount of gold or silver (e.g., rare coins) if they are so inclined; however, I still feel a sizable portion of the world’s population will NOT survive 3-6 months after the next crash. That is also what the world’s elite are banking on; they will NOT reset the world’s economy and monetary systems for 7+ billion people. The goal is to reduce the world’s population to less than a billion people.

    I would not expect your guest to disparage any of his clients; he does not want to compromise his business. But his clients are NOT all good and humble people. While I respect his opinions, and it was a good interview, describing his clients as humble was a laugh. Secretive? Yes. Unassuming? Yes. Keeping a low profile? Yes. Humble? No.

    The only way to survive the next crash will be to share, and eventually, go underground. Trust will be at a premium, and governments will be not the rescuer. Bartering with your neighbor will be commonplace, because none of us will prepare perfectly. Seeing an autumn crash leading into winter is the most ominous prediction. Even Scripture speaks of “pray[ing] that your flight not be in winter.” Most people will do as they are told if the alternative is to freeze to death. And if huge masses migrate south, and you live in the south, what are you going to do? Live in a fortress? Even the Bastille was taken over by the mob.

    The biggest risk for many will be the surprise, the changes overnight, the ignorance of the slow and minor changes happening right now.

    • Charles H

      I see it the same. I worry about being on the road when it begins to unravel. And, yes – I am reinforcing my house to resemble a safe-room. Nobody will be ready…

  13. (Rev) Andrew de Berry

    EVG is brilliant. I love the piece about humility. For many years I prayed to become wealthy – NOT to laud it over others but to help others including one’s family when 1929 recurs X 100. Thanks as always.

  14. Hoosier river rat

    Great interview Greg , e.v. G. Is a most interesting guest.myself , I was expecting the u.s. economy to collapse in the mid eighties when the national debt was in the low trillions. So I got to thinking the shadow gov.buggers can float the economy indefinitely on artificial life support with derivatives. Now evg stated the bubble is global , I call it financial gangrene. Maybe the bubble won’t burst for years. The average joe is unconscience and still putting money in the stock market and banking on his pension fund. The wild card is the intense hatred of pres. Trump.i can see the global manipulators trigger a collapse just to blame it on him.

    • Jeannette Rowden

      I’ve thought the same thing myself (manipulators triggering a collapse); just before the election.

  15. Hoosier river rat

    Greg, when the fake media wanted to know what pres. Trump and Putin were discussing in private , trump should have said he was trying to cut a deal to sell Russia another 20 percent of our uranium mining capacity and negotiate speaking fees for melonia.

  16. al

    I’m a big fan of EvG, he’s truly a voice of reason. Everything he says is logical and correct, the problem is we have been experiencing this economic lie for years and all the Banksters know how to do is keep interest rates low and print like there’s no tomorrow.
    At some point it’s going to break and many people are going to be hurt.

    Lynette Zang says we’re in the reset right now and I think Egon is alluding to that as well, so the when… is now, the real question should be “how long will it take for everyone to notice?” as they did in late 2008/early 09? Because if enough people notice, according to EvG, the collapse will accelerate.

    As always, great job and thank you for being the voice of truth in a sea of enemies called the media (including the corporate controlled opposition FOX in the hen house News)

  17. Jerry

    Hurry Stan.
    Buy some more Deutshe Bank Stock while you still can.

    7000 cuts? Can you say death spiral?

    • Shadow of Doubt

      You may find this of interest. You mentioned that there was talk about heightened DHS activity in last Friday’s post. My source said he suspects there are fears that both alternatives that you outlined may occur at once. He also said many of their top analysts see a “U.S. economic collapse” most likely taking place after:
      1. The U.S. middle class has been successfully “bleed dry”.
      2. The teeth has been pulled from our 2nd Amendment.
      3. The “tax slaves” have been fenced in (i.e. see recent U.S. Passport legislation).
      The game the “deep state” plays isn’t always well played, but its calculated and cold. SOD

      • Jerry

        I fear you may be correct. My contacts are on the ground everyday and do not exaggerate so I trust them. Since we don’t have direct inside information we are left to piece together what information we have. One event could potentially fold into another it’s hard to say. The timeline I’m hearing from other less reliable sources is that indictments will commence the second week in August. If true the deep state will no doubt come out in open attack and potentially stage a coop.

    • Stan

      I won’t sell a single share until it it hits $20.00 and it may go much much higher

      • K. Wayne

        Talk is cheap.

    • Jerry

      Some more good news for Deutsche Bank.

      At some point not even the buyback schemes can fill all the holes in this leaky bucket.

  18. Roger D

    Egon von Greyerz paints a realistic picture to me. We might not see the ‘end of the world’, but it will be the ‘end of the world as Americans see it’. And we will be the last to know.

    • flattop

      Roger D;
      I have enough faith in the American ingenuity to believe in the end, we will survive and prosper.

      • Tin foil hat

        Have you seen what have graduated from the public school in the past 20 plus year?

        • Frederick

          My son graduated from Pierson High in Sag Harbor, NY a public school and went on to get his MBA from Georgetown so not all public schools are useless A lot depends on the parents and how the child is raised not trying to blow my own horn

        • Charles H

          Absolutely – spot on.

  19. DJ

    Egon clearly wanted to stress the point that his wealthy clients are not the ‘masters of the universe’ that have caused the crazy mess we’re in, but they are smart enough to have thrived and they understand how this paper madness must end. I for one am listening carefully to his message….hold physical wealth.
    I would be interested to know his thoughts on the involvement of the ‘powers that be’ with cryptocurrencies and to what end. The technology behind crypto’s has been fast tracked into official acceptance and infrastructure as well as into public awareness. Given that we know the present fiat system is going down (intentionally or not) and that we also know banks and governments have long intended to eliminate paper fiat and imprison the masses into digital fiat, this subject should absolutely be part of the discussion. In my opinion the reality of cryptocurrency reinforces the argument for holding real wealth(gold and silver) OUTSIDE the system. Furthermore, regardless of the origins of Distributed Ledger Technology, the subject begs intelligent discussion because the technology itself has the potential to bring honesty and transparency to all markets, governance and political process’s. This technology could liberate the gold and silver markets from decades of criminal manipulation.

    • Andre

      They are wealthy and WELTHY. Egon is talking about wealthy and we even don’t know the latter. We don’t know their names nor how much money they heave because they don’t pay taxes so they are out of public view.

      • Frederick

        Andre I believe that’s a misconception that all wealthy don’t pay taxes The IRS is pretty tough and likes to make examples of big fish from time to time

  20. Da yooper


    Good interview

    ” Risk people do not understand ” = Voting for a democrat or a RINO

  21. Russ

    Thanks Greg, excellent interview. EvG has always specified holding gold in physical form outside the banking system and Andrew Maguire‘s latest interview spells out exactly why.
    Andrew Maguire Now Says A Swiss Bank Just Refused To Hand Over Client’s Physical Gold — https://kingworldnews.com/wtf-is-going-on-andrew-maguire-now-says-a-swiss-bank-just-refused-to-hand-over-clients-physical-gold/
    A link to the audio interview is at the bottom.

    For banks to refuse to return assets to their clients the end must be getting close. And that was a Swiss bank.

    • K. Wayne

      Can we say Hypothecated or RE-Hypothecated…!! 😉
      Refusing to hand over 1/2 tonne of AU Bullion is serious..very serious.

    • Tin foil hat

      “Swiss banks are capping client cash withdrawals to between EUR100K to EUR200K. Although the onus is placed upon individual banks to decide cash withdrawal limits on their clients, we have recently seen these limits enforced more strictly and the banks are using this as an excuse for not delivering client-held gold.”

      If this were true, Swiss banks has acknowledged that gold is money rather than an investment in commodity.

    • Donald

      Here’s another good video to listen to:


      Looks like the collapse will start in Europe and not the USA. I would imagine then that Europeans will be driving the price of gold and not Americans. Martin Armstrong has many insightful observations that most overlook.

  22. Jodyp

    Deusche Bank could be propped up again? One troll here is gonna be soooo rich with his 10 shares!

    • K. Wayne

      10 Shares of Nothing = Zero.
      Sierra Tango Alpha November….. are you reading?

  23. Tim van Lier

    Hi Greg, Thank you for the interview. I have been following your work for couple of years. Every year i keep hearing, the fall, the fall it will happen in the fall. Starts to sound like a mantra. Stock market going down 75 percent? I have my house hopefully in order but this is being said every year again and again. If the powers that be have been able to kick the can down the road and arrange whatever needs to be arranged why would it stop now? It s always people who sell Gold and Silver that keep pounding on this.

    • Greg Hunter

      Listen to the interview again. Please grasp the risk and the “$1.5 quadrillion” in derivatives. Where else would you go?

      • JMiller


        I had already written up a post refuting Egon von Greyerz guess that there are $1.5 quadrillion in derivatives and another error he made about them, but since you know what I have said before about the amount of derivatives being only 600 trillion I am not going to waste time about that since the notional amount of derivatives is still a very large amount.

        However I want to bring up the fact that the derivative losses for the banks will only be a small fraction of the total notional amount especially after netting. This is because most derivatives contracts are interest rate swaps so a counterparty would most likely have losses of only a percent or two of the total notional amount of the contract if rates changed dramatically. And it is pretty safe to say that all contacts have termination clauses which are done to protect the counterparties by allowing them to end the contract early. So a bank like Deutsche Bank is not going to owe other banks tens of trillions of dollars because of derivatives. First it is very rare that anyone even lose close to the notional amount of a contract plus a bank that has a lot of derivatives is not going to have all losing contracts and no winning contracts. So it is much more likely that DB would have maybe 1 or 2 trillion in derivative losses after netting. However that does not mean that they could not have other losses on their balance sheet such as from debt instruments to add to any derivative losses.

        Greg, ask yourself this, if derivatives are going to blowup if interest rates rise sharply like Egon von Greyerz said in the link below, “When interest rates finally spike, a lot of those derivatives positions will blowup”


        why did these same derivatives not blow up when interest rates fell dramatically? After all those interest rate swaps had a counterparty who was on the wrong side of the trade when they rates fell. Maybe it was because they did not have large insurmountable losses and they simply closed out the contract with just a small loss as would be expected. If that is so, I would have to believe the same would be true if rates increased.

        • Greg Hunter

          What are your credentials? Wow,you know it all. You must be some master of the universe? You said “This is because most derivatives contracts are interest rate swaps so a counterparty would most likely have losses of only a percent or two of the total notional amount of the contract if rates changed dramatically.” You do not know this for a fact. You are guessing, and nothing more. Rob Kirby who was a pioneer in the derivative market says there is a huge problem. They said the same thing about Lehman Brothers just before it melted down into bankruptcy. Their derivative positions were “bilaterally netted” We all saw how that turned out. What are your credentials? EvG spent 20 years as a top European banker. He’s spent nearly 2 decades catering to some of the richest, best connected people in the world. I somehow trust his judgment much better than yours. What you write is drivel from an armature compared to EvG. What are your credentials? By the way,you come off as a pompous a$$ with no real reason to be pompous.

          • Tin foil hat

            I don’t know what’s Miller’s credential but he has offered a good balance against an echo chamber effect.
            I look forward to read comments from him, Jerry, Charles H, Andre, and many others.

            • Greg Hunter

              I asked for his qualifications. He’s in opposition to EvG and I somehow thing his qualifications are not as good. He would not give them and I have asked in the past for them too. I have not banned Mr. Miller.