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Gold Investment Symposium 2012 - Egon von Greyerz - Matterhorn Asset Management
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Gold Investment Symposium 2012 - Egon von Greyerz - Matterhorn Asset Management

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Title: A DELUSIONAL CENTURY

Title: A DELUSIONAL CENTURY


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  • 1. A DELUSIONAL CENTURY
  • 2. DELUSIONA false belief or opinion laboured under the delusionthat success was at hand
  • 3. 100 YEARS OF PAPER MONEY COLLAPSE
  • 4. US INFLATION 1665 - 2011
  • 5. POPULATION EXPLOSION 1800 to date
  • 6. TRICKY DICK
  • 7. THE LAW OF DIMINISHING RETURNS
  • 8. GLOBAL DEBT IS EXPLODING
  • 9. WORLD DEBT & GDP
  • 10. THE MOST PRODUCTIVE MAN IN HISTORY - 2005
  • 11. BENEFITS SUPERVISOR SLEEPING by LUCIAN FREUD
  • 12. EU’s MILK COW SLEEPING
  • 13. EITHER WAY SHE IS …
  • 14. Debt per Capita
  • 15. US PROBLEMS GREATER
  • 16. WHAT HAPPENS NEXT• Austerity – a vote loser• Deficits accelerate• Unlimited MP- Money Printing• US Dollar falls sharply & other currencies• Hyperinflationary Depression
  • 17. THE BEST SOLUTION
  • 18. SUPER MARIO
  • 19. YOU AIN’T SEEN NOTHING YET
  • 20. HYPERINFLATION
  • 21. DESTINY OF CURRENCIES
  • 22. EMPEROR HAS NO CLOTHES
  • 23. CONSEQUENCES• Interest rates & taxes surge• Unemployment surges• Asset prices fall – in real terms• Exchange controls• New political parties & leaders• Pensions & social security collapse• Social unrest - Crime• Famine – population fall• Geopolitical problems
  • 24. WHO WILL BE SAVED
  • 25. THE DESTRUCTION OF PAPER MONEY Ounces of gold bought for $ 1,000Investment Year Ounces Gold % Price change $1,000 1913 50 $ 20 -99% $1,000 1971 28 $ 35 -98% $1,000 1999 4 $ 250 -86% $1,000 2002 3 $ 300 -83% $1,000 2012 0.6 $1,750 -
  • 26. THE DOW HAS LOST 82% IN REALMONEY - GOLD - SINCE 1999
  • 27. PROPERTY vs GOLD
  • 28. WEALTH PROTECTION• Asset values will be destroyed – real terms• Nobody unaffected• Privileged few – assets to protect• Avoid – Counterparty risk – Leverage• Own – Physical gold (silver) Outside financial system – Farm land
  • 29. THIS IS NOT WEALTH PROTECTION• Gold / Silver ETFs in banking system• Unallocated or allocated Gold/Silver in bank• COMEX Gold• Futures Gold• Bank safe deposit box• Storing gold at home
  • 30. Matterhorn Asset Management• Wealth preservation• GoldSwitzerland – Specialises in physical Gold and Silver bullion – Stored outside the banking system – Gold/Silver bars owned directly by investor – Personal access to metals – Ultimate form of wealth preservation
  • 31. GOLD STORAGE
  • 32. PHYSICAL PRECIOUS METALS• 100 x more paper than physical - PONZI• Gold: 600 – 700 tons daily• Silver: 5,000 tons daily• No physical to back up• Do Western Central Banks still have gold?• Bank gold encumbered• Don’t hold gold within banking system
  • 33. GOLD IN USD A STEALTH MARKET 2002-2012 19.5% CAGR
  • 34. SILVER in USD 2002-2012 22.5% CAGR
  • 35. GOLD PRICE & GLOBAL QE
  • 36. GOLD STARTING PARABOLIC RISE1900 - 2012