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

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Title: A DELUSIONAL CENTURY

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

  1. 1. A DELUSIONAL CENTURY
  2. 2. DELUSIONA false belief or opinion laboured under the delusionthat success was at hand
  3. 3. 100 YEARS OF PAPER MONEY COLLAPSE
  4. 4. US INFLATION 1665 - 2011
  5. 5. POPULATION EXPLOSION 1800 to date
  6. 6. TRICKY DICK
  7. 7. THE LAW OF DIMINISHING RETURNS
  8. 8. GLOBAL DEBT IS EXPLODING
  9. 9. WORLD DEBT & GDP
  10. 10. THE MOST PRODUCTIVE MAN IN HISTORY - 2005
  11. 11. BENEFITS SUPERVISOR SLEEPING by LUCIAN FREUD
  12. 12. EU’s MILK COW SLEEPING
  13. 13. EITHER WAY SHE IS …
  14. 14. Debt per Capita
  15. 15. US PROBLEMS GREATER
  16. 16. WHAT HAPPENS NEXT• Austerity – a vote loser• Deficits accelerate• Unlimited MP- Money Printing• US Dollar falls sharply & other currencies• Hyperinflationary Depression
  17. 17. THE BEST SOLUTION
  18. 18. SUPER MARIO
  19. 19. YOU AIN’T SEEN NOTHING YET
  20. 20. HYPERINFLATION
  21. 21. DESTINY OF CURRENCIES
  22. 22. EMPEROR HAS NO CLOTHES
  23. 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. 24. WHO WILL BE SAVED
  25. 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. 26. THE DOW HAS LOST 82% IN REALMONEY - GOLD - SINCE 1999
  27. 27. PROPERTY vs GOLD
  28. 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. 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. 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. 31. GOLD STORAGE
  32. 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. 33. GOLD IN USD A STEALTH MARKET 2002-2012 19.5% CAGR
  34. 34. SILVER in USD 2002-2012 22.5% CAGR
  35. 35. GOLD PRICE & GLOBAL QE
  36. 36. GOLD STARTING PARABOLIC RISE1900 - 2012

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