Bond Markets Are Breaking and Gold Is Telling You First | Matthew Piepenburg

Gold has surged past $5,000 and silver is extending its move beyond $100, but Matthew Piepenburg says the real story is not metal prices. It is the accelerating breakdown of trust across global bond and currency markets.Speaking with Kitco News at VRIC 2026 in Vancouver, Piepenburg, Partner at Von Greyerz, points to rising yields in Japan, the US, and Europe as a clear warning sign. “The bond market is the thing you have to understand,” he said. “Yields are the cost of debt.” When yields rise even as central banks step in, Piepenburg argues it shows sovereign IOUs are being repriced and the so-called risk-free asset has become “return-free risk.”Piepenburg says gold’s move is not speculative excess, but the logical outcome of decades of debt expansion and deliberate currency debasement. “What should shock you is how bad fiat money has gotten,” he said. As governments rely on negative real rates to manage debt, Piepenburg argues gold is being repositioned by central banks as a neutral settlement asset in global trade, not something you spend, but something you trust when paper systems falter.Recorded January 25, 2026.Follow Jeremy Szafron on X: @JeremySzafron (https://twitter.com/JeremySzafron) Follow Kitco News on X: @KitcoNewsNOW (https://twitter.com/kitconewsnow) Special thanks to our sponsor, Discovery Silver. Visit https://discoverysilver.com/ to learn more about the company, its latest news, and investor materials.00:13 – Market Volatility, Rising Yields, and Central Bank Stress01:12 – Japanese Yen Surge and Global Bond Market Dysfunction03:48 – Trust Breakdown in Sovereign Debt and Fiat Currencies06:53 – Debt, Politics, and the Limits of Monetary Policy13:30 – Gold as a Global Settlement and Collateral Asset16:17 – The US Dollar’s Role in Global Trade and Reserve Systems18:15 – COMEX, Paper Markets, and Physical Supply Constraints19:31 – Gold and Silver Price Moves as Warning Signals21:03 – Historical Parallels in Currency and Debt Crises23:32 – East vs West Markets and Global Price Discovery28:15 – Measuring Trust in Modern Financial Systems32:21 – Wealth Preservation vs Speculation in Volatile Markets34:28 – Final Thoughts on Gold, Trust, and Systemic Risk#Gold #Silver #PreciousMetals #BondMarket #CurrencyCrisis #CentralBanks #DebtCrisis #GoldAsMoney #KitcoNews__________________________________________________________________Like, share, and subscribe to Kitco News—and turn on alerts to stay current with expert interviews, market insights, and breaking news coverage. FOLLOW US:  X: https://x.com/kitconewsnow  Instagram: https://www.instagram.com/kitconews  Facebook: https://www.facebook.com/KitcoNews  LinkedIn: https://www.linkedin.com/company/kitconewsListen to the PODCAST on🎧 Spotify: https://open.spotify.com/show/1My4WgtF0ZhUnxkxDLoJof🎧 Apple Podcasts: https://podcasts.apple.com/us/podcast/kitco-news/id1842889233🎧 All podcast episodes available here → https://kitconews.buzzsprout.comDisclaimer:  The videos are not intended to provide trading advice, and the views expressed do not necessarily reflect those of Kitco Metals Inc. Kitco News, its anchors, producers, and reporters are not responsible in any way for the performance or actions of any sponsor, advertiser or affiliate of Kitco News. In no event will Kitco and its employees be held liable for any indirect, special, incidental, or consequential damages arising out of the use of the content in this video.