Has The Fed Lost Control: Matthew Piepenburg on 5% Yields and the Debt Trap

Is the latest 3.8% CPI print just another energy-driven inflation scare, or is the $40 trillion U.S. debt trap finally springing? Matthew Piepenburg, Partner at Von Greyerz, joins Jeremy Szafron, Senior Anchor at Kitco News, to break down the massive disconnect between Main Street reality and Wall Street fantasy.As 30-year U.S. Treasury yields hover near 5% and real wages fall, Piepenburg explains why the bond market has taken control away from the Federal Reserve. They discuss the immediate spot price disconnect in precious metals, why physical gold is migrating East, and the "invisible tax" of inflation that is actively destroying the middle class. Finally, Piepenburg reveals the hard math behind a $20,000 gold target—arguing that gold is not in a bubble, but rather paper currency is in a terminal decline.Recorded May 12 2026Follow Jeremy Szafron on X: @JeremySzafron (https://twitter.com/JeremySzafron) Follow Kitco News on X: @KitcoNewsNOW (https://twitter.com/kitconewsnow) CHAPTERS 00:00 Energy Shock Or Debt Trap02:02 Bond Market Warning Signs06:06 Ten Year Sets The Rules09:08 Recession Versus Stagflation12:08 Cantillon Effect And Inequality14:57 Hidden QE And Data Games18:30 End Of Dollar Privilege22:54 COMEX Delivery Breakdown26:13 Physical Gold Moves East30:31 Gold vs Money Supply34:11 Silver Deficit Debate37:41 Main Street Inflation Reality42:27 Fed Driven Markets49:21 Wealth Preservation Playbook53:11 How High Can Gold Go?55:59 Closing Thoughts#Gold #Silver #Inflation #MatthewPiepenburg #FederalReserve #CPI #USDebt #MacroEconomics #TreasuryYields #WealthPreservation #Investing #Finance #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/kitconewsVisit: https://Kitco.com/ for live gold, silver, and crypto prices, the latest mining news, and macroeconomic insights.  Live gold price and chart: https://www.kitco.com/charts/goldLive silver price and chart: https://www.kitco.com/charts/silverLive crypto market data: https://www.kitco.com/price/cryptoLearn more about Kitco News: https://www.kitco.com/news/about/ For more information on advertising, sponsorship and marketing promotions – please visit our online media kit at: https://www.kitco.com/advertising  Disclaimer:  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.Disclaimer:  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.