The World's Most Undervalued Asset

EG: Silver is viewed as the most undervalued asset on earth by some financial experts like
Gregory Mannarino, according to the Dow-Gold ratio and the Gold/Silver ratio. To what extend
do you agree with this sentiment?

EVG: The historical ratios strongly support that view. The Dow/Gold ratio peaked near 45 in 2000. Today it is around 11—meaning the Dow has already fallen roughly 75% against gold. I expect this ratio to continue declining towards 1:1 or even 0.5:1 within the next cycle. This doesn’t require stocks to collapse—it only requires gold to reflect monetary reality. This could lead to Gold at $20,000 and the Dow at 10,000 or Gold at $50,000 and Dow at 25,000. Silver is even more distorted. The gold-silver ratio is far above its long-term historic norms. Silver has enormous upside as monetary stress intensifies. When confidence erodes in fiat systems, silver tends to move much faster than gold. This is part of a long-term wealth transfer: real assets will outperform paper assets for many years, and silver will be a major beneficiary.

EG: What do you think it is that made the Swiss Franc such a desirable currency, and what can other nations learn from this example in order to reverse course as central banks continue
to monetise debt? 
 

EVG: Few nations have Switzerland’s centuries-long commitment to fiscal discipline, low debt,
strong institutions, and political stability. Direct democracy gives Swiss citizens genuine power: with 100,000 signatures, the people can force a national referendum on almost any major issue. If a referendum passes, neither parliament nor government can overturn it. That creates exceptional political accountability. This structure produces monetary stability. When I first worked in Switzerland in the late 1960s, one British pound bought 10 Swiss francs.

Today, it buys roughly one—meaning the pound has lost about 90% of its value relative to the franc. Many other currencies show similar declines. The lesson for the world is simple: sound money requires sound governance. Sustainable fiscal policy, limited government, and respect for citizens are the foundation of currency strength.
 

EG: How did your experience as a Swiss banker and working in asset allocation consultancy
for private family funds, deepen your insight into the precious metals market?
 

EVG: Being in Switzerland during the end of the gold standard in 1971 was formative. I saw
directly how currencies weaken when they are no longer anchored to something real. During the
1970s, gold surged not because the metal changed, but because fiat money was being debased. Working with family offices reinforced the importance of preserving wealth across generations. That requires assets that do not depend on governments, central banks, or financial intermediaries. Precious metals—especially physical gold—are the only assets that have preserved wealth for 5,000 years.This experience cemented my conviction that gold must be a core holding for anyone serious about safeguarding long-term wealth.
 

EG: As Swiss Bullion Brokers you are strong proponents of family office gold ownership.
Why is gold such an indispensable tool in the family office portfolio?
 

EVG: Family offices should not be traders or speculators —they are custodians of
multi-generational capital. Their objective is long-term preservation, not short-term performance. Gold is indispensable because it carries no counter-party risk, no default risk, and no reliance on the banking system. In today’s environment—debt saturation, geopolitical conflict, overvalued markets, and the weaponisation of currencies—gold provides certainty when almost nothing else does. Family offices that ignore gold are jeopardizing the very purpose of their existence.

   

EG: At a time of geopolitical risk and upheaval, how may Von Greyerz Gold safely assist
UHNWIs with the secure transportation of metric tonnes of their gold from one jurisdiction
to the next?

EVG: We specialise in relocating wealth in physical form, often in very large volumes, for clients
concerned about geopolitical, legal, or systemic risk. Our operations in Switzerland and Singapore
use fully insured logistics partners experienced in transporting metric tons of bullion discreetly and
safely. We provide clients with a complete solution: secure collection, transportation, customs
handling, and storage in the world’s safest jurisdictions. In an unstable world, the ability to
move real wealth across borders is essential.

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EG: The global derivatives debt timebomb is $2.3 quadrillion. A 20% gold backing of total liabilities would equal a gold price of $175,000 per OZ. If this happened, what would
the world look like for other asset classes such as stocks, bonds, real estate, and commodities?

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EVG: A gold price of $175,000 would not represent an appreciation of gold—it would represent the collapse of fiat money. Stocks, bonds, and property values—measured in real terms—would fall dramatically. Real yields would spike, credit markets would break, and derivatives would unwind. Commodities would be repriced radically higher. We would be in a disorderly monetary reset where gold once again anchors global confidence. In such an environment, most financial assets would experience a severe revaluation.
 

EG: Exter’s Pyramid lists gold at the base as the most reliable asset, with derivatives and
unfunded government liabilities at the top. Do you feel this is an accurate categorisation of asset class risk and size today?
 

EVG: Absolutely. Gold remains the only asset with no counter-party risk, making it the natural
foundation of the pyramid. As you move upward—through stocks, bonds, and into derivatives and
unfunded liabilities—risk increases exponentially. In a crisis, money flows down the pyramid toward
safety. Given today’s debt levels, Exter’s model is more relevant than ever.
 

EG: What are the advantages that make family offices, pension funds, investment funds and trusts continue to look towards Switzerland as a jurisdiction of favourable importance?

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EVG: Switzerland offers something increasingly rare: trust. It combines political neutrality, legal stability, low corruption, world-class private property protections, and a longstanding culture of discretion. In an era when geopolitical tensions and financial repression are rising sharply,
Switzerland remains one of the very few places where long-term private wealth is genuinely safe. 
 

EG: You presided over the expansion of Dixons from a small photographic retailer, to the
largest consumer electronics company in the UK. What did your experience as an entrepreneur
teach you about risk management?

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EVG: Entrepreneurship taught me that growth must be grounded in financial strength. Dixons
expanded aggressively, but we were always extremely cautious with debt. We understood that leverage magnifies both gains and losses.That discipline shaped my view of the global economy today: the world is drowning in leverage built on unrealistic assumptions. Excessive debt always ends the same way—crisis and restructuring. Those lessons inform my emphasis on owning real, unencumbered assets like gold.
 

EG: Tell us more about the risk posed by stable coins, cryptocurrencies and how you think U.S. Treasuries will be impacted in the future?

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EVG: Cryptocurrencies lack the historical foundation needed to serve as long-term stores of value. Stable coins depend on assets—often U.S. Treasuries—that may themselves become impaired. As for Treasuries, the U.S. now faces unsustainable deficits and increasing loss of international
confidence. Over time, this will erode the “risk-free” status of U.S. government debt. In a world where trust is evaporating, capital will continue to migrate toward assets with permanence and certainty. That is why gold will play an increasingly central role in the next monetary era.   EG