For most of this period, we have advised clients to own gold/silver in a ratio of 80/20 or 85/15, depending on the period. This is to reflect gold always being the king of money and the much higher volatility associated with silver.

In recent weeks, however, Egon von Greyerz and Matt Piepenburg have been advising clients to hold more silver vs gold; so a ratio of 70/30.

This small shift in allocation is to reflect silver’s extreme value we see vs gold.We have argued that the next leg in this precious metals secular bull market could be explosively led by silver catching up with gold.

Given how much tighter and smaller the silver mkt is vs gold, the size and speed of the move is likely to surprise.

The following 3 charts, courtesy of MSA, illustrate why last week was technically significant for silver as it broke through $35.

MSA rightly flag that after a year of corrective momentum action, and what amounted to sideways price action, silver has now demonstrably broken out.

We stopped giving price targets years ago but there is no reason now why silver can’t move quickly to $50 and possibly as high as $100 in due course.

The 3rd chart below is particularly interesting.

It simply shows the silver price as a % of the gold price.

In 21 yrs, over the past 50 yrs, the price of silver has reached 2% of the price of gold.

Given the increasing tailwinds from the fundamentals now combined with strong technical support, there is no reason to think the spread can’t return to the long term norm of 2%.

And that alone would lead to a doubling of the value of silver vs gold.

For these reasons, we think the time is right to increase allocations to silver now.

For UK investors specifically concerned about the Labour govt’s spending plans in a stagnant economy (ie yet more govt borrowing and higher taxes), silver Britannia coins (like gold Britannias) produced by the Royal Mint are CGT free in unlimited size and we can of course assist with the buying and storage.

So much, rightfully, is written about the out of control debts in the US and ballooning fiscal deficit. Mr Musk has departed the White House having achieved only a fraction of the savings he hoped for via DOGE and now the Big Beautiful Budget Bill is making its way through Congress. If passed, this landmark fiscal bill would add $6-7 trillion to the fiscal deficit. The $ and US Treasury mkts are reflecting the mkt's anxieties over these policies.

The $ is having its worst year since 2008, down 9%.

For the first time in 50 years, there are questions over the $'s status as the reserve currency of the world. The weakness of the $ and bond mkt post Liberation Day was a dramatic indicator of a regime shift. Foreigners sold "safety assets" as trust in those assets is now being questioned for the first time in decades.

History shows that monetary systems end. Many argue we are witnessing a pivotal moment in history, perhaps intentionally so, to structurally weaken the $ and address economic imbalances. The real question though is what takes its place? The Euro? The Renminbi? Gold? Could gold, after 50 years out in the cold, once again play some bigger role in a new monetary system? The price is certainly starting to reflect it as a possibility given the seemingly unstoppable growing debt pile and the need to inflate away debts by debasing the currency. We know the price insensitive Central Banks aren't hanging around to find out. They just keep on buying gold as repatriation away for US assets continues.

Remember JP Morgan argued recently that, conservatively, if Foreigners sold just 0.5% of their US assets and re-allocated into gold, the price could be $6,000oz.

These are massive, complex questions.

David Einhorn said in an interview last year that:

It would appear that with global debt approaching $400T and US public debt alone at $37T, debt is beginning to matter.

The $ and UST sell off post Liberation day has been well documented as an ominous indication of the dangerous US fiscal position.

Trump caving on the tariffs had little to do with the 'art of the deal'. More, the bond mkt simply said ’no’.

6 weeks later and the Japanese bond mkt is now causing alarm as yields rise sharply.

As Bloomberg says…

And this is the issue, as repatriation increasingly takes effect, it’s not just Japan’s problem.

For those of us living in the UK, that 'Liz Truss moment' is still fresh in the memory.

Overnight, the UK pension fund industry here was insolvent and the Bank of England had to intervene to buy gilts.

As my colleague Matt Piepenburg says, out of control debt simply limits choices for politicians, markets and central bankers. Yields really do matter now.

The US is losing leverage and trust because it’s counterparties are finally less trusting of it’s IOUs.

Little wonder that the biggest whales in the market (Central Banks in the East and Global South) have been net selling treasuries and buying physical gold as the ultimate store of value before the next bazooka money printer gets turned on again to save the bond mkt at the expense of the currency.

VON GREYERZ has said for many years that gold won’t rise because it’s somehow magically strengthening. It’s rising, and will continue to do so because fiat money, and the US $ in particular, are caught in a debt trap. And have to be de-based.

Maybe it takes a 2nd Liz Truss moment for pension funds, institutions, Family Offices and US retail to follow what so many central banks have been doing for years and also start to allocate to gold; and preferably outside an increasingly fragile banking system. That moment feels like it’s getting closer.

A penny for David Einhorn’s thoughts now….

As Jonathan Haycock shared in a recent interview:

“Western investors remain blind while the East moves steadily into gold. The U.S. has weaponized the dollar, and that shift has already triggered a move toward local currencies — and gold — across ASEAN and beyond.”

Family offices managing multi-generational capital must now consider:
What assets can truly protect value across decades?

Here’s what many are missing:

• Gold has outperformed the S&P 500 over 25 years — and the Nasdaq since 2021.

• Basel III has reclassified gold as a Tier 1 reserve asset — risk-free on balance sheets.

• A mere 0.5% shift in global reserves could drive gold toward $6,000 by 2029.

And yet, at a recent lunch with 40 family offices in LA, only three held any physical gold — all with under 1% exposure.

We believe that’s about to change.

Why Family Offices Partner With VON GREYERZ:

• Assets stored in Switzerland and Singapore, fully outside the fractured financial system

• Direct ownership of physical metals — no intermediaries, no paper claims

• Discreet, personalized service built for the unique complexity of family office structures

• A legacy-focused approach aligned with long-term capital preservation

Silver is also back in focus — with a 100:1 gold-silver ratio, we’re advising clients to increase silver exposure ahead of a potential revaluation.

This isn’t about market timing. It’s about future-proofing capital for the next generation — and beyond.

We invite you to a confidential conversation about how physical metals can anchor your family’s wealth strategy in a world of rising volatility.

Secure your capital. Preserve your legacy.

Given the wealth destruction for most last week, these words are as true today as they were back then.

A very wise friend said to me yesterday that the tariff noise is distracting investors from the bigger truth.

That you can only get to run deficits and debts that the US has for so long. And they can only do so as long as they are trusted.

But when trust is broken, the emperor can be revealed to have no clothes. The out of control debts suddenly matter.

My wise friend observes that we have grown up in the West taking institutions and the rule of law for granted.

They are essential for securing high asset values and the willingness of banks to lend against these assets. Once trust in those institutions is eroded, everything is destabilised.

In hindsight, perhaps the ongoing strength of gold (real money), particularly in the last year, has been the 'canary in the coal mine'.

IF we are now entering a global recession, more money will have to be printed to save the bond mkt at the expense of the $, decreasing it’s purchasing power vs gold even further.

The gold price is reflecting this.

There is a reason so many central banks in the East have been buying selling treasuries and buying physical gold and continue to do so.

They have been, and are, taking a view on where the $ is going, and perhaps intentionally so by the Trump administration.

I’m obviously not smart enough to be able to predict the future, but what we do know from history is that all debt soaked nations eventually default or reset their monetary systems.

Who's to say that gold won’t be part of a new standard, a re-set monetary system? And that’s what all this is about? It’s just impossible to time or know what the catalyst is.

Scott Bessent, who understands gold fully, has already said he wants to monetise the asset side of the balance sheet, and gold is the obvious candidate.

In the meantime, investors aren’t hanging around to find out what’s next.

Capital controls? Financial repression?

Travelling in Switzerland all last week talking to clients and wealth managers, it’s clear already that a flood of HNW Americans are desperate to allocate part of their wealth offshore and out of the US into ‘safer' jurisdictions like Switzerland in case capital controls come in and financial repression takes hold.

For 25 years, VON GREYERZ has been helping clients protect their wealth by facilitating ownership of physical gold in their own name, with direct access, outside the banking system in the world’d most secure private vaults, located in the Swiss Alps.

Given the chronic under-ownership of the asset today, not only vs other asset classes but also vs history, and given what Liberation Day delivered, I suspect we may look back on that day as marking an important turning point.

I guess the question now is, given how quickly the world is being turned upside down, why wouldn’t you make an allocation to gold to try to protect your wealth?