The Grey Swan Investment Fraternity now has members in over 28 countries! That’s not including members of our investor’s network, who also reach into countries such as Russia and China.
Thank you for being a member of our fraternity, and for helping expand the map. We look forward to updating it further!
Grey Swan Investment Fraternity member map as of 12/10/2024
January 30, 2026 • Addison Wiggin
Kevin Warsh, former Fed governor and one-time Morgan Stanley hand, is officially President Trump’s pick to replace Jerome Powell as Chairman of the Federal Reserve.
The choice is meant to be brazen, if not entirely unexpected. Despite having been nominated in his first go in the Oval Office, Trump has been gunning for Jerome Powell since Day One of his second term.
Now, Warsh, whose libertarian-leaning critique of the Fed has hovered like a drone over Jackson Hole for years, will succeed Powell should the Senate confirm him before May 15, 2026.
January 30, 2026 • Addison Wiggin
The analysis we’ve published of the main drivers for gold applies to silver and bitcoin, too. The latter two, however, remain more speculative and gap down and spike up more dramatically.
If you’re leveraged to silver, whether through mining companies, ETFs, or the like, it may be prudent to take some profits off the table. And keep your eyes peeled for future moves upward.
January 29, 2026 • Addison Wiggin
In one refrain from our book Empire of Debt, we warned that late-stage credit systems always suffer the same fate: the debasement of money disguised as growth. Ray Dalio said the quiet part out loud in an interview yesterday:
“If you depreciate the money, it makes everything look like it’s going up.”
Which is precisely why the markets get jittery at the top. And why politics are as wacky and polarized as they have been.
In New York, Mayor Zohran Mamdani is demanding higher taxes on the rich to plug budget holes left by former Mayor Adams. He wants billions from Albany. Governor Hochul has yet to weigh in.
In California, Sergey Brin, Eric Schmidt, and other Silicon Valley billionaires are backing a new pro-business PAC to fight a proposed 5% wealth tax on the state’s 200 richest residents. Larry Page has already moved to Florida. The line to Nevada is forming.
Ray Dalio, again, with the map:
“When governments run large deficits and the debt is no longer bought willingly, they have two choices: raise taxes and cut spending, or print money. Those that can print, do. Those that can’t, fall apart.”
Populist politics surge. Moderates vanish. Scapegoating begins. The wealth gap widens until it becomes an impassable chasm.
January 29, 2026 • Addison Wiggin
The S&P 500 topped 7,000 for the first time yesterday, adding to its stack of all-time highs this year and continuing the trend set in 2025.
But… those highs are measured in dollars. When priced in gold, which topped $5,500 — also a historic number— this morning, stocks are actually at a 12-year low.
