Another Sign the ’70s Are Back

We’ve noted many similarities between today and the tumultuous 1968-1980 period.

The biggest similarity is the rise of inflation. While inflation has broken below the 1970s trend, ongoing deficit spending may compel policymakers to let inflation run hot.

That may be why central bankers are also taking a cue from the era of polyester and disco – and are loading up on gold in their balance sheets. Their total gold holdings are now back to a 1970s level:

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Notably, central bank gold holdings didn’t bottom around the year 2000 when gold prices did – they bottomed right around that pesky Great Financial Crisis.

And since then, central bankers have been taking the same steady buying approach to gold that retail investors take with their 401(k)s.

As central bankers rediscover gold, we can’t help but note that the metal is still undervalued relative to the fiat money supply – and would need to rise to over $20,000 per ounce to be fairly valued.

While retail investors chase paper assets, the central bankers may be onto the right trend for a change – and it’s a trend still worth following by adding your own gold and gold stock holdings.

~ Addison

Elon’s Next Move Could Turn Him Into America’s Biggest “Super Villain?”

Elon Musk has already taken public shots at Trump…

But what he’s planning next could hit a lot harder.

Not just for Trump…

But for every American…

So much so that Elon’s biggest supporters could soon call him a “traitor.”

Click here to see what’s coming.

P.S.: With the hard asset story getting stronger as time goes by, so is our research. Andrew’s planning to attend the Rule Investment Symposium in Boca Raton on July 7-11, 2025.

The Symposium is a five-day affair featuring in-depth research from dozens of small-cap resource companies, including gold and silver mining companies – but also copper, uranium, and other critical commodities we’ve explored in-depth in our research over the past year. Click here to attend and meet your future cutting-edge resource investments face-to-face.

As always, your reader feedback is welcome: feedback@greyswanfraternity.com (We read all emails. Thanks in advance for your contribution.)

We’ve noted many similarities between today and the tumultuous 1968-1980 period.

The biggest similarity is the rise of inflation. While inflation has broken below the 1970s trend, ongoing deficit spending may compel policymakers to let inflation run hot.

Turn Your Images On

Notably, central bank gold holdings didn’t bottom around the year 2000 when gold prices did – they bottomed right around that pesky Great Financial Crisis.

And since then, central bankers have been taking the same steady buying approach to gold that retail investors take with their 401(k)s.

While retail investors chase paper assets, the central bankers may be onto the right trend for a change – and it’s a trend still worth following by adding your own gold and gold stock holdings.

~ Addison

Elon’s Next Move Could Turn Him Into America’s Biggest “Super Villain?”

Elon Musk has already taken public shots at Trump…

But what he’s planning next could hit a lot harder.

Not just for Trump…

But for every American…

So much so that Elon’s biggest supporters could soon call him a “traitor.”

Click here to see what’s coming.

P.S.: With the hard asset story getting stronger as time goes by, so is our research. Andrew’s planning to attend the Rule Investment Symposium in Boca Raton on July 7-11, 2025.

As always, your reader feedback is welcome: feedback@greyswanfraternity.com (We read all emails. Thanks in advance for your contribution.)

With U.S. stocks trading at about 24 times forward earnings, plans for capital growth have to go off without a hitch. Given the billions of dollars in commitments by AI companies, financing to the hilt on debt, the most realistic outcome is a hitch.

On a valuation basis, global markets will likely show better returns than U.S. stocks in 2026.

America leads the world in innovation. A U.S. tech stock will naturally fetch a higher price than, say, a German brewery. But value matters, too.

As copper flowed into the United States, LME inventories thinned and backwardation steepened. Higher U.S. pricing, tariff protection, and lower political risk made American warehouses the most attractive destination for metal. Each new shipment strengthened the spread.

The arbitrage, once triggered, became self-reinforcing. Traders were not participating in theory; they were responding to the physical incentives in front of them.

The United States had quietly become the marginal buyer of the world’s most important industrial metal. China, long the gravitational center of global copper demand, found itself on the outside.

Under the frost-crusted shrubs, the bears are sniffing around for scraps of bloody meat.

They smell the subtle rot of credit stress, central-bank desperation, and debt that’s beginning to steam in the cold. They’re not charging — not yet. But they’re present. Watching. Testing the doors.

Retail investors, last in line, await the Fed’s final announcement of the year on Wednesday. Then the central planners of the world get their turn: the Bank of England, Bank of Japan, and the European Central Bank.

Treasuries just suffered their worst week since June. And in Japan — the quiet godfather of global liquidity — something fundamental is breaking.

Silver continues its blistering ascent. Gold and bitcoin have settled in at $4,200 and $92,000, respectively.

It’s absurd, really, for any politician to be talking about “affordability.”

The data is clear. If higher prices are your goal, let the government “fix” them.

Mandates, paperwork, and busybodies telling you what you can and can’t do – it’s not a surprise why costs add up.

In contrast, if you want lower prices, do nothing– zilch. Let the market work.