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Ripple Effect

Yesterday’s Biggest Market Loser Will Be Back

Loading ...Addison Wiggin

July 31, 2025 • 1 minute, 19 second read


Copper

Yesterday’s Biggest Market Loser Will Be Back

Yesterday, the Federal Reserve held interest rates steady at a 4.25%-4.5% range.

The real action came from President Trump’s various trade announcements.

That included finalizing a tariff on raw copper imports of 50%. That’s lower than what Trump had hinted at – imagine that.

As a result, copper had its biggest daily drop on record, and the metal gave up all of its massive gains for 2025:

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Copper prices soared on the prospect of steep tariffs, then collapsed as the reality wasn’t as bad as imagined

The U.S. still needs to import about 1 million tonnes of copper annually to meet its needs.

Just as the market overreacted and overheated, now may be a second chance to buy into the copper trade with a longer-term view.

~ Addison

P.S. While the Fed held rates steady, two members of the FOMC dissented from the decision, the first time since 1993.

Turmoil continues to brew at the Federal Reserve, and it’s very likely that the next Grey Swan event is kicked off from events swirling around the Fed, its Chairman Jerome Powell, and President Trump – who once again took to Truth Social this morning to criticize Powell for being, “TOO LATE.”

That’s why assets like gold, which also sold off yesterday, still look attractive.

Our very first recommendation in the Grey Swan Trading Fraternity seeks to capitalize quickly on copper’s whopper price action. Details for new paying members are on the way. Check your inbox.

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


Socialist Economics 101

August 28, 2025 • Lau Vegys

When we compare apples to apples—median home prices to median household income, both annualized—we get a much more nuanced picture. Housing has indeed become less affordable, with the price-to-income ratio climbing from roughly 3.5 in 1984 to about 5.3 today. In other words, the typical American family now has to work much harder to afford the same home.

But notice something crucial: the steepest increases coincide precisely with periods of massive government intervention. The post-dot-com bubble recovery fueled by Fed easy money after 2001. The housing bubble inflated by government-backed mortgages and Fannie Mae shenanigans. The recent explosion driven by unprecedented monetary stimulus and COVID lockdown policies.

Socialist Economics 101
Nvidia, Buybacks, and the Market’s Blind Faith

August 28, 2025 • Addison Wiggin

It’s hardly a secret that the national debt has surpassed $37 trillion.

This morning, the Peter G. Peterson Foundation, released a survey showing 79% of Americans say they are deeply concerned about the fiscal outlook, across party lines. The Fiscal Confidence Index sits at 49 — well below neutral.

The public sees what the market ignores: pressure on interest rates, inflation risk, and a government living beyond its means.

Nvidia, Buybacks, and the Market’s Blind Faith
Andrew Zatlin: Time for an AI Pause?

August 28, 2025 • Addison Wiggin

Yes,  growth is slowing down. What can you expect when  you have 50% growth happening year over year over year?

At some point in time that stops.

We’re seeing the first signs of that with Nvidia reporting a slowdown in AI server revenues – but that’s hardly reflected in the market price yet.

Andrew Zatlin: Time for an AI Pause?
Andrew Zatlin: Trump’s Battle with the Phantom Economy

August 27, 2025 • Addison Wiggin

So right now, jobless claims are in a sweet spot that coincides with a pretty decent economy, 225,000 plus or minus.

Why are they hovering so low? And the reason I believe has to do with fear of deportation.

I believe that the Hispanic community is not applying for the jobless benefits that they’re entitled to because they are afraid of being deported. There are lots and lots of anecdotes out there of workers showing up at a government agency and being nabbed by ICE and being deported.

So rather than run the risk of deportation, these folks would rather run the risk of just not having as much money in their pocket from being eligible for jobs claims and not filing. Lemme explain by talking about California. In general, nationally right now, jobless claims are up about 10% year over year, except when we talk California, and that’s where everything signals under reporting.

Andrew Zatlin: Trump’s Battle with the Phantom Economy