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Ripple Effect

Gold 2.0 Rakes It In – For Now

Loading ...Addison Wiggin

May 30, 2025 • 1 minute, 27 second read

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Gold 2.0 Rakes It In – For Now

Right on cue, as we’ve had bitcoin on the brain this week, Bloomberg notes the latest weekly flows into bitcoin ETFs.

Over the past three weeks? A cool $9 billion.

On some level, inflows make sense. Bitcoin, as a hard-coded asset that can preserve wealth in the digital age, should continue to see upside against fiat currencies.

But that isn’t happening in a vacuum.

There’s also an outflow in gold ETFs over the past few weeks:

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In other words, it’s possible that investors have taken $3 billion out of gold at the same time they’ve moved $9 billion into bitcoin. With gold prices holding up, we see room for both in an investor’s portfolio.

Should bitcoin have a speculative blow-off top later this year, as Andrew Packer noted in yesterday’s Grey Swan Live! for paid-up members, the current ETF flows may be running the other way 12 months from now.

~ Addison

The Left Hates This.
But It Could Make You Rich.

Elon Musk is dismantling the system — and tech investing expert Ian King says his next moves could spark a historic tech wealth surge. Even if he’s not a part of DOGE. Click here to see why Ian is predicting something he calls a “Dot-Gov Boom.”

P.S. We’ve recently released new research on today’s markets, and how President Trump is following through on a Great Reset of the U.S. economy. This first phase isn’t pretty – we call it the Great Fire – of which gold and bitcoin play a role for safety. Click here for more details on how it could play out.

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

Beware: The Permanent Underclass

October 3, 2025 • Addison Wiggin

Back in the Global Financial Crisis (2008), we recall mass layoffs were driving desperation.

Today, unemployment is relatively low, if climbing.

Affordability is much more of an issue. Food, rent, healthcare, and childcare are all rising faster than wages. Households aren’t jobless; they’re stretched. Job “quits” are at crisis-level lows.

In addition to the top 10% of earners, consumer spending is still strong. Not necessarily because of prosperity, but because households are taking extra shifts, hustling gigs, working late into the night, and using credit cards. The trends hold up demand but hollow out savings.

It’s the quiet form of financial repression. In an era of fiscal dominance, savers see easy returns clipped, workers stretch hours just to stay even, and wealth slips upward into assets while daily life grows harder to afford.

Beware: The Permanent Underclass
Is Tokenization Inevitable?

October 3, 2025 • Ian King

Last month, Nasdaq asked the Securities and Exchange Commission (SEC) for approval to let tokenized stocks and ETFs trade on its main exchange.

If approved, these digital shares would sit side-by-side with traditional equities. Meaning, they would fall under the same U.S. securities laws that govern $50 trillion in annual equity trades.

And this rollout could begin as early as 2026, once the Depository Trust Company — the clearinghouse that settles every U.S. stock trade — updates its systems to handle digital tokens.

If it happens, this won’t be a small tweak to the machinery of finance. It’ll represent the first major step toward moving Wall Street onto blockchain infrastructure.

And we don’t have to imagine what it might look like…

Because it’s already happening.

Is Tokenization Inevitable?
The Myth of Productivity, Again

October 3, 2025 • Addison Wiggin

The launch of ChatGPT in October 2022 ended the pandemic-era bear market in stocks. The AI story has been the predominant narrative for three years now. The indexes on Wall Street are at historic highs, surpassing 2000, 1968, 1929… the last three tech-inspired bubbles.

But ChatGPT did something else. It brought the idea of “productivity gains” back into the economic conversation.

The Myth of Productivity, Again
The Stablecoin Standard

October 2, 2025 • Mark Jeftovic

Stablecoins have proceeded rapidly from being a grey zone through which capital would traverse as it moved into or out of the crypto-economy, to becoming an extension, if not a nascent pillar, of the fiat money system itself.

Coinbase Head of Institutional Research David Duong sees the market cap for stables hitting $1/2 trillion by 2028 (which would be somewhere between a 4X and 5X from where we are now).

Demetri Kofinas recently interviewed Charles Calomiris, former Chief Economist at the US Office of the Comptroller of the Currency, and it was eye-opening to hear someone of his stature speak so matter-of-factly about how the structure of the banking system is evolving in realtime.

The Stablecoin Standard