Gold Stocks Are Starting to Outperform

In 2023 and 2024, gold prices trended higher. That trend has continued this year, with gold prices rallying over 20%.

In prior years, gold mining companies have been conspicuously absent from that rally. But in 2025, they’re starting to move up – and at a faster pace than gold:

Gold mining stocks should perform better than gold during a rally. Why? Imagine a gold company has total cash costs of $1,500 per ounce.

At $2,500 gold, they make a profit of $1,000 per ounce. If gold rallies to $3,500, a 40% rally, the miner’s profit goes from $1,000 to $2,000 per ounce – a 100% jump in profits.

That’s the power of investing in gold mining companies. Aside from the first half of 2016, this is the best setup for gold mining stocks since the early 2000s. It’s not too late to buy gold stocks if you haven’t done so yet.

~ Andrew

The Shocking Truth Behind Apple’s Biggest Comeback

While headlines predict Apple’s demise, a secret project Steve Jobs personally initiated — Project Mulberry — is finally ready. And one tiny $30 supplier holds the key to this long-awaited breakthrough. See the full story here…

P.S. We’ve been pounding the table on gold since the inception of the Grey Swan Investment Fraternity. And it’s been nearly 10 months since we released our initial deep-dive research into gold.

While our estimates for gold moving to the five-figure range may have seemed wild last year, with the continued rally and ongoing central bank gold buying, our research only holds up with the passage of time.

Given that gold could rally not just to $10,000 but more than twice that, it’s still a reasonable price, especially if you need to buy some more of the metal as portfolio insurance against a Grey Swan event like a financial crisis or renewed inflationary spike.

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

In 2023 and 2024, gold prices trended higher. That trend has continued this year, with gold prices rallying over 20%.

In prior years, gold mining companies have been conspicuously absent from that rally. But in 2025, they’re starting to move up – and at a faster pace than gold:

Gold mining stocks should perform better than gold during a rally. Why? Imagine a gold company has total cash costs of $1,500 per ounce.

At $2,500 gold, they make a profit of $1,000 per ounce. If gold rallies to $3,500, a 40% rally, the miner’s profit goes from $1,000 to $2,000 per ounce – a 100% jump in profits.

~ Andrew

The Shocking Truth Behind Apple’s Biggest Comeback

P.S. We’ve been pounding the table on gold since the inception of the Grey Swan Investment Fraternity. And it’s been nearly 10 months since we released our initial deep-dive research into gold.

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

My mum remembers the gold fever – and indeed the silver fever (silver spiked to $50 three days earlier on January 18). Even today, 45 years on, the silver price is lower than it was then – that’s how insane that spike was.

She recalls people queuing up to sell their family silver. Not to buy it. To sell it.

So that is something I am looking for to tell than this bull market is close to an end: when retail, ordinary people, start selling their physical in droves.

We are not there yet.

After yesterday’s meeting between Presidents Trump and Xi, the world’s two largest economies agreed to reduce the 20% fentanyl-related tariffs to 10%, while Beijing paused its rare earth export restrictions.

The markets would normally have cheered such détente. But investors were still haunted by Jerome Powell’s warning that the Fed may not cut rates again in December. And a renewed awareness that the AI bubble may, in fact, be in the “melt-up” phase… driven by expansive capital expenditures, financed by debt.

In his press conference after lowering interest rates a quarter point this week, Federal Reserve Chairman Jerome Powell laid out the case that the AI boom was nothing like the dotcom bubble.

There’s just one problem. The market is following the dotcom boom nearly perfectly – with 2025 following closely to 1998.

Milei, meanwhile, is doing something different. He’s cutting budgets, trimming employees, and chopping off unnecessary bureaucratic appendages. He’s been in office for a little shy of two years. During that time, he’s reduced inflation by about 90% and cut the budget deficit by 100%. Argentina has climbed out of its almost permanent recession to have the fastest growing economy in the Americas, with GDP growth more than twice that of the US. Real wages have tripled. And poverty has been cut by 40%.

She recalls people queuing up to sell their family silver. Not to buy it. To sell it.

So that is something I am looking for to tell than this bull market is close to an end: when retail, ordinary people, start selling their physical in droves.

We are not there yet.

In his press conference after lowering interest rates a quarter point this week, Federal Reserve Chairman Jerome Powell laid out the case that the AI boom was nothing like the dotcom bubble.

There’s just one problem. The market is following the dotcom boom nearly perfectly – with 2025 following closely to 1998.