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.)

Just a couple of days ago, everyone was celebrating gold’s move above the critical $4,000 psychological resistance level. But with today’s pullback, it slipped back below that level in both COMEX futures and spot, which makes me pause and think, as it indicates a rejection of that key level.

This increases the likelihood of a modest pullback or a period of sideways consolidation, as gold may have temporarily run out of momentum to push higher in the short term. That is perfectly normal, healthy, and not at all surprising. It is much like a sprinter who has just run hard and needs a moment to catch their breath.

Gold. Stocks. Bitcoin. Prediction markets. Each a different surface on the same wave — money searching for a story it can still believe in.

The Schelling Point of this moment isn’t one price or policy; it’s the shared intuition that something historic is shifting… even though we haven’t named it.

It’s Friday. It’s a good time to “remobilize our axioms,” as my favorite William F. Buckley quote goes.

We need to stick to our guns and remember that the goal of understanding Grey Swan events as they unfold is to plan, preserve our capital, and earn a good return for the long run. Let’s not get distracted by the market highs or headlines of a terrifying bull!

Only during the ‘08 financial crisis and its aftermath have the majority of money managers seen stocks as undervalued.

This data point is another in a list of historic highs – stock indexes, gold, silver, bitcoin, retail investment, retail margin borrowing – we’re seeing in the market right now.

Markets are out of whack to the upside.

History’s cautionary tale? When markets are out of whack… it takes an unsettling event (crisis) to get them back into whack.

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