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Ripple Effect

Gold Sustains A “Real” Historic High

Loading ...Addison Wiggin

September 9, 2025 • 56 second read


goldInflationinflation-adjusted returns

Gold Sustains A “Real” Historic High

Gold is up 171% versus the U.S. dollar since 2019.

There’s a genuine bull market in place here – 35% year to date.

More importantly, gold has now sustained above its inflation-adjusted high:

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Adjusted for inflation, gold is finally making new highs (Source: Bloomberg)

Gold’s peak of $800 back in 1980, adjusted for inflation, clicks in at $3,500 per ounce, making gold’s break above $3,600 the first all-time high in real, inflation-adjusted terms, in 44 years.

And retail investors have barely noticed.

The gold rally is but one reaction to persistent inflation — and this Terrifying Bull Market. Is not too late to buy.

~ Addison

P.S.: We see further upside in gold for several reasons — central bank buying, soaring M2  money supply… a global crisis in government debt… the endgame for global fiat… geopolitical concerns.

We’re experiencing the return of a 1970s-style macro environment. Gold could hit $10,000 by the end of the decade… and still have room to run. For a reasoned approach, check out our full research on the topic here.

If you have any questions for us about the market, send them our way now to: feedback@greyswanfraternity.com.


Dan Denning: The Hollow Class, Part I

November 11, 2025 • Addison Wiggin

A 50-year mortgage doesn’t make housing cheaper. But by stretching the repayment period over time, it DOES lower the monthly payment on your principal. That lowers the percentage of your total income you’re spending on repayment. And in a strange way, it makes sense.

With a fixed rate mortgage and inflation running in the high upper digits, the real value you of your total debt goes down over time (inflation pays off your loan, as long as your income rises faster in nominal terms). Of course you pay off a lot more interest over 50 years than 30 years. And it takes a lot longer to build up equity (assuming also that house prices don’t fall).

Dan Denning: The Hollow Class, Part I
An Armistice of Convenience

November 11, 2025 • Addison Wiggin

Last night’s 60–40 Senate vote shoved the government back toward “on.” There’s apparently a shutdown truce… for now.

A bloc of Democrats “crossed the aisle” after weeks of getting nowhere on health-care demands. “We had no path forward… and SNAP beneficiaries were losing benefits,” Sen. Tim Kaine, one of the 7 who conveniently aren’t up for reelection, said.

The new deal funds Washington only through January, tacks on three bills to keep parts of Defense, Ag, and the Capitol complex humming through 2026, reverses shutdown-era RIFs, and restores back pay.

The House is next; the president says he’ll sign it fast when it gets to the Oval Office.

An Armistice of Convenience
The Quality Stocks Index Is A Screaming Buy… For The Long Haul

November 11, 2025 • Addison Wiggin

The S&P 500 Quality Index ranks companies not by market cap or a compelling AI story, but rather by fundamentals. Earnings, profit margins, and financial leverage. Reasonable debt.

You know, the kind of stuff that makes your eyes glaze over. And the type of companies we like to hold for the long haul in our model portfolio.

The Quality Stocks Index Is A Screaming Buy… For The Long Haul
Barry Brownstein: Economics of Gratitude: What New Yorkers Forgot About Prosperity

November 10, 2025 • Addison Wiggin

If I were to sum up the mindset of New Yorkers who elected Zohran Mamdani as mayor of New York City, it would be We want something for nothing, and we want the rich to pay for it. Instead, they will get nothing for something, and they will pay for it with a degraded quality of life.

Mamdani’s victory was paved with ingratitude for the blessings New Yorkers receive daily. The mindset demanding “something for nothing” from society is not just a political phenomenon, but a profound lapse in economic understanding and moral character.

Barry Brownstein: Economics of Gratitude: What New Yorkers Forgot About Prosperity