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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.


Porter Stansberry: Anatomy of an Asymmetric Bet

September 11, 2025 • Addison Wiggin

It’s one of those rare situations Warren Buffett would describe as “raining gold”… when all you have to do is step outside if you want to get rich. And it’s the type of setup Erez has built his entire investing career around. 

The type of opportunity with the potential to make you a small fortune.

Porter Stansberry: Anatomy of an Asymmetric Bet
American Pathology

September 11, 2025 • Addison Wiggin

Twenty-four years ago, today, nearly 3,000 people died in the 9/11 terrorist attacks. But the toll hasn’t stopped. The FDNY has now lost more members to 9/11-related illnesses than it did on the day itself. This week, the department added 39 names to its Memorial Wall, bringing the total to 402.

Mayor Eric Adams spoke plainly: “We need to humanize what happened those 24 years ago and not allow time to erode how significant it was. The countless number of men and women ran towards danger, and we’re still losing their lives every day.”

America’s story, from Lincoln to JFK to 9/11 to now, is scarred by episodes of violence that rupture legitimacy. Each event has reshaped institutions, politics, and markets.

And in the age of hyper-partisan politics, global debt, and technological acceleration.

American Pathology
The Income Effect

September 11, 2025 • Addison Wiggin

A company can restate its earnings – but they can’t restate a cash dividend.

Plus, dividend growth companies tend to offer lower beta, or volatility relative to the market itself.

Finally, as Jeremy Siegel has documented in Stocks for the Long Run, over an investor’s lifetime, reinvesting dividends can account for over half of an investor’s total returns.

With the growing likelihood of a terrifying bull market in stocks kicking off, investors can get a relative safe-haven with dividend-paying stocks.

The Income Effect
What If the “Scaling Cliff” Pops the AI Bubble?

September 10, 2025 • John Rubino

In just the past five years, nearly a trillion dollars have been thrown at AI data centers, chip plants, and model training. And the spending curve continues to steepen, as pretty much every tech firm and most governments enter the AI arms race.

Early AIs improved in line with the amount of computing power and new data they were fed. This led to the assumption that AI investment had a predictable rate of return (which investors absolutely love).

But with the most recent iterations of name-brand AI, that relationship has broken down. They’re not improving in line with the money being spent on them, leading a growing number of analysts to voice doubt about whether the return on this investment can be predicted going forward. This is known as the “scaling cliff.”

What If the “Scaling Cliff” Pops the AI Bubble?