Gold Sustains A “Real” Historic High

Addison Wiggin

September 9, 2025 • 56 second read

gold Inflation inflation-adjusted returns

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:

Turn Your Images On

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.

Ripple Effect

Gold Sustains A “Real” Historic High

Addison Wiggin

September 9, 2025 • 56 second read

gold Inflation inflation-adjusted returns

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:

Turn Your Images On

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

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

Slaughterhouse-Five

February 13, 2026 • Addison Wiggin

Mustafa Suleyman, who leads Microsoft’s AI initiatives, told the Financial Times that most white-collar professional tasks could be automated within 12 to 18 months.

Lawyers, accountants, marketers, project managers — anything related to desk work faces compression.

Challenger data showed 7,624 January layoffs attributed directly to AI — about 7% of the month’s total. Since 2023, AI has been linked to nearly 79,500 announced job cuts. Morgan Stanley’s Stephen Byrd cautioned clients that measurable macroeconomic impact may lag several years.

In Silicon Valley, Mercor quietly hired tens of thousands of highly credentialed contractors at $45 to $250 per hour to train large language models for OpenAI and Anthropic.

Stealth Correction

February 13, 2026 • Addison Wiggin

Despite a stock market within 3% of its all-time highs, your portfolio likely feels a bigger pinch right now.

Fears of high spending on AI are leading to another pullback in the market’s biggest names. The Mag 7 stocks are collectively 10% off their peak, and now in correction territory.

A Tale of Two Economies

February 12, 2026 • Addison Wiggin

Private education and health services accounted for the bulk of job creation over the past year.

Over the last twelve months, that category added roughly 780,000 positions. Excluding those gains, the economy shed approximately 350,000 jobs.

Manufacturing, the purported object of Trump’s tariff strategy, declined by about 100,000 in 2025. Transportation and warehousing fell by more than 100,000. Professional and business services contracted. Information and financial activities declined.

Federal employment dropped again in January, down 42,000. The civilian federal workforce now sits roughly 11% below its October 2024 peak.

S&P Earnings Yield Hit 100 Year Lows

February 12, 2026 • Addison Wiggin

Most investors are familiar with the price-to-earnings, or PE, ratio. But what if you invert that, and divide earnings by price? You get what’s called the “earnings yield.”

Earnings yield on the S&P 500 is near a 100-year low.

Slaughterhouse-Five

February 13, 2026 • Addison Wiggin

Mustafa Suleyman, who leads Microsoft’s AI initiatives, told the Financial Times that most white-collar professional tasks could be automated within 12 to 18 months.

Lawyers, accountants, marketers, project managers — anything related to desk work faces compression.

In Silicon Valley, Mercor quietly hired tens of thousands of highly credentialed contractors at $45 to $250 per hour to train large language models for OpenAI and Anthropic.

Stealth Correction

February 13, 2026 • Addison Wiggin

Despite a stock market within 3% of its all-time highs, your portfolio likely feels a bigger pinch right now.

Fears of high spending on AI are leading to another pullback in the market’s biggest names. The Mag 7 stocks are collectively 10% off their peak, and now in correction territory.

A Tale of Two Economies

February 12, 2026 • Addison Wiggin

Private education and health services accounted for the bulk of job creation over the past year.

Over the last twelve months, that category added roughly 780,000 positions. Excluding those gains, the economy shed approximately 350,000 jobs.

Federal employment dropped again in January, down 42,000. The civilian federal workforce now sits roughly 11% below its October 2024 peak.

S&P Earnings Yield Hit 100 Year Lows

February 12, 2026 • Addison Wiggin

Most investors are familiar with the price-to-earnings, or PE, ratio. But what if you invert that, and divide earnings by price? You get what’s called the “earnings yield.”

Earnings yield on the S&P 500 is near a 100-year low.