Gold’s Primary Trend Remains Intact

Gold is likely to trend higher in the months ahead. We expect the price to break $3,500.

It’s basic.

Whether you measure gold in dollars, Euro, yen, or rubles, those are fiat currencies. The supply of every one of them is growing faster than the new supply of gold coming to market.

Here’s a remarkable new fact:

Foreign central banks now hold more gold than U.S. Treasury assets.

Turn Your Images On

Global central banks continue to sell U.S. Treasury bonds and stockpile gold at near nominal all-time highs (Source: Bloomberg, Tavi Costa)

In modern finance theory, only U.S. T-bills are considered risk-free assets.

Central banks are telling us they believe the real risk-free asset is gold.

Our Grey Swan research shows exactly how the dynamic between government finance and gold is playing out in real time.

Take a look.

~ Addison

P.S. Yesterday’s Grey Swan Live! with Andrew Zatlin was phenomenally lucid. If you’re a paid-up member and you missed it – that’s a mistake.

We examined a historic setup in the stock market: seasonal weakness versus an ill-timed rate cut promise. The blow-off rally into 2026 is upon us. You’ll want to catch the full recoding, up on the Grey Swan site now.

P.P.S. Hopefully you’re also aware we’re hosting a free live tax seminar on how to keep more of your investment proceeds with IRS-compliant strategies today.

August 29, at 1 p.m. ET. Registration is free and easy — reserve your spot here.

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

Gold is likely to trend higher in the months ahead. We expect the price to break $3,500.

It’s basic.

Whether you measure gold in dollars, Euro, yen, or rubles, those are fiat currencies. The supply of every one of them is growing faster than the new supply of gold coming to market.

Here’s a remarkable new fact:

Foreign central banks now hold more gold than U.S. Treasury assets.

Turn Your Images On

Global central banks continue to sell U.S. Treasury bonds and stockpile gold at near nominal all-time highs (Source: Bloomberg, Tavi Costa)

In modern finance theory, only U.S. T-bills are considered risk-free assets.

Central banks are telling us they believe the real risk-free asset is gold.

Our Grey Swan research shows exactly how the dynamic between government finance and gold is playing out in real time.

Take a look.

~ Addison

P.S. Yesterday’s Grey Swan Live! with Andrew Zatlin was phenomenally lucid. If you’re a paid-up member and you missed it – that’s a mistake.

P.P.S. Hopefully you’re also aware we’re hosting a free live tax seminar on how to keep more of your investment proceeds with IRS-compliant strategies today.

August 29, at 1 p.m. ET. Registration is free and easy — reserve your spot here.

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

Debts and deficits will eventually cause a crisis. Treasury Secretary Scott Bessent’s effort to help bail out the Japanese Yen this week is entirely motivated by self-preservation. The contagion signal flashing in Japanese bonds since late ‘25 is infecting the BOJ, which may be forced to sell U.S. Treasurys to stabilize its own currency.

The copper price is no doubt benefiting from inflation driven by money printing. But the doc don’t lie. Copper’s new all-time highs, while gold and silver still languish, are a sign the AI growth story is also that of the global economy itself.

Many miners were profitable with gold around $2,000 and silver near $50. At sustained prices closer to $4,000 gold and $60 silver, the arithmetic changes dramatically.

The stock market is getting an unexpected boost to kick off August, bucking the historically weak summer session for the U.S. stock market.

What’s happening? The Bank of Japan and the U.S. Treasury are making a coordinated effort to support Japanese yen; a move last attempted nearly 30 years in the height of the Asian Financial contagion (1998).

Many miners were profitable with gold around $2,000 and silver near $50. At sustained prices closer to $4,000 gold and $60 silver, the arithmetic changes dramatically.

The stock market is getting an unexpected boost to kick off August, bucking the historically weak summer session for the U.S. stock market.