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.

With the United States conducting what the Pentagon politely calls an “operation” against Iranian military infrastructure, markets have had every reason to be panicky. Instead, the past week delivered something subtler…

Gold has been consolidating after a powerful multiyear rally. Yet with America’s gold reserves equal to only about 3% of federal debt, the metal could still have significant upside ahead.

The Federal Reserve can print money, but it can’t print oil. As energy prices surge and supply disruptions loom, the central bank may find itself with limited tools to fight inflation driven by real-world shortages.

The plan to release 172 million barrels from the Strategic Petroleum Reserve would leave the U.S. with its smallest stockpile of emergency oil in more than four decades. And with tensions simmering globally, the shrinking reserve raises uncomfortable questions about how prepared the U.S. is for the next supply disruption…

Gold has been consolidating after a powerful multiyear rally. Yet with America’s gold reserves equal to only about 3% of federal debt, the metal could still have significant upside ahead.