Gold’s Primary Trend Remains Intact

August 29, 2025 • 1 minute, 22 second read

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.

Ripple Effect

Gold’s Primary Trend Remains Intact

Addison Wiggin

August 29, 2025 • 1 minute, 22 second read

central banks gold

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.

Marin Katusa: Silver Miner Q4 Earnings Will Set Records

January 16, 2026 • Addison Wiggin

Mining stocks amplify everything. First Majestic went from losing money to 45% margins without building anything new. They just held the line on costs while silver did the heavy lifting.

That cuts both ways. If silver drops hard, margins compress just as fast. Same leverage, opposite direction.

The miners with the lowest costs and cleanest balance sheets will hold up best in a pullback and capture the most upside if the deficit keeps grinding.

Marin Katusa: Silver Miner Q4 Earnings Will Set Records

“Dispersion Rising”

January 16, 2026 • Addison Wiggin

Economists at Goldman Sachs said this morning they expect core inflation to finish the year around 2% even while GDP rises at a “surprisingly strong” 2.5% clip.

In our view, their inflation forecast is optimistic. Their GDP call? Modest.

The last time we pumped this much liquidity into the system — 2020 through 2022—the result was a manic asset bubble, runaway inflation, and an epic hangover at the Fed.

Goldman’s optimism has triggered a fresh round of bullish bets: cyclical stocks are rallying, “dispersion” in the S&P 500 is spiking, and the Fed is expected to cut interest rates twice before Jerome Powell gets kicked out of Washington at the end of his term on May 15.

The Boom Behind the Data

January 16, 2026 • Addison Wiggin

Anecdotally, we’re hearing stories of warehouses full of GPUs sitting unused for lack of energy to power them. It’s a natural feature of the heavy capital investment in new machines. The grid has to catch up!

While Trump’s great reset rolls on in 2026, keep an eye on modular nuclear reactors and increased demand for uranium, natural gas and related resources.

The Economics of Precious Metals Stocks Today

January 15, 2026 • Shad Marquitz

These PM producers are literally printing the most ‘hard money’ that they ever have at these metals prices and record margins here at the midway point in Q4.

If there ever was a time for this sector to get overheated and frothy, this would be it… only that isn’t what we’ve seen playing out.

PM producers are still insanely profitable at even at current metals prices and should be far more valuable based on their margins, revenue generating potential, and their resources still in the ground.

The Economics of Precious Metals Stocks Today

Marin Katusa: Silver Miner Q4 Earnings Will Set Records

January 16, 2026 • Addison Wiggin

Mining stocks amplify everything. First Majestic went from losing money to 45% margins without building anything new. They just held the line on costs while silver did the heavy lifting.

That cuts both ways. If silver drops hard, margins compress just as fast. Same leverage, opposite direction.

The miners with the lowest costs and cleanest balance sheets will hold up best in a pullback and capture the most upside if the deficit keeps grinding.

“Dispersion Rising”

January 16, 2026 • Addison Wiggin

Economists at Goldman Sachs said this morning they expect core inflation to finish the year around 2% even while GDP rises at a “surprisingly strong” 2.5% clip.

In our view, their inflation forecast is optimistic. Their GDP call? Modest.

The last time we pumped this much liquidity into the system — 2020 through 2022—the result was a manic asset bubble, runaway inflation, and an epic hangover at the Fed.

The Boom Behind the Data

January 16, 2026 • Addison Wiggin

While Trump’s great reset rolls on in 2026, keep an eye on modular nuclear reactors and increased demand for uranium, natural gas and related resources.

The Economics of Precious Metals Stocks Today

January 15, 2026 • Shad Marquitz

These PM producers are literally printing the most ‘hard money’ that they ever have at these metals prices and record margins here at the midway point in Q4.

If there ever was a time for this sector to get overheated and frothy, this would be it… only that isn’t what we’ve seen playing out.