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Ripple Effect

Gold’s Relative Strength

Loading ...Addison Wiggin

October 28, 2025 • 1 minute, 23 second read

goldRelative Strength
Gold’s Relative Strength

Gold’s recent push from $4,000 to $4,400 proved to be too much, too fast.

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After reaching its most “overbought” reading ever, gold is back to a neutral range. (Source: Zerohedge)

Relative strength, or RSI, provides investors with a quick glance as to how much the market likes or hates a given asset. The correction is a welcome event for hard asset investors.

With the metal back under $4,000, our thesis remains untouched.

In fact, the pullback  – while sharp and severe – makes  gold a less expensive insurance policy against geopolitical shocks and other Grey Swan events.

Gold remains a buy.

~ Addison

P.S. This week on Grey Swan Live!  we’re pivoting to the advent of Trump’s economic nationalism and US military readiness for future conflicts.

We’ll be joined by John Robb, our go-to analyst on the geopolitics of the Trump tariff strategy, the global networked intifada and the rise of drone warfare in Ukraine.

A former consultant to the military’s Joint Chiefs of Staff, Robb has a unique insight into  innovations at the forefront of autonomous weapons and how they are changing geopolitical strategy. With the markets rallying on positive news of a U.S.-China trade deal today, John will identify  the next global hotspots…

And some of the more attractive investment opportunities as AI and tech disrupt the traditional defense industry and its dependence on  U.S. government bureaucracy.

Click here to sign up and become an annual member of the Grey Swan Investment Fraternity today so that you can join us live this Thursday.

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

American Autonomy

October 28, 2025 • John Robb

America’s role in the world isn’t that of the world’s policeman (a temporary post-World War II role foisted upon the U.S. due to the Cold War) or as the destination of immigrants (for most of the 20th century, when we saw the most significant increases in individual incomes and quality of life, the U.S. didn’t accept many immigrants). Instead, the role the U.S. has played throughout its existence is as the world’s leader in the production, adoption, and socioeconomic integration of new technologies. We figured out how to do it successfully first, and the world followed.

American Autonomy
The Liquidity Illusion

October 28, 2025 • Addison Wiggin

AMD’s deal with OpenAI is another echo from 1999. OpenAI agreed to buy six gigawatts’ worth of AMD chips — products that don’t yet exist — in exchange for warrants on 160 million AMD shares, about 10% of the company. AMD stock jumped 24% overnight.

And then there’s Oracle’s $300 billion OpenAI contract — five times OpenAI’s annual revenue. Oracle’s stock soared 43% in a day, making Larry Ellison $100 billion richer.

The Liquidity Illusion
Networked Nationalism Rises

October 27, 2025 • John Robb

On the current trajectory, online and offline tribal warfare, with events that range from assassinations to riots to sabotage, is inevitable. Worse still, with both sides waging moral warfare (good versus evil), there is no middle ground, rendering compromise impossible.

To avoid this, the government could step in to crack down on illegal immigrants, serial criminality, and activist blue cells to slow the ramp in extrajudicial violence from the red tribe. This would reduce the chance we see a rapid escalation in tit for tat violence. However, to do this, it would need to designate many activist groups as terrorist entities and pursue them with the degree of vigor we saw with Islamic radicals after 9/11.

Networked Nationalism Rises
Economic Cockroaches

October 27, 2025 • Addison Wiggin

We’ve been watching private credit all year — the $3 trillion shadow banking machine that promises “nimble lending” but operates in the dark. Think of it as the modern heir to subprime mortgages: a system that works beautifully until it doesn’t.

According to Moody’s, U.S. commercial banks now hold $300 billion in loans to private credit firms, up from just $100 billion a decade ago. That’s more than 10% of total bank lending — and it means the “non-bank” lenders aren’t so non-bank after all.

When banks lend to private funds, which then lend to companies like First Brands, the risk just loops back into the same system regulators thought they’d insulated after 2008.

Economic Cockroaches