Insiders Ring the Bell, Again

When corporate insiders sell their own shares, it’s a good signal that the markets are overvalued. This month, the insider sale-to-buy ratio has jumped to its highest level since late 2024:

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Insider sales have spiked to a level last seen in late 2024. (Source: The Washington Service)

Corporate insiders began ringing the cash register just as the S&P 500 touched 7,000. Given that the market is up over 40% from last April’s “Liberation Day” lows, a modicum of profit-taking is wise.

~ Addison

P.S. “If it ain’t broke,” is how Andrew Packer kicked off the review of the Grey Swan Model Portfolio on Friday. The high market valuation was only part of the conversation during our quarterly review. Catch the replay in the members section of the Grey Swan website.

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Precious metals also figured prominently during the review with a 10-sigma move in silver, which tanked 32%. Peak-to-trough, gold also fell 9%, under $5,000.

Markets appear concerned about Kevin Warsh, President Trump’s pick for the next Fed Chair. Warsh is a sound money advocate who would like to see the central bank’s balance sheet reduced. A great goal, but it would also require a more austere fiscal policy.

Expect some market whiplash – but the reasons for holding gold and silver (especially in physical form) remain intact.

If you have requests for new guests you’d like to see join us for Grey Swan Live!, or have any questions for our guests, send them here.

When corporate insiders sell their own shares, it’s a good signal that the markets are overvalued. This month, the insider sale-to-buy ratio has jumped to its highest level since late 2024:

Turn Your Images On

Insider sales have spiked to a level last seen in late 2024. (Source: The Washington Service)

~ Addison

Turn Your Images On

Precious metals also figured prominently during the review with a 10-sigma move in silver, which tanked 32%. Peak-to-trough, gold also fell 9%, under $5,000.

Expect some market whiplash – but the reasons for holding gold and silver (especially in physical form) remain intact.

If you have requests for new guests you’d like to see join us for Grey Swan Live!, or have any questions for our guests, send them here.

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.