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Ripple Effect

It’s Still Early Days for Gold

Loading ...Addison Wiggin

September 17, 2025 • 1 minute, 20 second read


goldgold mining stocks

It’s Still Early Days for Gold

The runaway winner for 2025 hasn’t been on-again, off-again big tech.

Rather, it’s been the trend higher in mining stocks – particularly gold stocks.

The sector as a whole has more than doubled, with the Van Eck Gold Miners ETF, GDX, up 103% year-to-date.

Good stuff, if you’re paying attention.

And there’s more runway ahead.  A look at the weighting of gold compared to other stocks suggests there’s still a massive undervaluation:

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Gold mining shares remain well under their historic valuations. (Source: Statista)

With gold prices continuing to push higher – and with central bankers buying hand over fist – gold miners should continue to see expanding profits.

That’s in sharp contrast to the rest of the market, where any potential slowdown in AI could cause a break lower.

The Fed, bending to political winds, is likely to join its global counterparts in cutting interest rates today. There’s more yet to the story for gold and the gold miners – as we forecast a year ago.

~ Addison

P.S. Politics are exerting extreme pressure on money market funds, too.

This week on Grey Swan Live! with Adam O’Dell — at 2 p.m. ET, tomorrow, September 18, 2025 — we’ll be investigating the $10 trillion pile of cash sitting on the sidelines during the terrifying bull market on Wall Street.

Mr. O’Dell has been warning investors how impending changes to monetary policy are going to force savers out of cash and into the markets… or gold. More details to come.

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


Europe’s Increasing Irrelevancy

October 7, 2025 • Addison Wiggin

Europe’s GDP has flatlined over the past 15 years, against a doubling in GDP for the U.S. and even bigger GDP gains in China.

While the U.S. leads the world in AI spending, and China leads in technology like drones, what does Europe lead the world in? Regulation.

They spend more time penalizing U.S. tech firms for regulatory violations than encouraging their own tech ecosystem.

Europe’s Increasing Irrelevancy
Another Day, Another Circular AI Investment

October 7, 2025 • Addison Wiggin

Liquidity is flowing again, but conviction isn’t. U.S. M2 money supply has been expanding for months, even before the recent interest rate cut.

Currently, it’s up 4.8% year over year. That’s the fastest pace since 2022. That’s just enough to drive stocks higher in the short-term. Even algorithms and systematic funds will respond mechanically and buy stocks when they see liquidity rise. It’s the most fundamental indicator.

The volatility index (VIX)’s rise to 16.6, up over 2% this week, shows that big money is hedging, even as the market indices rise. After all, with signs of a slowing economy – and a government shut down – it’s hardly business as usual.

Another Day, Another Circular AI Investment
The Ghost of Bastiat

October 6, 2025 • Addison Wiggin

By then the receipts on my desk had arranged themselves into a sort of chorus. I heard, faintly, another refrain—one from Kentucky. In the first days of the shutdown, Senator Rand Paul stood alone among Republicans and voted against his party’s stopgap, telling interviewers that the numbers “don’t add up” and that he would not sign on to another year that piles $2 trillion onto the debt.

That, I realized, is what the tariff story shares with the broader budget theater: the habit of calling a tax something else, of shifting burdens into the fog and then celebrating the silhouette as victory. Even the vote tally made the point: he was the only Republican “no,” a lonely arithmetic lesson in a crowded room.

The Ghost of Bastiat
The Dollar’s Long Goodbye

October 6, 2025 • Addison Wiggin

Senator Rand Paul, (R. KY), who was the sole Republican to vote against a continuing resolution, seems to care about the actual finances of the government. “I would never vote for a bill that added $2 trillion in national debt,” Paul said in various interviews over the weekend.

The $2 trillion he’s referring to is the lesser of two proposals made by the national parties… and would accrue during this next fiscal year.

Oy.

We liked what Liz Wolfe at Reason wrote on Friday, so we’ll repeat it here: “One of the dirty little secrets of every shutdown is that everything remains mostly fine. Private markets could easily replace many federal functions.”

It’s a strange kind of confidence — one where Wall Street soars while Washington goes dark.

The Dollar’s Long Goodbye