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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.


Autonomous Weapons

October 29, 2025 • John Robb

In the past, weapon systems took decades to build and changed slowly. Autonomy changes this. For example, new capabilities developed by field tests or simulation (testing scenarios in full physics simulators depicting actual environments) could be downloaded to existing weapon systems, making it possible to upgrade a weapon system significantly without any meaningful hardware changes. A process of improvement that used to take many years would shrink to weeks and, in time, days.

Autonomous Weapons
The Great Repricing of Power

October 29, 2025 • Addison Wiggin

Markets heard what they wanted. NVIDIA’s stock surged premarket on news that Trump would discuss the company’s Blackwell AI chip with Xi, pushing it to an unprecedented $5 trillion valuation.

Meanwhile, China quietly bought its first cargoes of U.S. soybeans this season — a symbolic gesture that reminded traders that diplomacy still runs on trade.

“It’s not détente,” wrote  Bloomberg’s Jennifer Welch this morning, “It is a dealmaking with a timer.” Wall Street is ambivalent on peace, but they do like profits.

In the background, China’s biotech sector continues its ethically murky sprint forward — this week, reports surfaced of Chinese scientists creating monkeys engineered to exhibit schizophrenia and autism.

The Great Repricing of Power
About Yesterday’s Rally

October 29, 2025 • Addison Wiggin

A high concentration of capital in a few stocks at the top ranks high among the features we detailed in Anatomy of a Stock Market Bubble.  

On days like yesterday, headlines urge investors to buy. However, they also underscore the fragility of this terrifying bull market: just a handful of names can make the difference between a big up day and a big down day.

About Yesterday’s Rally
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