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Ripple Effect

Metals Get the Message

Loading ...Addison Wiggin

June 2, 2025 • 1 minute, 19 second read


flowsgoldinvestment flows

Metals Get the Message
Masthead Image
June 2, 2025

Ripple Effect — June 2, 2025

Flows give us a sense of where the market is investing now – and that data can be divided between retail and institutional investors.

Even though the past few weeks have seen strong flows to bitcoin and relatively weak flows to gold, investments in the metal are rising at a record rate year-to-date:

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In other words, gold shouldn’t be written off yet. Not by a long shot. And our estimate that could gold could clear five-figures on the way to over $20,000 per ounce remains on track.

Good news for today’s gold holders – and likely good for opportunities in gold mining stocks, including the ones we’ve showcased in recent research.

~ Addison

Why did Trump Sign Executive Order 14156 Behind Closed Doors?

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There was no fanfare.

No big announcement.

But on January 20, 2025, President Trump signed an Executive Order that quietly redirects U.S. energy priorities toward a previously untapped source.

This “bonanza of clean energy” could power the world for 17 BILLION years, one estimate showed.

Full details and everything you need to know can be found right here.

P.S. Gold is just one part of he story as President Trump follows through on a Great Reset of the U.S. economy using tools such as tariffs and deregulation. This first phase isn’t pretty – we call it the Great Fire – of which gold and bitcoin play a role for safety. Click here for more details on how it could play out.

As always, your reader feedback is welcome: feedback@greyswanfraternity.com (We read all emails. Thanks in advance for your contribution.)


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.

“Dispersion Rising”
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 Boom Behind the Data
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