Money Flows Haven’t Even Started to Favor Gold Yet

November 5, 2025 • 1 minute, 9 second read

Following the money isn’t just good journalism – it’s good for determining investment trends. And following the cumulative flows of money since 2020, gold still hasn’t caught investor interest:

Turn Your Images On

Gold has had less than 5% the capital flows of stocks over the past five years. (Source: BofA Global Research)

The gold rally to over $4,400 this year has been driven by central bank buying and a supply crunch – not retail investors’ interest.

If AI stocks are, in fact, about to crash, as Harry Dent and Adam O’Dell will be making the case for today, gold’s sitting at a 10% discount to the market high.

~ Addison

P.S. As you know, since the release of Anatomy of a Stock Market Bubble, we’ve been highlighting signs of a bubble when we see them. Tomorrow on Grey Swan Live! we’ll be joined by bestselling author Harry Dent on the cross-section between AI, shifting generational demographics, and what happens when the terrifying bull market gets even more terrifying…

We’ll go behind the scenes of Harry’s releasing his own “AI Crash” forecast with Grey Swan collaborator Adam O’Dell, which comes out this afternoon.

To get on the list to receive Harry and Adam’s research findings, click here. Don’t wait, their research comes out at 1pm today.

Feel free to send your Grey Swan Live! questions for Harry to feedback@greyswanfraternity.com.

Ripple Effect

Money Flows Haven’t Even Started to Favor Gold Yet

Addison Wiggin

November 5, 2025 • 1 minute, 9 second read

gold Money flows

Turn Your Images On

Gold has had less than 5% the capital flows of stocks over the past five years. (Source: BofA Global Research)

The gold rally to over $4,400 this year has been driven by central bank buying and a supply crunch – not retail investors’ interest.

If AI stocks are, in fact, about to crash, as Harry Dent and Adam O’Dell will be making the case for today, gold’s sitting at a 10% discount to the market high.

~ Addison

We’ll go behind the scenes of Harry’s releasing his own “AI Crash” forecast with Grey Swan collaborator Adam O’Dell, which comes out this afternoon.

To get on the list to receive Harry and Adam’s research findings, click here. Don’t wait, their research comes out at 1pm today.

Feel free to send your Grey Swan Live! questions for Harry to feedback@greyswanfraternity.com.

Harry Dent: America’s Demographic Time Bomb

November 5, 2025 • Andrew Packer

Decline will be felt by the economy on a lag and could be what ends up torpedoing his second term, along with his tariffs and the greatest bubble in history way overdue to burst in the next few years.

I objectively expect the music to stop while Trump is still in office, and no president gets re-elected in a bad economy (or his VP Vance), and this should be the worst since 1930-33.

If this decline had occurred right after he entered office, he wouldn’t have been blamed for it, or not as much. But after a full year+ and his tariffs appearing as a trigger, he will very much end up being blamed.

Harry Dent: America’s Demographic Time Bomb

Remember, Remember the 5th of November

November 5, 2025 • Addison Wiggin

Voters in New York City, New Jersey, and Virginia proved again that they don’t know much about economics — or history. Bad timing, given the precarious melt-up in AI stocks and the market’s collective sugar high.

It’s fitting, somehow, isn’t it? That today is Guy Fawkes Day — a day when rebellious Brits gather to light bonfires and celebrate the foiling of a plot to blow up Parliament in 1605.

Four centuries later, voters, central bankers, and mayors-in-waiting all light their own fuses. The political class no longer needs Guy Fawkes to torch the system; it’s doing just fine on its own.

Harry Dent: We Need More Immigration, Not Less

November 4, 2025 • Addison Wiggin

However, our demographics plateau between 2007 and 2037 and then decline as far as the eye can see, and more sharply from 2054 into 2071, using recent 2024 immigration-adjusted births.

The important point here: This huge difference is not because of substantially higher birth rates among Australia’s native-born citizens. It’s due to higher immigration as a percent of its population. Unlike Japan and many European countries, they have a lot of space to fill, but so does the U.S.

We need more immigrants today and into the future, not less, if we are going to avert a major decline for our kids and grandkids as Japan has already seen since the mid-1990s.

Harry Dent: We Need More Immigration, Not Less

A Long March to Today’s Vote

November 4, 2025 • Addison Wiggin

Election Day always brings politics into the foreground — but today, it’s impossible to separate politics, economics, and power.

The machinery of government itself is on display: the shutdown entering its fifth week, the Supreme Court debating executive overreach, and New Yorkers choosing between competing visions of what fairness means in an age of debt and division.

We apologize to readers who’ve signed up to learn more about Dollar 2.0 and the “upgrade” of the global financial system we believe commenced with the Payments Innovation Conference hosted by the Federal Reserve on October 21st.

That’s part of a larger story which we are following with intent.

Today, however, Swan Dive is overtly political because the economy has become political by design. Money, power and politics are all uniquely woven into today’s headlines.

Harry Dent: America’s Demographic Time Bomb

November 5, 2025 • Andrew Packer

I objectively expect the music to stop while Trump is still in office, and no president gets re-elected in a bad economy (or his VP Vance), and this should be the worst since 1930-33.

Remember, Remember the 5th of November

November 5, 2025 • Addison Wiggin

It’s fitting, somehow, isn’t it? That today is Guy Fawkes Day — a day when rebellious Brits gather to light bonfires and celebrate the foiling of a plot to blow up Parliament in 1605.

Four centuries later, voters, central bankers, and mayors-in-waiting all light their own fuses. The political class no longer needs Guy Fawkes to torch the system; it’s doing just fine on its own.

Harry Dent: We Need More Immigration, Not Less

November 4, 2025 • Addison Wiggin

However, our demographics plateau between 2007 and 2037 and then decline as far as the eye can see, and more sharply from 2054 into 2071, using recent 2024 immigration-adjusted births.

We need more immigrants today and into the future, not less, if we are going to avert a major decline for our kids and grandkids as Japan has already seen since the mid-1990s.

A Long March to Today’s Vote

November 4, 2025 • Addison Wiggin

Election Day always brings politics into the foreground — but today, it’s impossible to separate politics, economics, and power.

That’s part of a larger story which we are following with intent.

Today, however, Swan Dive is overtly political because the economy has become political by design. Money, power and politics are all uniquely woven into today’s headlines.