Oil’s Undervalued

September 25, 2025 • 1 minute, 6 second read

In the age of AI, oil isn’t just possibly made from dinosaurs — it is a dinosaur. Nobody’s running a data center on diesel, opting instead for nuclear.

As a result, oil prices have largely traded in a sideways $60-$70 range over the past few years. And relative to gold, oil is now substantially undervalued:

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Gold’s price is far above oil’s, a trend that’s likely to close up. (Source: Trading View)

We like the value proposition in oil today. We don’t see gold going lower.

Oil is going higher.

In real, inflation-adjusted terms, bubblin’ crude is cheap. And it’s still valuable for transportation, plastics, backup power, you name it.

The big oil companies have reasonable cash flows and pay big dividends — including the player in our model portfolio.

And in a world where commodity prices are trending higher, oil prices may be the next to pop.

~ Addison

P.S. It’s no surprise we’ve got commodities on the brain: This afternoon on Grey Swan Live!, Portfolio Director Andrew Packer and contributor Shad Marquitz will review the latest developments in the commodity space and determine the best commodity plays through the end of 2025 and into 2026.

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

Ripple Effect

Oil’s Undervalued

Addison Wiggin

September 25, 2025 • 1 minute, 6 second read

Oil

In the age of AI, oil isn’t just possibly made from dinosaurs — it is a dinosaur. Nobody’s running a data center on diesel, opting instead for nuclear.

As a result, oil prices have largely traded in a sideways $60-$70 range over the past few years. And relative to gold, oil is now substantially undervalued:

Turn Your Images On

Gold’s price is far above oil’s, a trend that’s likely to close up. (Source: Trading View)

We like the value proposition in oil today. We don’t see gold going lower.

Oil is going higher.

In real, inflation-adjusted terms, bubblin’ crude is cheap. And it’s still valuable for transportation, plastics, backup power, you name it.

The big oil companies have reasonable cash flows and pay big dividends — including the player in our model portfolio.

And in a world where commodity prices are trending higher, oil prices may be the next to pop.

~ Addison

Turn Your Images On

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

The Debasement Trade, A Legacy

November 7, 2025 • James Hickman

Real assets in general tend to hold their value during inflationary periods — because they’re not just paper promises. They’re tangible. They’re productive. They’re the raw inputs the economy is actually built on.

One of the most obvious opportunities right now — possibly the most mispriced sector in the entire market — is energy.

The world does not exist without energy. Full stop. People have been fed a ridiculous lie that oil is going to disappear and we’re all going to drive solar-powered EVs and Exxon is going to go out of business.

Forward March, Dollar 2.0

November 7, 2025 • Addison Wiggin

In the U.S., stablecoin rules remain tangled between crypto exchanges eager for new customers and small banks afraid of losing deposits.

China’s Ant Group is filing trademarks for “Antcoin” while the Party debates whether digital dollars threaten national sovereignty. And in Singapore, StraitsX cofounder Samson Leo frets about regulatory fragmentation: “If every jurisdiction requires us to split reserves across their banking systems, customer protection will diminish.”

Stablecoins today are where email was when businesses still faxed each other printouts of their inbox goes an apt analogy suggested by Bloomberg’s Andy Mukherjee.

The rails are there — the habits aren’t. But the shift is coming. And when it does, it won’t just change how we pay — it’ll change who gets paid.

The Engels’ Pause Is Here

November 7, 2025 • Addison Wiggin

Anticipating a sluggish labor market, the Fed has cut rates twice this fall.

Unfortunately, you can’t fix a reorganization with cheaper money. AI will eat the easy tasks first, so the pain you see — pink slips — is only half the story. Those jobs will likely never return.

A Masterclass In Absurdity

November 6, 2025 • Lau Vegys

If you’re from New York—or know anyone there—you’ll probably agree: most New Yorkers are fed up with crime, the outrageous cost of living, government incompetence and corruption—and, yes, the rats.

But the fact that a hard-core socialist like Mamdani is their favorite pick to solve those problems tells you that most voters have no idea why any of it is happening.

Their hatred of Donald Trump—and a steady diet of MSNBC—has made them blind to the obvious: it’s the Left’s policies creating these problems. You have rent control shrinking supply by forcing landlords to pull units from the market, union giveaways jacking up the cost of transportation, zero-bail laws putting criminals back on the streets, and so on and so forth.

The Debasement Trade, A Legacy

November 7, 2025 • James Hickman

One of the most obvious opportunities right now — possibly the most mispriced sector in the entire market — is energy.

Forward March, Dollar 2.0

November 7, 2025 • Addison Wiggin

In the U.S., stablecoin rules remain tangled between crypto exchanges eager for new customers and small banks afraid of losing deposits.

Stablecoins today are where email was when businesses still faxed each other printouts of their inbox goes an apt analogy suggested by Bloomberg’s Andy Mukherjee.

The rails are there — the habits aren’t. But the shift is coming. And when it does, it won’t just change how we pay — it’ll change who gets paid.

The Engels’ Pause Is Here

November 7, 2025 • Addison Wiggin

Anticipating a sluggish labor market, the Fed has cut rates twice this fall.

A Masterclass In Absurdity

November 6, 2025 • Lau Vegys

But the fact that a hard-core socialist like Mamdani is their favorite pick to solve those problems tells you that most voters have no idea why any of it is happening.