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Ripple Effect

The Cantillon Effect Remains in Full Force

Loading ...Addison Wiggin

June 24, 2025 • 2 minute, 12 second read


Cantillon Effectfiat moneywealth creation

The Cantillon Effect Remains in Full Force

Central banks set monetary policy – allowing them to create money out of thin air. Those who are closest or the first to access this newly-created money tend to be the biggest beneficiaries.

This is known as the Cantillon Effect.

And for all the progressive talk about “wealth inequality” in America, the shift off of the gold standard since 1971 has kicked this effect into high gear – not tax policy.

Wealth creation – from being able to access capital to buy assets or start a new business – has been the biggest driver of this inequality, as worker wages have been stagnant at best when adjusted for inflation.

Access to money, makes more money.

In the last three years alone, thanks to a soaring stock market, the top 1% of Americans has seen their wealth grow by 25%, or $10 trillion:

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The systemic wealth transfer isn’t a flaw of fiat money – it’s a feature.

Your best bet to protect yourself? Invest in non-fiat assets, such as gold and bitcoin.

Gold prices are still significantly undervalued in fiat terms. Bitcoin, even with its volatility, offers higher long-term return potential.

“Gold is for protection (and for love),” our friend Frank Holmes likes to say, “Bitcoin is for growth.”

~ Addison

50 Major Companies That Will Likely
Fail to Survive Trump’s MAGA Economy

Turn On Your Images.

Many have 5-star ratings.

Most are “buys” per Wall Street.

But they’re dead companies.

Click here to see the full list.

P.S.: Looking for small-cap companies that are driven by fundamentals and not just retail sentiment? Join our Fraternity!

Each week, we explore more interesting investment ideas, often brought by our contributors and special guests.

For instance, in last week’s Grey Swan Live! with Chris Mayer, we explored some of Chris’s top investment ideas, including some of the best value plays in countries such as Sweden and Poland.

For U.S. investors, tread lightly – these companies can only be bought on the pink sheets, where volume is light and prices can swing wildly. But if you’re looking for value now, going overseas may be just the place to do it.

Meanwhile, you can also join our Portfolio Director Andrew Packer at the Rule Investment Symposium in Boca Raton on July 7-11, 2025. Click here to attend and meet your future cutting-edge resource investments face-to-face.

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

How did we get here? Find out in these riveting reads: Demise of the Dollar, Financial Reckoning Day, and Empire of Debt — all three books are now available in their third post-pandemic editions. You might enjoy one or all three.


Don’t Let Dilution Cost You Profits In Today’s Gold Rally

July 14, 2025 • Andrew Packer

Looking at your gold stock holdings with an eye to how much share dilution they’ve done is critical to your investment success.

Share dilution is real across any industry. But how shares are being diluted, and what they’re being diluted for matter.

In the resource space, that means paying close attention to the value of any announced acquisitions, the total shares outstanding, and how that company is performing relative to its underlying resource.

That can make the difference between a good investment, a middling investment, and a killer investment.

Don’t Let Dilution Cost You Profits In Today’s Gold Rally
Gold Stocks Are Starting to Outperform

July 14, 2025 • Andrew Packer

In 2023 and 2024, gold prices trended higher. That trend has continued this year, with gold prices rallying over 20%.

In prior years, gold mining companies have been conspicuously absent from that rally. But in 2025, they’re starting to move up – and at a faster pace than gold:

Gold mining stocks should perform better than gold during a rally. Why? Imagine a gold company has total cash costs of $1,500 per ounce.

At $2,500 gold, they make a profit of $1,000 per ounce. If gold rallies to $3,500, a 40% rally, the miner’s profit goes from $1,000 to $2,000 per ounce – a 100% jump in profits.

That’s the power of investing in gold mining companies. Aside from the first half of 2016, this is the best setup for gold mining stocks since the early 2000s. It’s not too late to buy gold stocks if you haven’t done so yet.

Gold Stocks Are Starting to Outperform
A Commodity Supercycle Is Underway as Investors Seek the Truth

July 14, 2025 • Andrew Packer

Truth matters.

Free and fair money, whether measured in gold ounces or satoshis – a one-hundred-millionth of a bitcoin – can compel a governmental and political system to stay honest. Or at least within some rails.

Fiat currencies, which are determined by those same governments, provide unchecked power, including the ability to keep some in power despite clear abuses of it.

History shows time and again that it’s the power to destroy.

Public confidence has been hit with a one-two punch of hefty inflation the past few years, and a sense of a two-tiered justice system that projects those in power who were harming children.

In a time of rapidly-declining trust in traditional institutions, it’s more important than ever to make sure you hold gold and bitcoin.

I know I sound like a broken record – but every day, there’s about 3 billion more reasons to hold those assets. And that’s just the daily increase in America’s federal debt.

A Commodity Supercycle Is Underway as Investors Seek the Truth
Gold: The Only Thing Standing Still

July 11, 2025 • Dominic Frisby

Since the US confiscation of Russian assets in 2022, pretty much every pull back to 50-day moving average (red line) has been bought, and they continue to be bought. The average is now flattening out, as you would expect with this summer consolidation, rather as it did late last year. Some sideways consolidation is good. Ideally, you want to see the short-, medium- and long-term moving averages all flatten and converge. There often follows a big move higher.

Gold: The Only Thing Standing Still