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Ripple Effect

The Labor Department’s At It Again

Loading ...Addison Wiggin

July 21, 2025 • 1 minute, 21 second read


BLSLaborlabor data

The Labor Department’s At It Again

The BLS reported that the number of jobs reported for the 9 months ending December 2024 was likely overstated by ~800,000:

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The U.S. government overstated job creation in the last nine months of 2024.

This is the same BLS that printed a massive revision of over 800,000 jobs lower in August of last year, too.

Basic math puts the two revisions at 1.6 million jobs… that were reported but were never created.

That’s bad news – unless you were trying to make the economy look good for some reason in the back half of 2024. (The election, perhaps.)

The new massive revision also suggests that the labor market was in a worse spot when President Trump got back into the big chair.

And… it may even give some credence to Trump’s incessant abuse of Federal Reserve Chair, Jerome Powell. Not enough to cut rates to 1% overnight. But still…

As we observed in our July piece Trump’s Reality Distortion Field, trusting traditional economic data for forecasting rate cuts or an impending recession is a fool’s errand until we can trust the data under review again.

Whenever that may be.

~ Addison

P.S. Part of President Trump’s Great Reset plan is to increase private sector jobs in America. But that trend will also take time to play out. Tariffs play a role, as they make U.S.-based jobs more competitive. But as with all economic changes, it’s like steering a cruise ship, not a jetski – it’ll take time to play out.

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


Opportunities In Rare Earth Elements

July 23, 2025 • Shad Marquitz

Back in the 2010-2012 period, China was putting export quotas on the REEs (since they had and still mostly have a stranglehold on processing, separation, and refining these metals).

So, it was a very similar environment that we see today with their strategy of export bans on many critical minerals. That restriction in supply was giving a big pop at that time to these niche metals used in electronics, defense, high-powered permanent magnets, windmills, lasers, and so many areas of the modern world.

Opportunities In Rare Earth Elements
The U.S. Falls Behind China in Resource Development

July 23, 2025 • Addison Wiggin

Currently, resources make up about 2% of the S&P 500 by market cap. Even today’s big-name gold miners carry market caps of under $100 billion, and the entire resource space is valued at less than any of the Magnificent Seven names.

But these are the critical physical commodities the world needs. Copper, gold, lead, zinc, uranium, and the rare earths.

This story is just getting started, and U.S. developers may see big moves ahead as the U.S. looks to catch up from a decade of underinvestment as China has moved full steam ahead with resource development.

The U.S. Falls Behind China in Resource Development
Allies, Assets, and Authoritah!

July 23, 2025 • Addison Wiggin

The summer lull is enjoyable so far. Smooth sailing. But geopolitics, tariffs, and the occasional meme-stock fever dream are testing the keel. Markets are riding high, but investors with any mileage on them know a headwind when they feel it.

We noticed Financial Times columnist Rana Foroohar is picking up what we’re laying down. “We’re watching the scaffolding of the old global order being quietly dismantled,” she wrote yesterday.

Allies, Assets, and Authoritah!
Finally, the Junior Miners Are Outperforming

July 22, 2025 • John Rubino

Gold mining companies are leveraged to the price of gold. That’s because their costs are fixed in the short term. So higher gold prices cause profits to surge.

Smaller companies – the so-called juniors – in the business of exploring can fare even better if they have a strong find.

Today, gold’s price looks ready to move higher, after pausing for a few months – there’s a “pennant” formation in the price chart. If that plays out, gold could top $4,200 in the next year.

Finally, the Junior Miners Are Outperforming