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Ripple Effect

The Truth About Gold

Andrew PackerAndrew Packer

August 22, 2025 • 1 minute, 16 second read


goldinflation-adjusted returns

The Truth About Gold

If you’re a regular Grey Swan reader, you already know the value in gold.

But in case you’re still on the sideline… or know someone who is…

This is the chart to share:

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As measured against gold’s purchasing power, stocks have lost ground against the metal since 1971. (Source: TradingView)

Measured in gold, stocks have underperformed the metal since the U.S. left the remnants of the gold standard in 1971.

You can see a small blip in stocks around 2000, reflecting not only the dotcom bubble, but gold hitting a generational low.

Sure, if you only held Apple, Tesla, and NVIDIA over the past 15 years, you may have fared better. Different timeframes will lead to different results.

But it goes to show that even though stocks are the best game in town, there’s still a place for gold in your portfolio.

And right now, gold mining stocks are starting to break higher, buoyed by higher earnings and cash flow potential for quarters to come.

~ Andrew

P.S. The stock market may soon undergo a “Quickening” event, where stocks soar as several technologies accelerate from here.

If that’s the case, stocks may pick up some slack in the short-term. And investors in the right stocks can make huge gains.

But when it comes time to take some profits, consider investing some of it into gold — the metal continues to stand the test of time.

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


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