Why You’ll Embrace the “Terrifying Bull Market”

What’s happened over the last 30 years?

Big picture? Assets go up, and the purchasing power of the dollar goes down.

Gold has just edged out stocks over the last 25 years – century to date. Going back a little further, to gold’s cyclical bottom in the late 1990s, stocks have a slight edge:

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Financial markets are far from a perfect safe-haven from inflation, but they’re easy for investors to get in and out of. (Source: X/Twitter)

What has happened over the past 30 years could now happen again – this time over 30 months. Or even less.

That’s the power of what Grey Swan’s Mark Jeftovic warns will be, “the most terrifying bull market” in history. One where investors jump into stocks at any price and valuation, in the hope that it will escape the clutches of inflation.

Chances are, it won’t fully protect you – but as we can see, it will provide some insulation. And stocks remain the most liquid game in town – it’s a faster place to move your money to compared to real estate or grabbing cash and running to your local coin dealer.

But with today’s sky-high valuations and high market concentration in big-cap tech stocks, investors will want to look for better opportunities that can come out ahead should the path to destroy the dollar accelerates.

~ Addison

P.S. This is yet another reason why we see gold prices soaring even higher – potentially into the five-digit range, in the years ahead. Gold’s fundamentals are strong – but what’s even more important is the structural weakness now baked into the dollar by decades of deficits.

We’ll be digging into both sides of that equation — plus our latest research — in this week’s special session of Grey Swan Live! today, Friday, August 15, 2025… exactly 54 years since Nixon “closed the gold window.”Members will get the sneak peek before anyone else.

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

What’s happened over the last 30 years?

Big picture? Assets go up, and the purchasing power of the dollar goes down.

Gold has just edged out stocks over the last 25 years – century to date. Going back a little further, to gold’s cyclical bottom in the late 1990s, stocks have a slight edge:

Turn Your Images On

Financial markets are far from a perfect safe-haven from inflation, but they’re easy for investors to get in and out of. (Source: X/Twitter)

What has happened over the past 30 years could now happen again – this time over 30 months. Or even less.

~ Addison

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

America’s role in the world isn’t that of the world’s policeman (a temporary post-World War II role foisted upon the U.S. due to the Cold War) or as the destination of immigrants (for most of the 20th century, when we saw the most significant increases in individual incomes and quality of life, the U.S. didn’t accept many immigrants). Instead, the role the U.S. has played throughout its existence is as the world’s leader in the production, adoption, and socioeconomic integration of new technologies. We figured out how to do it successfully first, and the world followed.

AMD’s deal with OpenAI is another echo from 1999. OpenAI agreed to buy six gigawatts’ worth of AMD chips — products that don’t yet exist — in exchange for warrants on 160 million AMD shares, about 10% of the company. AMD stock jumped 24% overnight.

And then there’s Oracle’s $300 billion OpenAI contract — five times OpenAI’s annual revenue. Oracle’s stock soared 43% in a day, making Larry Ellison $100 billion richer.

Relative strength, or RSI, provides investors with a quick glance as to how much the market likes or hates a given asset. The correction is a welcome event for hard asset investors.

With the metal back under $4,000, our thesis remains untouched.

In fact, the pullback – while sharp and severe – makes gold a less expensive insurance policy against geopolitical shocks and other Grey Swan events.

On the current trajectory, online and offline tribal warfare, with events that range from assassinations to riots to sabotage, is inevitable. Worse still, with both sides waging moral warfare (good versus evil), there is no middle ground, rendering compromise impossible.

To avoid this, the government could step in to crack down on illegal immigrants, serial criminality, and activist blue cells to slow the ramp in extrajudicial violence from the red tribe. This would reduce the chance we see a rapid escalation in tit for tat violence. However, to do this, it would need to designate many activist groups as terrorist entities and pursue them with the degree of vigor we saw with Islamic radicals after 9/11.

And then there’s Oracle’s $300 billion OpenAI contract — five times OpenAI’s annual revenue. Oracle’s stock soared 43% in a day, making Larry Ellison $100 billion richer.

Relative strength, or RSI, provides investors with a quick glance as to how much the market likes or hates a given asset. The correction is a welcome event for hard asset investors.

With the metal back under $4,000, our thesis remains untouched.

In fact, the pullback – while sharp and severe – makes gold a less expensive insurance policy against geopolitical shocks and other Grey Swan events.