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:

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.

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.)

Our forecast will feel obvious in hindsight and controversial in advance — the hallmark of a Grey Swan.

Most analysts we speak to are thinking in terms of the history of Western conflict.

They expect full-frontal military engagement.

Beijing, from our modest perch, prefers resolution because resolution compounds its power. Why sacrifice the workshop of the world, when cajoling and bribery will do?

Taiwan will not fall.

It will merge.

Wars, technology races, and political upheavals — all of them rest on fiscal capacity.

In 2026, that capacity will tighten across the developed world simultaneously. Democracies will discover that generosity financed by debt carries conditions, whether voters approve of them or not.

Bond markets will not shout so much as clear their throats. Repeatedly.

Taken together, the seven Grey Swans of 2025 behaved less like isolated events and more like interlocking stories readers already recognize.

The year moved in phases. A sharp April selloff cleared leverage quickly. Policy shifted toward tax relief, lighter regulation, and renewed tolerance for liquidity. Innovations began to slowly dominate the marketplace conversation – from Dollar 2.0 digital assets to AI-powered applications in all manner of commercial enterprises, ranging from airline and hotel bookings to driverless taxis and robots.

Back in April, when we published what we called the Trump Great Reset Strategy, we described the grand realignment we believed President Trump and his acolytes were embarking on in three phases.

At the time, it read like a conceptual map. As the months passed, it began to feel like a set of operating instructions written in advance of turbulence.

As you can expect, any grandiose plan would get all kinds of blowback… but this year exhibited all manner of Trump Derangement Syndrome on top of the difficulty of steering a sclerotic empire clear of the rocky shores.

The “phases” were never about optimism or pessimism. They were about sequencing — how stress surfaces, how systems adapt, and what must hold before confidence can regenerate. And in the end, what do we do with our money?!