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.)

The stock market “rebalancing” is a polite way to put it. Energy and health care are getting a healthy boost. But tech hardware and software makers are still getting dressed down and have been asked to report to the principal’s office.

The great rotation underway has triggered a series of “Hindenburg Omens.” Five have occurred in recent weeks.

The S&P 500 has traded in a 3.7% range over the past two months — less than half the 20-year median of 8.6%. One of the tightest ranges in modern history.

In trader parlance, the indexes are “flat,” a setup that often materializes before a sell-off at the top after a multi-year bull market.

Goldman Sachs told its own traders to be aware that institutional trading activity resembles a VIX reading near 35. Rather than a reading of 20, where the VIX has been trading over that same 2-month period.

The U.S. software ETF, IGV, tested its April 2025 lows last week and trades roughly 35% below its peak. The “SaaS-pocalypse” in software companies reflects the fear of Citrini’s 2028 scenario happening in real time. That divergence now exceeds the spread seen at the peak of the Great Financial Crisis.

Under the surface, the “great rotation” we wrote about last week is threatening to widen.

Despite its overly-educated 40-million-plus population, on a GDP per capita basis Canada is null. Collectively, the Great White North would rank as America’s second-lowest state, coming in above Mississippi, but below Alabama.

SpaceX is the most valuable private startup in history — and if its success continues, it might become the most valuable public company in history.

After all, as Musk famously said in 2023, “I have never lost money for those who invest in me and I am not starting now.”

For investors, SpaceX has been a wild, joyful ride — and now the journey continues!