WSJ: Black Swan Manager Sees Huge Rally, Then 1929-Style Crash

Mark Spitznagel's hedge fund has earned bonanzas in market collapses

Sept. 22, 2025

The Crash of 1929 followed significant stock-market gains that occurred in the early part of that year.

I'm the crash guy I remain the crash guy, says Mark Spitznagel, who earned $1 billion in a single day for his clients during 2015's Flash Crash. A protg of Black Swan author Nassim Nicholas Taleb, his hedge fund, Universa Investments, also scored major gains when Lehman collapsed and when Covid-19 sparked a meltdown.

The alarming part of Spitznagel's current outlook is that he sees conditions akin to 1929, the year of the Wall Street crash.

The biggest risk to investors isn't the market it's themselves, he says.

** Information contained within this email should not be construed as Legal, Accounting, Tax or Investment advice. Patriot Gold Group is a Gold & Silver Dealer, representatives are NOT Licensed Financial Planners and do NOT give investing or tax advice.

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Is Gold Expensive? Not Yet

Sep 19, 2025

Gold prices flirted with $3,700 an ounce this past week and are up nearly 40% so far this year, so it should not come as a surprise that some investors use the Federal Reserve's cautious return to the easing cycle as a reason to take profits. However, it appears nobody is ready to call a top in this rally anytime soon.

Even as gold posts its best annual gains since 1979, no analysts have advised investors to take their foot off the gas pedal. French bank Socit Gnrale increased its stake in gold, taking a maximum 10% position as part of its Multi-Asset Portfolio Strategy.

They are hardly alone. Billionaire Ray Dalio, founder of Bridgewater, said Friday at the FutureChina Global Forum 2025 that investors should hold at least 10% of their portfolio in gold.

Meanwhile, Morgan Stanley's Chief Investment Officer Mike Wilson recommends investors build a 60/20/20 portfolio, with gold and Treasuries evenly balanced.

To put this demand potential into perspective, gold holdings represent about 2% of total global financial assets.

At the same time, even with prices near record highs, data from the World Gold Council show that global holdings in gold-backed exchange-traded funds remain well below the record levels seen in 2020.

It's not surprising that gold is attracting considerable attention as investors look to protect their wealth. Inflation, driven by rising government debt, has become a significant risk in the marketplace.

The U.S. deficit has grown by $2 trillion this year, adding to the total debt of more than $37 trillion. However, this isn't just a U.S.-focused story.

The entire world is drowning in rising debt levels. As a result, gold continues to hit record highs against all major currencies, including the Canadian dollar, British pound, euro, Japanese yen, and Australian dollar. Gold is currently trading above $5,000 an ounce against the Canadian dollar.

Despite the potential for some volatility or a new consolidation phase, many analysts expect investment demand will not fade anytime soon and that dips in the market will be quickly bought, a trend evident over the past three years.

** Information contained within this email should not be construed as Legal, Accounting, Tax or Investment advice. Patriot Gold Group is a Gold & Silver Dealer, representatives are NOT Licensed Financial Planners and do NOT give investing or tax advice.

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Can Silver Prices Follow In Palladium's Footsteps And Rise 500% In Five Years?

09/23/2025

Silver prices have pushed to a fresh 14-year high above $44 an ounce, and while many investors are focused on the all-time high of $50 an ounce, one analyst said this rally is still just in its early stages and there's more than $6 of upside left in the gray metal.

In an interview with Kitco News, Shree Kargutkar, Senior Portfolio Manager and silver specialist at Sprott Asset Management, said that another precious metal has already provided a roadmap for where silver prices could go.

At the start of 2016, palladium prices were trading around $500 an ounce, and by May 2021 prices had pushed above $3,000 an ounce. After several volatile months, palladium prices finally topped out in March 2022 at $3,425 an ounce.

In six years, palladium prices rallied nearly 600%, which Kargutkar said puts silver's year-to-date gains of 52% into perspective.

It is important to highlight the solid uptrend we have seen so far this year, but at least in our estimation, this is just the beginning, he said.

**Information contained within this email should not be construed as Legal, Accounting, Tax or Investment advice. Patriot Gold Group is a Gold & Silver Dealer, representatives are NOT Licensed Financial Planners and do NOT give investing or tax advice.