| Ripple Effect — November 25, 2025
Since early 2023, regional banks have been sitting on massive unrealized losses on their bond holdings:  Bank losses are off their 2023 lows, but are still over $300 billion. (Source: FDIC) When the Fed began hiking rates to combat inflation, bond holdings tanked. Banks have been sweating it out, anticipating a rate cut cycle.
If the Fed cuts rates in December — odds now 80% — bond prices will continue to rise. Banks will be in better shape as unrealized losses decline. Hopefully, before a crisis breaks out.
But banks are not out of the woods, yet. And increased competition from digital assets (Dollar 2.0) will further squeeze the traditional banking business model.
Lower interest rates will drive hard assets higher. In our view, gold’s recent pause in the low $4,000 range is just that – a necessary breather after the run-up this year from $2,800 to $4,400 at the peak.
Don’t fret the safety of the banking system, buy gold… and digital assets.
~ Addison | 
Buried deep in a mountain canyon, a tiny vineyard produces one of the darkest, most intense Malbecs on earth. For years, only a handful of families even knew it existed.
Then America's top wine explorer found it — and brought back enough for a few lucky club members.
His latest discovery? A “lost” extreme-altitude Malbec grown at 8,000+ ft in a hidden Andean gorge — nearly impossible to reach, even for locals.
See the lost vineyard that was uncovered. | P.S. While this is a holiday-shortened week, we’ve arranged for a unique video presentation of Tim Sykes’ novel trading strategy on Thanksgiving Thursday.
Tim is one of the top traders in the game today – and he’s sharing details on a strategy he uses to find stocks on Fridays that will likely pop on the Monday open after a restful weekend.
Tim’s innovative strategy will be worth your consideration:  If you have requests for new guests you’d like to see join us for Grey Swan Live!, or have any questions for our guests, send them here.
How did we get here? Find out in these riveting reads: Demise of the Dollar, Financial Reckoning Day, and Empire of Debt — all three books are now available in their third post-pandemic editions. You might enjoy one or all three. 
(Or… simply pre-order Empire of Debt: We Came, We Saw, We Borrowed, now available at Amazon and Barnes & Noble or if you prefer one of these sites: Bookshop.org, Books-A-Million or Target.)
Please send your comments, reactions, opprobrium, vitriol and praise to: feedback@greyswanfraternity.com |
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