On Friday, March 14th, 2025, right around 5am EST gold bullion made history crossing the $3000 USD/oz mark for the first time in its long history as civilization’s most sound version of money.  This should come as no surprise to those that follow the industry closely as geopolitical and financial tensions have been long indicating this was on the horizon for gold, the only question that remained unanswered was when gold would make this historic jump.  At the time of writing, gold currently sits at $2995.94 USD/oz, just below its historic marker, up 14.13% on the year.  Of course, psychological levels are usually the toughest to sustain as these barriers often see a lot of profit taking as a result, however, based on where our world is today there is no reason to believe we aren’t still early in gold’s bull market.

When looking at silver, up 16.58% on the year, it too is coming up on a massive psychological barrier unseen in nearly 15 years.  As stands, silver is $48.24 CAD/oz, under $2 CAD/oz shy of the $50 CAD/oz level unseen since 2011 in the aftermath of the 2008 Great Financial Crisis.

Speaking of financial crises, as gold and silver continue to push higher building on their stellar gains seen in 2024, the stock market in the United States is going through one of the largest silent crashes on record.  The reason we are referring to this as a ‘Silent Crash’ is because no one is talking about it on the news, and no one is mentioning it around the dinner table… the silence is deafening.  Over the past 21 days, as of March 17th, 2025, the U.S. stock market has shed a staggering $5.28 trillion USD in value. It’s a jaw-dropping figure that’s sent shockwaves through Wall Street and Main Street alike, which has prompted us to make the inevitable comparisons to some of the most infamous financial meltdowns in history in this newsletter: the Great Financial Crisis of 2008, the Dot-Com Crash of 2000, and the Great Depression of 1929. Each of these events left deep scars on the economy and reshaped how we view and interact with markets, so let’s dive into how this recent loss measures up in terms of scale, context, and potential fallout. 

For comparative purposes, first, let’s put $5.28 trillion USD into perspective. The U.S. stock market’s total capitalization fluctuates, but as of early 2025, it’s likely hovering around $50 trillion USD, based on historical growth trends from its $46 trillion USD mark in 2023. That makes this 21-day drop roughly a 10-11% decline—a steep correction, though not yet a full-blown crash by traditional definitions (typically a 20%+ drop). Still, the speed and dollar amount are enough to raise eyebrows and certainly sets this Silent Crash on trajectory to be one of the largest the world has even seen upon its conclusion. Compare that to the Great Financial Crisis of 2008. Between late 2007 and early 2009, U.S. stocks lost about $8 trillion USD in market value as the Dow Jones Industrial Average plummeted over 50% from its peak of 14,164 to a low of 6,594. Adjusted for inflation to 2025 dollars, that’s closer to $11 trillion USD in losses. The 2000 Dot-Com Crash, meanwhile, saw the tech-heavy Nasdaq shed more than 76% of its value, erasing about $5 trillion USD in market cap (around $8 trillion USD in today’s dollars) between March 2000 and October 2002. Finally, the Great Depression’s 1929 crash saw the Dow lose 89% of its value by 1932, wiping out roughly $1.4 trillion USD in 2025-adjusted terms from its pre-crash peak—a smaller absolute number due to the much smaller market size back then, but a devastating blow relative to the economy’s size. So, at $5.28 trillion USD, this recent drop lands somewhere between the Dot-Com Crash and the Great Financial Crisis in nominal terms, though it’s less severe percentage-wise than all three historical events.

What stands out about the current $5.28 trillion USD loss is its velocity—21 days is lightning-fast compared to the drawn-out declines of past crises. The 2008 crisis unfolded over 17 months, with the most dramatic single-day drop (778 points, or 7%) coming on September 29, 2008, after Lehman Brothers’ collapse. The Dot-Com Crash was even slower, bleeding out over two years as the tech bubble deflated. The Great Depression’s initial crash in October 1929 saw a 25% drop in just two days (Black Monday and Black Tuesday), but the full descent to its 1932 bottom took nearly three years. This rapid $5.28 trillion USD plunge suggests a panic-driven sell-off, possibly triggered by a singular event or a confluence of uncertainties—think geopolitical tensions, inflation fears, or a sudden policy shift like the Trump Tariffs that have sparked wide-spread worry of a worldwide trade war. Unlike 2008’s systemic banking collapse or 2000’s speculative bubble burst, we don’t yet have a clear culprit, which makes the comparison murkier but no less alarming.  Without knowing exactly what has caused this selloff, there is no way to determine if the problem has even been addressed internally by government or how it may eventually be resolved. 

Context is everything. The Great Depression hit when the U.S. economy was far less diversified, amplifying the crash’s impact. Unemployment soared to 25%, and GDP shrank by over 30%. The $1.4 trillion USD stock loss (in today’s dollars) was a death knell because it erased nearly 90% of market value at a time when stocks were a primary wealth engine. The Dot-Com Crash, by contrast, was more contained—tech stocks tanked, but the broader economy only dipped into a mild recession in 2001, worsened by 9/11. The $5 trillion USD loss stung, but it didn’t derail the financial system. The 2008 crisis was a different beast. The $8 trillion USD stock drop was just one piece of a $16 trillion USD net worth loss for U.S. households, fueled by a housing bubble collapse and a near-meltdown of global finance. Unemployment hit 10%, and GDP contracted by 4.3%. Today’s $5.28 trillion USD loss, while massive, hasn’t yet shown signs of that kind of systemic unraveling—unemployment remains low (for now), and the banking sector appears stable. But at 10-11% of market value, it’s a warning shot that could ripple if confidence erodes further. 

The Great Depression’s recovery took 25 years, hampered by policy missteps like rate hikes. The Dot-Com Crash saw the Nasdaq limp back to its 2000 peak by 2015, a 15-year slog. Post-2008, aggressive Fed intervention (near-zero rates, $7.7 trillion in emergency loans) and a $787 billion stimulus fueled a faster rebound (and inflation)—the Dow regained its pre-crisis high by 2013. Today, with the Fed’s toolkit more refined and markets accustomed to quick interventions, a steep $5.28 trillion USD drop could see a swifter bounce-back—unless underlying economic fractures deepen, which is where we see this going.  Due to gold and silver’s continued rise, we see no reason to believe confidence in risk-on assets is going to return any time soon.

The $5.28 trillion USD loss over 21 days is a heavyweight contender, rivaling the Dot-Com Crash in raw dollars and approaching 2008’s intensity in speed. It’s not yet the Great Depression’s existential gut punch or 2008’s systemic nightmare, but its pace demands dire attention. Whether it’s a blip or the start of something bigger hinges on what’s driving it—speculation, like 2000? Leverage, like 2008? Or a combination of both?  There is a reason where we stand today in financial markets is often referred to as ‘The Everything Bubble’.  For now, it’s a loud echo of history, not a repeat—yet.