The Stock Market Peaked 25 Years Ago in Real Terms
The Stock Market Peaked 25 Years Ago in Real Terms
Liberty and Finance: 7-5-2025
In a recent compelling discussion with Liberty and Finance, renowned precious metals expert David Morgan peeled back the layers of apparent market prosperity, offering a stark warning that beneath the surface of robust nominal stock market indices lies a hidden, long-term erosion of real value.
Morgan’s insights challenge conventional views, arguing that while the stock market appears strong on paper, its true performance since its 2000 peak has been dismal when measured against gold, the universal constant.
Morgan articulated his concept of an “invisible crash,” a stealthy decline in purchasing power masked by relentless inflation and the systematic debasement of fiat currencies.
He contends that the everyday investor, seeing rising market numbers, is often unaware that their wealth is subtly yet profoundly diminishing in real terms. Gold, in his view, serves as the unyielding barometer of this decline, revealing the true economic landscape distorted by monetary policy.
While the broader market narrative is bleak, Morgan expressed considerable bullishness on silver, noting its recent strength, particularly its move above the $37 mark.
He forecasted potential triple-digit prices for silver in the coming years, positioning it at the forefront of what he believes will be a major precious metals bull market. This optimism for silver stands in contrast to his broader concerns about the global financial system.
Morgan did not mince words when discussing the role of central banks, particularly the Federal Reserve. He warned that the Fed’s endless interventions and a pervasive reliance on unsustainable debt have fundamentally distorted economic signals.
This, he suggested, is setting the stage for an unprecedented economic scenario: a hyperinflationary depression. This grim outlook posits that while market indices might appear to climb, they would merely reflect rapidly depreciating currency, leading to a severe decline in living standards and economic stability.
At the heart of Morgan’s analysis is a passionate plea for sound money.
He argued that fiat currency, untethered to tangible assets and subject to political manipulation, not only undermines economic stability but also erodes societal trust and personal freedom.
For Morgan, adhering to principles of sound money is not merely an economic preference but a fundamental requirement for a prosperous and free society.
David Morgan’s insights serve as a potent reminder for investors and the public to look beyond nominal figures and understand the true purchasing power of their wealth. His warnings underscore the critical importance of financial literacy and the pursuit of assets that can preserve value in an increasingly volatile and uncertain economic environment.