In Gold We Trust, Sept 21, reproduces this chart from Incrementum and notes that the US Schiller P/E (showing cyclically-adjusted price/earnings ratio over ten year record) has gone up from 34.97 in March 2025 to around 40 today. The median is 16.38. The comparable figures for other countries at the end of the first half of 2025 are Germany (24.3), Australia (21.2) and China (15.41). The message? Gravity wins!
