Gold and silver continue to make new highs and remain my highest-conviction positions in client accounts.
Global central banks are aggressively accumulating gold amid unlimited fiat currency creation. They see what most investors don’t: persistent debt growth, expanding deficits, and the long-term erosion of purchasing power. Central banks are reducing U.S. Treasury exposure as they recognize that the Federal Reserve is monetizing debt at an increasingly unsustainable pace.
With proposed U.S. defense spending approaching $1.5 trillion and Congress continuing to expand fiscal deficits, markets are already looking ahead. The world has absorbed enormous quantities of U.S. debt, and future issuance will likely require further monetary accommodation. While the dollar still holds reserve-currency status, history suggests that status is never permanent.
Empires rarely collapse overnight. The Roman Empire lasted roughly 250 years before debasing its silver currency to fund growing obligations—ultimately destroying confidence and taxing power. Monetary debasement temporarily masked economic weakness, but it did not prevent decline. History doesn’t repeat exactly, but it often rhymes.
We are not at the breaking point—yet. But I refuse to ignore risk simply because the Fed has intervened in every prior crisis. The next crisis may coincide with the moment you need your capital most, when waiting for markets to “bounce back” is not an option.
That is why I actively manage risk: to maximize gains while avoiding life-changing losses.
I remain very bullish on gold, silver, and emerging markets, and client accounts are fully invested. This month could be one of our strongest, and this year could be exceptional.
If you have capital to add or know someone who could benefit from professional portfolio management, please reach out. Dexter@HorizonRia.com
God opposes the proud but gives grace to the humble. James 4:6