Gold remains my highest conviction trade, trading near all-time highs after a powerful multi-year advance. The primary driver is persistent central bank accumulation—long-term, strategic buying to hedge against currency debasement as governments continue to spend more than they collect. This is not speculative demand; it is policy-driven and structural.

A weakening U.S. dollar further supports gold. Because gold is priced in dollars, sustained dollar softness tends to lift gold prices over time. I do not expect a durable, strong-dollar policy, as it would conflict with growth objectives and U.S. export competitiveness. For exposure, I prefer ETFs backed by physical bullion rather than paper futures.

Silver has been even more volatile. Prices have surged amid chronic supply shortages and rising demand for solar panels, EVs, data centers, and electronics. Supply remains constrained because silver is a byproduct of other mining operations, limiting the industry’s ability to respond quickly to higher prices. While silver’s long-term fundamentals are compelling, it is currently extended. I maintain limited exposure today and plan to add via a physically backed silver ETF, avoiding futures and counterparty risk.

Trump’s push for Fannie Mae and Freddie Mac to purchase $200 billion in mortgage-backed securities aims to suppress mortgage rates and support housing affordability. However, increased Treasury selling pressures bond prices and pushes yields higher, raising the cost of refinancing the national debt. If yields rise, pressure on the Federal Reserve to become more accommodative will intensify. Lower rates would likely fuel inflation and debt monetization, ultimately pushing both rates and gold higher. Gold and silver are not reacting—they are anticipating.

I also like the trends developing in emerging-market debt, high-yield bonds, and energy. Lower oil and natural gas prices improve gold miner profitability, as energy is a significant input cost. Meanwhile, junk bonds trading above their 50-day moving averages signal a healthy risk appetite.

If you’d like a second opinion on how your IRA is being managed, I’d be glad to help. As a fee-only, independent fiduciary, my interests are aligned with yours. I don’t sell commissioned annuities or insurance,

The law was given through Moses; Grace and Truth came through Jesus Christ. John 1:17

If you’re frustrated picking individual stocks and getting chopped up by market volatility, consider investing in 5-Star funds that consistently pick the best stocks. Rather than chasing last year’s winners, it’s wiser to skate to where the puck is heading.

I’m currently seeing meaningful institutional money flows into emerging markets, foreign banks, technology (AI), gold, and silver, as the U.S. dollar continues to lose purchasing power. Dollar devaluation is not accidental—it is a policy choice that benefits U.S. exporters. When overseas profits are repatriated, a weaker dollar magnifies those earnings.

Gold and the dollar have historically moved inversely—when the dollar declines, gold often rises. Today, gold is also benefiting from continued accumulation by foreign central banks. History shows that when governments print money faster than the world can absorb it, fiat currencies lose value. While the U.S. remains resilient, long-term trends warrant careful planning.

This raises an important question: Will the dollar maintain its reserve-currency status before you need your retirement money—and do you have a plan to protect your hard-earned assets during a primary bear market?

The major indexes have now posted double-digit gains three years in a row. In my experience managing retirement portfolios for more than three decades, I have often seen frustrated investors chase performance at precisely the wrong time. Funds with the strongest long-term track records and disciplined risk management may outperform broad market indexes in 2026.

For the year ahead, I am bullish, expecting the Federal Reserve to lower interest rates ahead of the mid-term elections and consumers to receive larger-than-expected tax refunds, which may fuel additional spending. I favor emerging-market stocks and bonds, long/short strategies, and gold within a diversified, actively managed portfolio. I actively adjust positions as market conditions evolve—aiming to capture most of the upside while avoiding life-changing losses. A passive buy-and-hold approach does not adequately manage risk.

If you would like professional, fiduciary management of your IRA, I offer three model portfolios designed to align with different risk tolerances and retirement goals. As a fee-only, independent advisor, my interests are aligned with yours.

Please feel free to contact me for a second opinion or to discuss whether my approach is right for you:
Dexter@HorizonRIA.com | 337-983-0676

Wishing you a healthy, prosperous, and Happy New Year.

P.S. Thank you for the 5-Star Google reviews. I’m genuinely humbled and grateful.

The grace of God has appeared, offering salvation to all people. Titus 2:11  

All-Time Highs — Are You Positioned for 2026?

With markets at all-time highs, many investors are asking an important question: Is my retirement account positioned for what comes next? If someone you know is considering a change in how their retirement account is managed, I invite them to reach out for a second opinion.
You can email me at Dexter@HorizonRia.com or call 337-983-0676.

Our approach is straightforward. We invest with fund managers who demonstrate strong long-term track records and disciplined risk management—and we reallocate when better opportunities emerge. As a fee-only fiduciary, we earn no commissions or trading fees, so our advice is objective and aligned solely with our clients’ best interests—no strings attached.

We had a solid year, and I expect 2026 to be a banner year for our clients, driven by continued AI-related spending, potential tax cuts, and reduced regulation. Our three models are strategically positioned to benefit from emerging trends in gold, emerging-market stocks and bonds, and select long/short mutual funds, including AGEIX, CBYYX, EIDOX, PHYS, TEDHX, QLEIX, QMNIX, and WWJD.

The S&P 500 is currently trading near all-time highs on very light volume due to the holiday period. Historically, the first two weeks of January often reveal where institutional capital is positioning for the year ahead. If capital begins to flow toward new leadership areas, we will adjust allocations to stay aligned with those emerging trends.

The U.S. dollar peaked earlier this year and has declined more than 5% year-to-date. While most administrations favor a strong-dollar policy, the current environment appears more supportive of a weaker dollar to help exports and trade competitiveness. A weaker dollar also boosts the value of overseas earnings when converted back into dollars, which is one reason we maintain exposure to emerging markets; this has benefited performance.

Bitcoin has declined by more than 30% since October as capital has rotated out of speculative assets and into stores of value such as gold and silver, driven in part by the unwinding of the yen carry trade. While silver has been the biggest beneficiary, it is now extended and not a current buy. Gold, however, remains my highest-conviction position.

I view gold as an insurance policy against the dollar’s long-term loss of purchasing power due to persistent money printing and inflation. If you have fire insurance on your home, the question is simple:
Do you have insurance on your dollar’s purchasing power?

Wishing you a healthy, prosperous, and Happy New Year.

PS: Thank you for the 5-Star Reviews on Google, and please leave more as the Spirit leads.  

I pray that you may prosper in all things and be in health, just as your soul prospers. 3 John 2

The S&P 500 and NASDAQ briefly sliced through their 50-day moving average (DMA) guardrail on above-average volume on Wednesday but quickly rebounded, closing back above this critical support level. That swift recovery is an encouraging signal that the bulls remain in control, and the primary uptrend remains intact.

The Federal Reserve announced plans to purchase approximately $40 billion per month in Treasury bills—effectively ending quantitative tightening (QT) and restarting quantitative easing (QE). Markets typically welcome balance-sheet expansion, as increased money supply adds liquidity to the financial system. Historically, excess liquidity has often flowed into risk assets, supporting higher equity prices.

Looking ahead, a potential leadership change at the Federal Reserve in March could further reinforce this trend. If a more accommodative Fed Chair is appointed, markets may begin to anticipate lower interest rates, increased debt monetization through money creation, and rising inflation expectations—conditions that have historically been supportive of tangible assets such as gold.

That said, renewed money printing also raises longer-term inflation risks. As a result, gold continues to attract investors and central banks seeking protection against currency debasement and rising inflation expectations. Gold is up over 64% year-to-date, is trading near all-time highs around $4,300 per ounce, and remains our largest portfolio position.

Globally, Japan recently raised interest rates to the highest level in 30 years, with the 10-year Japanese Government Bond approaching 2%. Rising Japanese yields are placing upward pressure on global interest rates and testing government budgets and institutional balance sheets worldwide. As yields rise, the long-standing yen carry trade—borrowing yen to invest in risk assets—continues to unwind. At the same time, some Bitcoin traders appear to be rotating toward silver, supported by strong physical demand from India and renewed interest in tangible stores of value. Silver is extended and up more than 130% year-to-date.

Energy prices remain constructive for economic growth. Oil near $55 per barrel and natural gas near all-time lows should act as a tailwind for GDP growth into 2026. Additionally, the “Big Beautiful Bill,” which eliminates taxes on tips, overtime, and Social Security benefits, is scheduled to take effect in January. This could help incentivize capital currently in money markets—estimated at nearly $8 trillion—to gradually rotate back into risk assets.

Our second-largest position is the AQR Long-Short Equity Fund (QLEIX), managed by a team of four Ph.D.-level portfolio managers. This 5-Star fund has delivered an average annualized return of approximately 26% over the past five years. While QLEIX typically requires a $5 million minimum investment, we can access it for our clients without minimums. Just as important, we actively monitor its trend and are prepared to exit when conditions change.

Our philosophy is to manage the managers—partnering with skilled investment teams when they have a clear edge and stepping aside when that edge deteriorates. Nothing should be held forever. While no one knows how severe the next bear market will be, history consistently shows that protecting capital during major downturns is essential to long-term financial success.

Our objective is to capture most bull-market gains while avoiding the life-changing losses that can occur in a brutal bear market. Risk management remains our top priority.

Merry Christmas! Are you ready for the Santa Claus Rally?

The Lord himself will give you a sign: the virgin will conceive, have a son, and name him Immanuel. Isaiah 7:14

The S&P 500 and Russell 2000 Small Cap indexes are trading near all-time highs, while the tech-heavy NASDAQ 100 has pulled back to its 50-day moving average, an important level of support. If capital continues rotating out of large-cap technology and into more interest-sensitive small caps, the traditional year-end “Santa Rally” could face headwinds.

The Federal Reserve lowered short-term interest rates by 25 basis points on Wednesday, but longer-term Treasury yields moved higher. This divergence suggests the bond market remains concerned that easier monetary policy could reignite inflation. Oil prices near $57 per barrel are translating into lower gasoline prices, which should support consumer spending. Lower rates typically benefit housing stocks, though that group remains in established downtrends for now.

Gold remains my highest-conviction trade. Continued government spending has driven debt and deficits higher, and with quantitative tightening now ended, the Fed is likely to resume balance sheet expansion. Historically, this environment has fueled inflation expectations and weakened confidence in fiat currencies. As a result, we are seeing renewed interest in gold and silver as stores of value—though notably not in Bitcoin.

Bitcoin is currently in a downtrend, down roughly 28% from its recent high. I watch but do not buy Bitcoin because I struggle to find intrinsic value. Part of Bitcoin’s weakness may be tied to the unwinding of the Japanese yen carry trade. Large hedge funds borrowed heavily in Japan at near-zero interest rates and deployed that capital into Bitcoin and AI-related technology stocks. As Japanese rates rise, forced deleveraging could accelerate, creating additional downside pressure. Bitcoin has not behaved as “digital gold,” despite that narrative.

The U.S. dollar continues to weaken, which supports American exports. Emerging-market stocks and bonds should remain meaningful allocations in our model portfolios as this trend persists.

History shows that when governments—such as ancient Rome or the British Empire—print excessive amounts of currency, the long-term value of that currency erodes. While a collapse of the U.S. dollar may still be years away, the trajectory of rising debt is concerning. The dollar remains the world’s reserve currency, enabling global trade to be conducted in dollars, but that status is not guaranteed indefinitely. Investors should consider whether their retirement portfolios are prepared for a recession or a potential currency-driven crisis.

Our client portfolios currently include the following mutual funds and ETFs: AGEYX, CBYYX, EIDOX, TEDHX, PHYS, QLEIX, WMNIX, RISN, and WWJD.

Some funds carry $5 million minimum investment requirement. Through our custodial platform at Altruist, we can access these strategies without loads, transaction fees, or minimums.

This is a significant benefit for our clients, as it provides access to elite investment managers and institutional-caliber strategies that would otherwise be unavailable to most individual investors—allowing portfolios to be built with the managers we believe are best positioned to select leading stocks and opportunities.

Finally, don’t forget to maximize your retirement contributions. For 2025, IRA contribution limits are $8,000 for those age 50 and older. SEP IRA contributions can be as high as $70,000, and individuals age 72 and older should ensure they take their required minimum distributions.

If you’re interested in joining a group of like-minded stock, fund, and ETF investors who will meet on the third Thursday of every month in Lafayette, LA, email me at Dexter@HorizonRia.com, and I’ll be happy to add you to the list.

Today in the town of David, a Savior has been born to you; he is the Messiah, the Lord. Luke 2:11

The S&P 500 and NASDAQ have quietly reclaimed their 50-day moving averages on light volume, signaling a continuation of their uptrends. November’s shake-out below the 50-dma briefly threatened the April trendline, but the market now appears poised to push higher.

The Fed is widely expected to cut rates by 25 bps on Wednesday, which could give the market exactly what it wants. Quantitative Tightening ended last week after years of balance-sheet runoff, and the next phase may ultimately be a return to Quantitative Easing. If employment weakens, the Fed could use that as justification to print more money—fueling inflation but reducing the real burden of our $38 trillion national debt. With Congress unable to curb spending and unwilling to raise taxes meaningfully, monetization continues. At some point, the world may tire of fiat currencies, paving the way for a gold-backed global currency.

Gold and silver continue to trend higher as central banks keep accumulating, while Bitcoin and Ethereum have come under pressure as distribution sets in. The yen carry trade—where hedge funds borrow in yen at near-zero interest and leverage into risk assets like crypto—appears to be unwinding as Japanese bond yields hit record highs. Japan, still the largest foreign holder of U.S. Treasuries, may even be forced to sell bonds to defend the yen as it sits near multi-decade lows.

With $8 trillion sitting in money-market funds, strong seasonal tailwinds, and favorable market momentum, new highs into a year-end Santa Rally remain likely. All three Horizon Models are fully invested, with significant allocations to gold/silver, emerging markets, long/short strategies, and AI-focused funds. As always, the trend is your friend until the end when it bends—or breaks.

Don’t forget to maximize your retirement contributions: IRA limits are $8,000 for those 50 and older, SEP contributions are up to $70,000, and anyone age 72+ should be sure to take their Required Minimum Distribution.

If you’re interested in joining a group of like-minded stock, fund, and ETF investors who will meet on the third Thursday of every month in Lafayette, LA, email me at Dexter@HorizonRia.com, and I’ll be happy to add you to the list.

Today in the town of David, a Savior has been born to you; he is the Messiah, the Lord. Luke 2:11

Please take a moment to leave us a 5-Star Review for Horizon Capital Management, Inc.—it truly helps.

If you’re interested in joining a group of like-minded stock, fund, and ETF investors who meet once a month in Lafayette, LA, email me at Dexter@HorizonRia.com, and I’ll be happy to add you to the list.

Contribution Limits:
• IRA contributions for 2025 remain $7,000 for workers and $8,000 for those age 50+.
• The SEP-IRA maximum is $70,000, so it’s not too late to open or contribute to your account. Contact me if you’d like assistance.

Market Overview:
The S&P 500 and NASDAQ have reclaimed their 50-DMA lines of support on declining Thanksgiving-week volume and appear to be back in gear, heading higher. I expect the market to resume the uptrend channel that began after the April “tariff tantrum” lows. Markets currently anticipate a 25-bps rate cut at the December 12 FOMC meeting—typically supportive of economic growth and corporate profits. Lower rates are especially constructive for housing stocks, Biotech, and small caps, which tend to be capital-intensive.

Gold, Silver & Bitcoin:
Gold and silver remain in solid uptrends, with silver at new all-time highs and gold roughly 4% from making its own. Bitcoin sits about 27% off its peak and appears to be losing its “digital gold” status.
Gold has preserved purchasing power for over 2,000 years, while the dollar steadily loses purchasing power due to inflation, driven in part by the expansion of the money supply needed to finance the government’s $38 trillion national debt. Because I do not expect Congress to curb deficit spending, I expect gold’s uptrend to continue. Gold remains my highest conviction trade and is the largest position in client accounts at Altruist.

Key Drivers:
AI, lower taxes, and lighter regulation continue to be fundamental forces pushing stock prices higher. The Supreme Court is expected to rule soon on the legality of the Trump tariffs. If those tariffs are reversed, the market may react negatively.

Portfolio Management Update:
To help reduce volatility in client accounts, I’ve been emphasizing mutual funds and ETFs over individual stocks. This approach is expected to mean fewer trades, lower overall risk, and improved long-term returns.

Hope everyone had a wonderful Thanksgiving—we are grateful for a God who loves each of us unconditionally.

May the Lord make your love increase and overflow for each other. 1 Thessalonians 3:12

The S&P 500 and NASDAQ broke below their 50-day moving average last Monday on above-average volume and were unable to reclaim them by Friday. We did get an undercut and rally from Thursday’s low—classic shakeout action—which can set the stage for a bounce next week. Still, the indexes have held the 50-dma since May, so losing it now raises the odds of sideways consolidation at best, or a deeper correction if we see actual capitulation selling.

NVIDIA posted a beat-and-raise quarter Wednesday after the close, sparking a Thursday morning rally—only for the indexes to produce a rare outside-day reversal on heavy volume. That kind of distribution day is a yellow flag. Until the indexes trade back above their 50-dma, this remains a higher-risk environment.

Bitcoin is down over 30% from its 10/6/25 high, and that sharp decline likely contributed to Thursday’s reversal. Crypto is highly leveraged, and when margin calls hit, brokerages often sell equities indiscriminately to raise cash. Meanwhile, the delayed September jobs report came in much stronger than expected, reducing confidence in a December rate cut. Fed futures dropped to 39% odds of a December 10th cut on Thursday before rebounding to over 70% by Friday.

Home foreclosures have spiked 20%, and auto-loan delinquencies have surged 50%—the worst since 2008. A pending Supreme Court ruling on Trump-era tariffs could also disrupt the administration’s agenda if reversed.

For now, big institutional money is hiding in healthcare, medical, staples, and energy while AI takes a breather. The break below the 50-dma may still be just a normal pullback in a long-term uptrend, but the risk can’t be ignored.

Lastly, Japan’s SoftBank reportedly sold its entire Nvidia stake, purchased OpenAI, and then saw its own shares fall from ~$90 to ~$56 (~40%). OpenAI’s circular financing arrangements with public AI companies—and its rapid cash burn—are worth monitoring. I don’t believe the AI bubble is bursting, but this is an area of heightened sensitivity.

May the God of hope fill you with all joy and peace as you trust in him. Romans 15:13

The S&P 500 and NASDAQ 100 briefly traded below their 50-day moving averages on Friday, shaking out weak hands before reclaiming this key institutional support level—a classic, healthy pullback. Big money stepped in during the dip, taking advantage of the temporary dislocation.

The market’s biggest concern is the Fed’s hawkish tone. Investors had been expecting a December rate cut, but recent comments suggest that may be off the table. With consumer spending—70% of GDP—potentially slowing and AI-driven job displacement on the horizon, the risk of weakening demand is real. If the recent government shutdown shaved GDP growth, we could see rising unemployment alongside still-elevated prices. In that scenario, the Fed may be forced to err on the side of lower rates, which carries inflation risk and the possibility of a stagflationary backdrop.

One potential pressure valve: declining rents could soften CPI data on Thursday. Holiday spending may also provide a psychological lift to the market.

My largest positions remain gold and silver. With $38 trillion in national debt and rising deficits, the Fed will likely need to print more money over time—diluting the dollar and supporting hard assets. Global central banks continue to accumulate gold as a currency hedge, and with the U.S. approaching the 250-year mark as a global superpower, it’s prudent not to assume the dollar’s reserve status is permanent. I try to invest where the puck is going—not where it’s been.

On the AI front, OpenAI’s circular investment expectations have raised concerns about valuation excesses reminiscent of the 2000 bubble. But I believe this time is different because many AI-linked companies are posting real, accelerating earnings and sales. We’re not seeing the reckless IPO surge or takeover frenzy that preceded the dot-com collapse.

Crypto is telling a different story. Bitcoin has sliced below both its 50- and 200-day moving averages, while Ethereum tests its own 200-day moving average. The speculative unwind in crypto may rotate into AI and biotech. With over 100% short interest in some biotech ETFs, I’m watching for accelerating fundamentals that could fuel a meaningful short squeeze.

Bonds didn’t enjoy a flight-to-safety bid during the recent equity weakness, another signal that the broader bull market remains intact and likely to continue trading within its up-trending channel.

Housing remains tight. Foreclosure starts are up 20% from last year, and discussions about 50-year mortgages are increasing. Immigration has likely contributed to the supply shortage. Meanwhile, Trump is floating ideas like penalty-free 401(k) borrowing and enhanced mortgage tax credits.

Bottom line: I remain bullish. The indexes reclaimed their 50-day moving averages exactly as I had hoped, and December is historically a strong month for equities. Markets have their shocks and aftershocks, but over time, they tend to give more than they take.

Stock Model (aggressive): ARGX, AVGO, BIL, CLS, CRDO, CRWD, DY, ESLT, INCY, LITE, MEDP, PHYS, PLTR, PSLV, PWR, SHOP, SNOW, STX, TSLA, VEEV, VRT, ZS

BRI Model (Biblically Responsible Investing): AVGO, BIL, CLS, CRDO, DY, ESLT, INCY, MEDP, PHYS, PLTR, PSLV, PSTG, PWR, SNOW, TSM, VRT, ZS

Fund Model (conservative): AGEYX, CBYYX, NPSRX, PHYS, PSLV

(Horizon’s Model Allocations may change at any time. For informational purposes only and not investment advice.)

The Lord goes before you, and he will never leave you nor forsake you. Deuteronomy 31:8

The S&P 500 and NASDAQ 100 undercut their 50-day moving averages (50-DMA) to shake out weak holders before rallying into the close — a strong bullish signal. This appears to be a typical pullback, designed to alleviate some of the froth in a healthy bull market. When institutional investors are unable to complete their allocations during the week, they often add aggressively on Fridays. That late-week strength is a classic sign of accumulation and institutional support. Following the successful test of the 50-DMA, I anticipate the rally to continue.

Gold and silver have been consolidating their recent advances, trading sideways while holding their 21-day moving averages (DMA) and staying comfortably above their 50-day moving average (DMA) support lines. Institutions typically defend positions at the 50-DMA because they know retail investors tend to sell if it breaks. Central banks remain steady buyers of gold and silver as they diversify away from the U.S. dollar. With the dollar trending lower, commodities such as gold and silver are expected to continue performing well, given their inverse correlation. I continue to like both metals as inflation hedges and non-correlated diversifiers to traditional equity portfolios.

AI remains the dominant market driver as capital expenditures fuel strong sales and earnings growth across the sector. That said, a prolonged government shutdown could push the economy toward recession, and restaurant stocks are already trading as if the consumer is tapped out. Importantly, we’re not seeing a surge of IPOs, which suggests this is not a speculative bubble top.

Oil remains in a long-term downtrend as supply rises and demand stays steady. Bonds are range-bound, while Bitcoin is in a short-term downtrend—trading below its 50-DMA but holding at the 200-DMA. I don’t own Bitcoin, but we do hold significant gold positions in client accounts. We remain nearly fully invested across all model portfolios at Altruist. The bull market has more room to run!

God is love. John 4:8