We remain fully invested in gold, emerging markets (EM), and EM bond funds, and we are having a profitable year by following where capital is flowing. In today’s market, most institutional money must remain invested somewhere. When sectors come under sustained selling pressure, that capital rotates rather than disappears. The key is identifying where it is going next.

Recently, we have been seeing significant institutional money flow out of the mega-cap technology names—the “Mag7” (AAPL, AMZN, GOOG, META, MSFT, NVDA, TSLA)—and into gold, emerging markets, and energy. These stocks led the market higher following the April 2025 lows, but leadership is shifting. Many of these names are now trading below their 50-day moving averages and testing longer-term support near the 200-day moving average. Leadership can change quickly, and disciplined investors must adapt.

Knowing when to hold and when to fold is essential to achieving long-term financial goals. Pride can be costly in investing. Disciplined risk management, cutting losses before they damage both financial and emotional capital, is what preserves wealth over time.

The Bretton Woods Agreement, created after World War II, established a system in which 44 countries pegged their currencies to the U.S. dollar, which was convertible into gold at $35 per ounce. The IMF and World Bank were also formed. This system provided stability for global rebuilding and cemented the U.S. dollar as the center of the global financial system.

However, as more dollars were issued than could be backed by gold reserves, the imbalance grew. In 1971, President Nixon ended the convertibility of the dollar into gold, shifting the world from a gold-backed to a fiat monetary system based on confidence and credit.

In a fiat system, debt expansion is often rewarded, while savers see their purchasing power erode over time. Persistent deficits and rising national debt levels raise long-term questions about currency stability and real returns. Central banks globally have been increasing gold reserves in recent years, reflecting a desire for diversification and hard-asset stability.

Markets do not move in straight lines, and leadership rotates. The belief that markets always move higher can lead to complacency. The S&P 500 index is flat YTD, but the NASDAQ 100 index of tech stocks is down 2% YTD. History reminds us that cycles change, and disciplined investors must remain flexible.

Jesus Christ is the same yesterday and today and forever. Hebrews 13:8

Our most significant allocations remain in gold, silver, and emerging-market bond funds. Precious metals continue to act as a store of value during periods of currency uncertainty and elevated global debt levels. While Bitcoin has been volatile since its late-2025 highs, central banks around the world continue to accumulate gold as a reserve asset and diversification tool. For over two millennia, gold has served as a monetary anchor during periods of fiscal and economic stress.

Risk management remains our top priority. We are not buy-and-hold investors by default—we focus on what is working now and adjust as trends change. When risk rises, we will move to a defensive posture to protect capital.

Emerging-market equities are trending higher, and emerging-market bonds (EMBs) are also strengthening. From a risk-adjusted standpoint, we currently favor emerging-market bonds over stocks. As developing economies grow and stabilize, improving credit quality can support bond prices and income potential. For that reason, emerging-market bonds represent one of our largest portfolio weightings at this time.

Global demographics and debt levels continue to shape the macro environment. Many developed countries are facing aging populations and slower growth, while others continue to expand. Fiscal pressures and rising debt burdens remain long-term challenges for many governments, including the United States. These factors can influence currencies, interest rates, and asset performance over time.

For 2026, our highest-conviction themes remain precious metals and emerging-market bonds. That said, our views are driven by trends—not ideology. When trends change, allocations will change. We monitor markets daily and focus on assets showing persistent price strength and favorable risk-reward characteristics.

As always, preserving capital while participating in strong trends is job #1.

In the beginning God created the heavens and the earth. Genisis 1:1

We finished the month firmly in the green, even after Friday’s sell-off. I made no portfolio changes and continue to expect gold and silver to trend higher.

Gold advanced at an annualized rate of approximately 57% last quarter, but experienced a sharp acceleration from January 1 through Thursday, which was clearly unsustainable. Silver’s advance was even more extreme, which explains why it declined more sharply during Friday’s pullback.

Gold continues to be accumulated by central banks as insurance against fiat currencies. The more money central banks create, the greater the long-term risk of currency debasement. Against that backdrop, gold and silver remain attractive stores of value.

There has been growing discussion that the U.S. dollar may lose its status as a global reserve currency due to persistent deficits and rising debt levels. While such a shift would likely unfold over time rather than overnight—as was the case during the 2008 financial crisis—there are signs that structural stresses are building.

Geopolitical developments have reinforced these concerns. Following Russia’s invasion of Ukraine, dollar assets held abroad were frozen, raising fears among other nations about similar vulnerabilities. China, for example, has reduced its holdings of U.S. Treasuries, reflecting growing unease with U.S. fiscal and geopolitical policy.

Meanwhile, U.S. government spending continues to rise. Federal outlays significantly exceed revenues, requiring substantial ongoing borrowing. Debt levels are increasing rapidly, and long-term entitlement obligations remain largely unaddressed. These trends help explain why investors worldwide continue to seek refuge in hard assets like gold, silver, and copper.

If the dollar were to lose its dominant role in global trade, the artificial demand supporting it would diminish, creating serious challenges for the U.S. economy. In that environment, gold and silver are likely to remain in demand as alternative stores of value.

For these reasons, I remain comfortable maintaining our exposure to precious metals. Until meaningful progress is made on debt and deficit reduction, gold and silver should continue to serve as a haven for capital seeking protection from fiscal and monetary instability.

Here are some reasons to Trust Horizon:

We are a Fiduciary with over 35 Years of Actively Managing IRA Accounts!

• We are legally and ethically required to put your interests first, always.
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Whatever you do, do it all for the Glory of God. 1 Corinthians 10:31

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

I am humbled and sincerely thank you for the kind 5-Star Google reviews. Your trust and support mean a great deal to me.

While many bank checking accounts are yielding less than 1%, short-term money market equivalents continue to yield over 5%. If you would like to open an IRA or fund an existing account, please feel free to contact me directly at Dexter@HorizonRIA.com.

We are fully invested across all client accounts and are off to a strong start in 2026. Gold and silver remain my highest-conviction areas, followed by emerging markets.

Gold continues to be hoarded by central banks around the globe—and they are typically not quick sellers. Central banks create money out of thin air to finance growth, and increasingly, they are selling Treasuries to store gold in their vaults. As money is created, it immediately loses purchasing power, which is why central banks favor a store of value that has stood the test of time: gold.

Spot silver is trading near an all-time high of around $90/oz, driven by strong demand and tightening inventories. Silver futures are trading near $88/oz, which is unusual, as futures prices are typically higher than spot due to storage and delivery costs. This condition—known as backwardation—often signals strong demand for immediate physical metal. I expect both silver and gold to continue higher as demand outstrips current supply.

Year-to-date performance highlights:

• Gold: up over 6%
• Silver: up over 25%
• Small Caps: up over 7%
• Emerging Markets: up over 5%

Junk bonds are trending above their 50-day moving average with low day-to-day serial correlations. While junk bonds are up less than 1% YTD, they are growing at a 15% annualized rate, suggesting a broader risk-on environment.

I believe 2026 has the potential to be our best year yet.

God began doing a good work in you and will continue until it is finished when Jesus Christ comes again. Philippians 1:5

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