Gold continues to trend higher above its 50-day moving average despite the recent rally in the U.S. dollar. The dollar has been rising since its January 27 bottom, which also marked the top for the S&P 500 and NASDAQ 100. Oil prices broke out on January 22 and have continued to rise on escalating war concerns in the Middle East. Emerging markets had been benefiting from selling in U.S. equities and were performing very well, but they have recently rolled over along with the broader market. Rather than let our gains round-trip into losses year-to-date, I locked in some profits.

The dollar has been strengthening amid geopolitical tensions that are disrupting global energy markets. With sanctions limiting some countries’ access to the global financial system, including the SWIFT payment network, international trade flows can shift quickly during periods of conflict and uncertainty. These shifts can influence currency demand and capital flows across markets.

Treasury bond prices have been falling, pushing yields higher and increasing the cost of financing government debt. Rising yields can also pressure equity valuations as borrowing costs increase across the economy. Ongoing geopolitical tensions and concerns about government spending may keep upward pressure on interest rates.

Currently, we hold a large position in a short-term, money-market-like bond fund along with a smaller allocation to gold. Maintaining liquidity allows us to remain flexible while markets search for a bottom.

Once the market establishes a clearer base, I will begin looking for new opportunities. Until then, holding cash equivalents can be a prudent strategy while markets work through volatility. If oil prices continue rising sharply, the risk of slower economic growth or a recession could increase, so I am comfortable remaining patient with a combination of gold and a high-yielding money market position.

Blessed are those who find wisdom, those who gain understanding. Proverbs 3:13

Gold continues to perform well in client portfolios, along with select exposure to emerging markets. We currently have limited exposure to U.S. large-cap growth stocks, as relative strength has rotated toward international value.

Oil prices have trended higher amid escalating geopolitical tensions in the Middle East. Ongoing instability has supported demand for traditional “safe-haven” assets, including gold. Energy markets remain sensitive to geopolitical developments and supply dynamics, creating both risks and opportunities.

The U.S. dollar has shown relative weakness in recent months. Historically, periods of dollar softness have coincided with strength in hard assets such as gold, though this relationship can vary over time. Cryptocurrency markets, including Bitcoin-related ETFs, have experienced volatility despite earlier enthusiasm surrounding new product launches.

The S&P 500 and the NASDAQ-100 are currently trading below their 50-day moving averages, which often signals near-term technical caution. Meanwhile, several emerging-market indexes have shown improving long-term technical patterns after extended periods of consolidation.

Within U.S. equities, leadership has narrowed, and some of last year’s strongest mega-cap technology stocks have faced distribution pressure. Market rotations are a normal part of the investment cycle, as capital shifts toward areas demonstrating stronger relative performance.

Artificial intelligence continues to disrupt multiple industries, including software development and data infrastructure. Increased data usage and AI deployment have driven investment in data centers and memory-related hardware. Companies involved in memory and storage manufacturing may benefit from sustained long-term demand, although these industries remain cyclical and subject to supply/demand fluctuations.

Client portfolios have benefited from disciplined risk management and tactical allocation adjustments this year. By emphasizing areas demonstrating relative strength while reducing exposure to higher-volatility segments, we aim to participate in upside trends while managing downside risk.

Gold has historically been viewed as a store of value over the long term, particularly during periods of currency debasement, geopolitical tension, or economic uncertainty. While past performance does not guarantee future results, we believe maintaining diversified exposure to assets with favorable technical and macro characteristics remains prudent.

We remain focused on:

• Managing risk
• Following established market trends
• Allocating capital toward areas demonstrating sustained inflows
• Avoiding emotional decision-making during periods of volatility

As always, markets evolve. Our approach is to adapt as needed and position portfolios where opportunity appears strongest, based on objective analysis and risk controls.

The LORD knows the way of the righteous, but the way of the wicked will perish. Psalm 1:6

Our exposure to gold and emerging markets has been a meaningful contributor to year-to-date performance as those areas have shown relative strength. Meanwhile, the U.S. market has been choppy and largely sideways, with the S&P 500 and NASDAQ 100 hovering near flat for the year. Last year’s leaders cooled, and capital has rotated into other sectors and regions.

We recognized this shift and repositioned client portfolios away from weakening trends and toward areas demonstrating sustained relative strength. Our edge is disciplined risk management, cutting losses short, letting winners run, and following the prevailing trend rather than fighting it.

If you don’t have a defined process and risk discipline in the markets, you are simply reacting. What is your edge?

High-yield bonds continue to trend constructively, suggesting investors are not broadly risk-averse at this time. Markets have also shown resilience amid geopolitical headlines and policy developments. The S&P 500 remains near record levels, indicating that the broader bull trend has not been decisively broken.

The U.S. dollar has been in a downtrend, while long-term Treasury yields have moved sideways. Central bank and sovereign demand for gold remains steady, providing structural support for the metal. Bitcoin, often referred to as “digital gold,” has experienced significant volatility and remains well below its prior highs, reinforcing gold’s long-standing role as a store of value.

Monetary expansion and fiscal policy remain long-term considerations for investors. Over extended periods, increases in money supply can impact purchasing power. While no one can predict the dollar’s future path with certainty, diversifying into real assets, such as gold, can serve as a hedge against currency risk and monetary instability.

We remain focused on managing risk, following trends, and positioning portfolios where capital is flowing—not where it used to be.

For the Spirit God gave us does not make us timid, but gives us power, love, and self-discipline. 2 Timothy 1:7

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.

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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