Current Outlook

"Got a bad feeling!"

The stock market continues to flirt with all-time highs and the FED will probably lower interest rates at the September meeting. However, the employment report will likely fail to meet expectations as August moves into the history books.

The increase in tariff's is just beginning to be felt in the economy.  Remember it takes time to rebuild domestic manufacturing infrastructure.

The impact on agriculture is almost immediate as exports are dropping along with prices. In fact, current prices for many U.S. grown crops guarantees farms will lose money on this year's crops.

Despite record crop production, prices continue to fall and the level of farm sales continues to rise, agricultural loans are either being reduced and/or terminated. The result with be the greatest reduction in the number of family farms in decades.

Although freight rates have moved slightly higher in the past month, the overall health of the transportation sector continues to worry most observers.

So far this year, Gold, Silver and Copper have outperformed the market while  London's physical gold  reserves are dwindling. Have  you heard any news recently about auditing Ft. Knox ... I did not think so ...

While many investors are smitten by bitcoin, one has to wonder about the real value of an asset held in computer memory when the power goes out.

Do not be surprised if the NASDAQ falls through 8,000, the SPX to 2,500 and the DJIA sees the 25,000 level.

Remember -- "Only purchasing power counts!"

Remember to ... "Keep It Safe, Simple and Stay Focused!" going forward.

Fred Richards
September 1, 2025