Current Outlook

"Watch Out Below!"

The stock market was flirting with all-time highs until the FED failed to lower interest rates and the employment report failed to meet expectations as July moved into the history books.

Although the markets reached new all-time highs in July 2025, it would appear to me that market risk has also risen as the U.S. dollar's role in international trade continues to diminish.

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

However, 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.

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
August 1, 2025