Friday Recap (10/24/2025)

AU: $4111 ($4250 - Last Week) - - (Jan 1st $2623 = 57% YTD)
AG: $48.52 (51.86) - - (Jan 1st $28.97 = 67% YTD)
HUI: 589 (636) - - (Jan 1st 289 = 103% YTD)
DXY: 98.7 (98.3)
S&P: 6791 (6664) - - (Jan 1st 5881 = 15% YTD)
10-Yr: 4.00% (4.01%)
Oil: $61 (57)

Gold had a 7.2% correction from the recent top, and silver 11%. The HUI was down 15% from its high. Most gold/silver portfolios were down around 20%, depending on how many juniors you held. While the correction seemed harsh, gold was only down $140 for the week. It has done that many times over the past year or two. And silver’s correction for the week (6%) was mild compared to what we have seen in the recent past.

The S&P 500 ignored gold’s volatility and rose 127 points this week. It is now up 15% on the year. Wall Street remains giddy, with practically zero fear of a recession. I think their optimism is misplaced. I wrote an article on Substack this week (

) called “It’s Over”. You can read it for free without joining. In that article, I explain why a recession is coming.

I bought this dip. I added shares to four stocks that were underallocated. I plan to buy the next dip as well. That dip will likely be deeper, when the S&P 500 finally rolls over and crashes. So, we continue to wait for the final duck to get in line. Three ducks are neatly lined up, which are bull markets in gold, silver, and the miners. All that is left is for the S&P to stop rising. Then, Wall Street will finally be forced to look elsewhere (other than the S&P 500) to make money.

I’m not sure when the S&P will stop rising, but my guess is Q4 or Q1 2026. I think we are close. We have been seeing some warning signs, such as two large companies going bankrupt due to exposure to delinquent sub-prime car loans, likely related to Trump’s crackdown on immigration. The labor market has also been weak and not likely to improve. We are in a deteriorating economic situation, and more Fed rate cuts are not likely to fix it.