Mid-Week Macro (2/25/2026)

Mid-Week Macro

The S&P 500 closed today at 6946, which is very close to an ATH. Gold currently loves a strong stock market, and closed near $5200. Silver followed, closing at $88. The HUI closed at 934, which is less than 1% from an ATH.

We now head into March. The stock market had an easy time in Jan/Feb, which it usually does. Mar/Apr are not as easy. I doubt we get through the next two months unscathed. We just had a gold/silver correction, and another one looms. Hang on tight. The bull is ready buck again.

I still think the worst correction is ahead of us when the S&P finally stops rising. Trump’s speech last night was an omen. It was a nothing-burger as far as plans for stimulating the economy. He didn’t think he needed to, and instead claimed the economy was already strong. It was a complacency speech, claiming all is well, which is usually what we get in these SOTU speeches.

Trump’s economic strategy has focused on pressuring our trading partners to do two things: 1) Pay tariffs. 2) Invest in the USA. The problem is that we are out of time. Our debt problem has gotten too big. Plus, we no longer have a free market. Instead, we have a quasi-command economy that is managed by the Fed, and controlled by large monopoly corporations.

If you are paying attention, you will notice that everything is imploding, although at a slow pace. We are in a slow march toward a recession and a financial crisis. Ray Dalio has been trying to warn everyone, but Wall Street is ignoring him. There is only one path: crisis. Gold is sniffing this out. The end result will be the default on our national debt. Ironically, Trump is the perfect President to deal with our bankruptcy, although there won’t be a good outcome.