The effect of tariffs on the economy is worrisome to politicians but they refuse to acknowledge it was their votes that  have placed the United States in the current perilous financial position. 

Watch the price of gold, silver and copper going forward to sense what is really happening.

Politicians talk about a $37 trillion debt when in actuality the true federal GAAP debt is over 3 times that amount using a 7% discount factor.

According to Treasury's own documents as of September 30, 2024, the potential GAAP debt was in excess of $220 trillion.

When the economy is running less than $25 trillion yearly, it does not take an idiot to see the eventual problem. As Minsky said, it only takes one grain of sand ...

It is not surprising to me that Trump and Musk wonder if there is any encumbered gold left in Fort Knox. The movements of physical gold from London and into China, Japan and India the last few months must be concerning to the London gold exchange.

Although the market is moving higher, our screens are finding very few quality stocks. We remain about 50% in cash.

Remember -- "Only purchasing power counts!"

By any reasonable measure, this market is dangerous.

Be careful ....