Economic and Market Review September 2026

We are cautious in our current asset allocation with a substantial allocation to treasury bills. Higher interest rates are generally a drag on stock market valuations and also the price of gold. Gold and silver which had spiked last year and into January 2026 are now negative for the year. Stocks are still up for the year, but with massive volatility especially at the individual stock level. Our energy stocks have served us well, but the offset is gold stocks have underperformed since the end of January and been a significant drag on the portfolio on a year-to-date basis.

Is Your Portfolio and Retirement Safe from the Devasting Damage of Inflation?

Investors need to be aware that inflation damage compounds over time. We have undergone a secular change, and inflation will continue to move up over the medium term.