From the Federal Reserve Bank, Lower Manhattan
– June 27, 2025

$665 billion worth of pure gold is around the corner from me, guys. I am here in Lower Manhattan across the street from the Federal Reserve Building, that brick building over my shoulder. There is 507,000 gold bars, 6,300 metric tons, resting 80 feet below the surface on the bedrock of this city. I’m also around the corner from Wall Street and the New York Stock Exchange.

What a crazy trading week. What a crazy trading day. Friday, we saw a micro instance of the theme of 2025 play out. We had a big rally. Nasdaq, S&P reaching new all time highs and then tariff news. Around Canada specifically, we saw the pullback, and then right before the dip and the close for the week, right back to where we were.

There’s a lot going on. Nike reported last night they beat the stock towards 16%. Investors are clearly starting to buy in and seeing a potential turnaround. A comeback culture is in their corporate culture over at Nike. I would expect nothing less.

Elliott Hill’s win now strategy, five major cities, New York, LA, Shanghai, Beijing, London. They’re rolling out the plan. They’re being transparent about the tariff costs to their business of $1 billion dollar. They’re working on re-shoring things. They’re doing all the right things, and we saw that in the conference call, and we saw that reflected in the stock.

The other thing, July 9, tariff deadline. I think like what we saw today with Canada is gonna continue to happen as we get up and around that deadline. There will be some choppiness. I’m down here thinking about gold. I like GLD, the sector spider fund, to be diversified, to help with some risk.

What we saw in April related to the the upswing in gold and the downswing in stocks is a great way to ensure that you’re not overexposed. Last thing, we’ll have a quiet week, July 4. We come back into mid July, and then it is writing to earning season starting with the financials. We are gonna get data much desired data around q two. That is April, May, and June.

Obviously, all of the tariff business kicked off around Liberation Day April, so we will start to hear from the banks and start to hear guidance around what they have seen in the past quarter and what they are expecting to see. Obviously, that very much coincides with what happens around July 9 and what the tariff rates actually are.

That is all I got for you guys. Be good out there. Have a good weekend!