Subdued Animal Spirits…

The employment report is now history. I do think it is to be noted that our Animal Spirits Index remains subdued, probably due to the fact that Trump Shenanigans remain in the news forefront and precious metals continue to reflect that fact. In the long-term view that is good, the less animal spirits at the current valuation means more longevity of a bull bubble move.

Here is an updated at the moment Animal Spirits chart. You can see in the portion of the chart shown, the low was on April 7, 2025 at a value of 2.55, and the high was on Aug 27, 2025 at 3.35. Today we are sitting at a value of 3.04, in kind of a four month sideways pattern. All this says to me is, be patient.