In this calm and comprehensive Friday edition of The Gentle Ledger, we close the week of July 25th, 2025, with a quiet reflection on record-setting U.S. equity markets. The S&P 500 and Nasdaq posted their tenth straight day of gains, powered by strong earnings and trade optimism. We explore the slight rise in Treasury yields, a softening dollar, easing oil prices, and silver’s continued strength. In Asia, markets paused after a strong week, while crypto edged lower ahead of central bank updates. Join us for a softly delivered unwind that prepares you for the week ahead—centered, informed, and at ease.