As January 2026 unfolds, global financial markets are exhibiting highly active trading dynamics. Radex Markets observes that the precious metals sector has demonstrated robust "bullish momentum" right from the start of the new year; the significant upward gap left at Monday's opening not only remained unfilled but instead served as a springboard for further price appreciation. Currently, spot gold is making its second forceful charge towards the key psychological barrier of $4,500 per ounce, as sudden fluctuations in the geopolitical landscape have prompted a tidal wave of safe-haven capital flowing into the commodity markets.
Driven by this risk-averse sentiment, silver's performance has even eclipsed that of gold. Radex Markets indicates that silver's cumulative gain since the beginning of the week has exceeded 10%, with its closing price yesterday firmly breaching the significant $80 per ounce mark. Concurrently, industrial metals have not missed out on this rally; platinum and palladium are climbing in close correlation with silver. Furthermore, bolstered by expectations for global infrastructure spending and industrial recovery, copper futures prices also touched a historic peak of $6 per pound yesterday.
Addressing the weak performance in the energy market, the divergence between crude oil prices and metal prices reflects differing market assessments of their respective supply and demand fundamentals. Despite ongoing external disruptions, Brent crude has retreated to around $60 per barrel. The announcement that the US will receive up to 50 million barrels of crude oil deliveries from Venezuela has undoubtedly cast a shadow over the market with this "above-expectations supply." Radex Markets believes that even energy giants like Chevron (CVX) have seen their stock prices rapidly pull back after a brief period of fervor, indicating a cautious stance from capital towards the oil sector.
Regarding capital market liquidity, risk appetite in US stocks remains elevated. Radex Markets states that the Dow Jones Industrial Average (DJI) has refreshed its historical high for two consecutive days, closing above the 49,000-point mark for the first time ever, with the S&P 500 index similarly setting new records. Although the Nasdaq's overall performance was slightly less impressive, the memory chip sector emerged as a standout, with SanDisk Corp. (SNDK) and Micron Technology (MU) posting staggering gains of 28% and 10% respectively, signaling positive shifts in demand within the semiconductor cycle.
Looking ahead, the market is closely monitoring the upcoming release of the December ADP employment data and the ISM Services PMI, seeking evidence on whether the US economy can justify the current high valuations. Radex Markets opines that although the current bull market sentiment is strong, potential tariff policies and export restrictions could lead to a further amplification of market volatility.
In summary, the current market is in a complex phase characterized by the coexistence of "high returns and high volatility." Radex Markets advises investors to pursue the benefits of the metal price rebound and the trending opportunities in US stocks while strictly implementing risk controls. Amidst the volatile start to the new year, Radex Markets will continue to monitor every pulse of global asset pricing for you.