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Gold just hit its 50th record high of the year, smashing past $4,500 as traders brace for more rate cuts from the Fed.
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Silver is also on fire, reaching its own all-time peak as investors flee to safe-haven metals.
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The dollar is tanking, heading for its worst year since 2017, and traders are now betting on even more pain before year-end.
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Gold makes yet another all-time high for the 50th time this year, smashes $4,500
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Trump allies praise 4.3% GDP print as Fed policy debate heats up
David, the AI and crypto czar, declared the start of a “Golden Age” on Tuesday after the US GDP data release.
He pointed to the CPI reading of 2.7%, also below expectations, and thanked President Trump for laying the foundation with lower interest rates and tax cuts.
Over at the Treasury Department, Scott Bessent said it may be time to rethink the Federal Reserve’s 2% inflation target.
Speaking on the All-In Podcast, Scott floated the idea of moving to a range-based framework, possibly 1.5% to 2.5% or 1% to 3%, once inflation sustainably hits the current mark.
Scott said the decimal-point obsession around inflation targeting is outdated. He added that any change would only come after re-anchoring to 2%, warning that shifting targets while inflation is elevated risks destroying credibility.
He also pointed to the Bundesbank model, where Germany’s central bank used to collaborate with its finance ministry to control inflation and rates.
Scott suggested the US Treasury and Fed could adopt a similar approach, especially if Congress reins in the budget deficit. He argued that fiscal restraint could help lower interest rates without triggering fresh volatility.
On the topic of quantitative policy, Scott supported large-scale asset purchases as a standing tool and said the Fed’s emergency powers remain critical for protecting strategic industries. He backed the Fed’s pandemic-era response, citing the need to prevent total collapse in key sectors.
Platinum rips past $2,200 as squeeze worsens, Trump claims tariffs are working
Platinum prices just blew through $2,200, touching levels not seen since June 2008, as the rally stretched to nine days in a row, the longest streak in over two years.
The metal is now up +32% during this run and sits just 5% away from its all-time intraday high from March 2008.
On the year, platinum is up a staggering +142%, making 2025 its best year since at least the 1960s. The rally has been driven by tightened physical supply in London, where banks are reportedly shipping platinum to the US to hedge against tariff risk.
At the same time, exports to China remain strong and the launch of platinum futures in Guangzhou has added new demand into the mix. The entire market is now in a supply-led squeeze.
Stocks also pushed higher. The S&P 500 rose 0.4%, closing in on its record intraday high of 6,920.34, last seen in October. It was last trading around 6,906 and is tracking toward a new closing high above 6,901.
The Nasdaq Composite gained 0.5%, lifted by Nvidia and Broadcom, which both added around 2%. The Dow Jones climbed 108 points or 0.2%.
Fueling the rally, the Commerce Department reported a 4.3% GDP growth in Q3, crushing the 3.2% estimate from Dow Jones. Traders continue to price in Fed rate cuts for next year, despite the blowout economic data.
President Donald Trump took credit for the blowout numbers in a Truth Social post shortly after the data dropped, attributing the strength to tariffs and calling the performance a result of his economic policies.
Trump claimed the economy would only “get better,” touting no inflation and strong national security as key achievements of his administration.
Dollar drops again as traders dump greenback into year-end
The US dollar just logged its lowest level since October 3, falling 0.3% on Tuesday, and it’s now down 8.2% in 2025.
That puts it on track for its worst year since 2017, and another small dip could make this the dollar’s biggest collapse in two decades.
This slide is being powered by expectations that the Federal Reserve will keep cutting rates while other central banks hold steady or tighten. The divergence is hammering demand for the greenback as traders pile into rival currencies.
The Canadian dollar has hit its strongest level since August, the Aussie dollar surged to a three-month high, and the Swedish krona surged to a level last seen in February 2022 all on Tuesday.
Options traders are also turning cold. Risk reversals, which measure sentiment in the options market, show the most bearish positioning against the dollar in three months.
According to the Depository Trust & Clearing Corporation, the selling is coming mostly through the euro and the Australian dollar, which have become the go-to bets for shorting the greenback during this final stretch of the year.
Gold explodes to $4,500 as rate cut bets and Venezuela crisis collide
Gold just blasted past $4,500, logging its 50th all-time high this year after jumping another 1.2% on Tuesday. This surge followed its biggest one-day rally in over a month and pushed the metal into overbought territory, with a relative strength index of 80.3.
The US blockade on oil tankers targeting President Nicolás Maduro’s government has lit a fire under demand for safe-haven assets.
Gold is now up 70% this year, setting it on pace for its best annual return since 1979. And traders aren’t done, because Goldman Sachs just projected a $4,900 base case for 2026, warning that upside risks remain.
The World Gold Council said gold-backed ETF holdings have increased every month this year except May. On Tuesday alone, State Street’s SPDR Gold Trust added 12 tons, its largest daily jump since October, according to data from Farside UK.
Meanwhile, silver is actually outperforming gold, rallying by 1.4% to $70 and now up 140% year-to-date, thanks to speculative inflows and tight supply, along with lingering dislocations from October’s insanely massive short squeeze.
London vaults have started to restock, but most available silver is still sitting in New York, where traders are bracing for the outcome of a US Commerce Department probe that could slap tariffs on critical mineral imports.
In China, inventories in Shanghai Futures Exchange warehouses just fell to their lowest since 2015. As of press time, silver’s RSI stood at 79.1, also flashing overbought territory.
What to know
Gold is ripping again; just hit another all‑time high, the 50th record close this year, and it’s cruising around $4,500/oz as traders price in more rate cuts and safe‑haven demand.
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