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Silver makes yet another all-time high of $84, surpasses Nvidia as world's 2nd largest asset.

Silver retreats from all-time high as gold, palladium and Bitcoin crash along abruptly

  • Silver just plunged 7%, hours after hitting a historic high of $84. Its total market value is crashing fast after briefly overtaking Nvidia.

  • Gold, platinum, and palladium followed silver into the red. Palladium is down 15%, platinum 12%, and gold has slipped 3% so far today.

  • Bitcoin tumbled $4,000 in just six hours after reclaiming $90,000. More than $100 million in long positions got liquidated instantly.

See also  Bitcoin abruptly surges back above $95,000, extends recovery to Ether, XRP, Solana

Live Reporting

23:00Strategists double down on 2026 rally bets, but risks keep piling up

If Wall Street nails it again in 2026, we’re looking at the longest stock rally since before the Global Financial Crisis, and possibly the first four-year run of double-digit S&P gains since the dot-com bubble.

That’s the scenario bulls are pricing in right now, even as some warn that everyone’s ignoring the storm clouds.

Christopher Harvey, who moved to CIBC Capital Markets from Wells Fargo this year, was one of the few strategists who actually got it right in 2025. He called for the S&P to close at 7,007, and it finished Friday at 6,930, less than 1% off.

Now he’s calling for a 2026 close at 7,450, which implies about an 8% gain. But Harvey isn’t exactly cruising on confidence. “People are sleeping on a lot of macro risks,” he warned.

Those include a Fed that might not cut rates at all, a surprise trade spat with Canada or Mexico, or CEOs pulling back on earnings guidance after a long winning streak.

“That could begin to upset the applecart,” he said.

JPMorgan’s team learned the hard way not to trust calm waters. They started 2025 bullish, but ditched that stance by April when Trump’s trade war shook markets.

They became the most bearish forecaster tracked by Wall Street, predicting a 12% drop in the S&P by year-end.

That call was way off. The index is up more than 17%, proving once again that the U.S. stock market can grind higher even through chaos.

The fundamentals are helping the case. The economy grew at its fastest pace in two years last quarter.

Consumer and business spending held strong, trade tensions mostly cooled off, and Corporate America is on track for double-digit earnings growth again.

21:18Wall Street’s 2026 forecast: all gas, no brakes, and no bears in sight

Wall Street’s got one message for 2026: the rally isn’t done. Big banks and boutique firms alike are all betting the S&P 500 keeps climbing, with every single major forecaster now calling for a fourth straight winning year.

If they’re right, it’ll be the longest streak since before the financial crisis.

The benchmark index is already up around 90% since its low in October 2022, and this year’s performance made bearish predictions look like bad jokes.

Now the average strategist forecast sees the S&P closing 2026 up another 9%, and not one of the 21 experts surveyed by Bloomberg is calling for a drop.

Ed Yardeni, the old-school bull, is expecting a move to 7,700, which would be an 11% jump from Friday’s close. But even he admits the groupthink is starting to freak him out.

“The pessimists have just been wrong for so long that people are kind of tired of that schtick,” Yardeni said. Still, he added, “It is kind of worrying that everyone else seems to have become optimistic.”

The obvious risks? A tech unwind, Trump’s second year, surprise Fed pivots, or just plain investor exhaustion after five years of chaotic headlines.

Michael Kantrowitz at Piper Sandler doesn’t even publish year-end targets anymore. “There’s been so much uncertainty, especially this year, that one data point can flip the whole mood,” he said.

20:20Amazon limps to year-end as GOOG soars, but Wall Street still bets big on a rebound

Amazon is set to end 2025 as the worst performer among the so-called “Magnificent Seven.”

While stocks like Alphabet sprinted ahead, Amazon lagged badly, and now it’s wearing the crown no one wants. The e-commerce giant’s flatlining stock has trailed every other major tech name this year.

At the top of the leaderboard is Alphabet, which jumped 66% in 2025 thanks to the explosive hype around its new Gemini 3 AI model. Meanwhile, Amazon barely moved, stuck in the mud while its peers rode the AI wave.

But Wall Street isn’t giving up. Mark Mahaney, tech analyst at Evercore ISI, has slapped Amazon with a “top pick” tag for 2026. He sees 50% upside from here, citing a handful of tailwinds:

  • AWS growth reaccelerating,

  • Trainium AI chips gaining traction,

  • Advertising revenue surging, and

  • The launch of a reworked Alexa+ platform.

Mahaney calls Amazon a “high quality compounder,” forecasting 25% EPS growth annually, stronger margins, and a jump in free cash flow over the next two years.

Yahoo Finance data backs the bullish case. Out of 67 analysts, 96% rate Amazon a Strong Buy or Buy, with an average price target of $295, suggesting 27% upside from where it trades now.

But retail traders aren’t biting. Polymarket data, via Yahoo Finance, shows that 96% of Main Street bettors think Amazon’s stock will stay basically flat between now and the end of January 2026.

18:00AMD crushes Nvidia in 2025 rally as Russell 2000 lags again

Nvidia may be the face of AI, but AMD is the one that won the race this year. As of midday Monday, Nvidia is up 39% in 2025; strong, but nowhere near AMD’s 77% gain.

The lesser-hyped chipmaker quietly outperformed the biggest name in semiconductors and left the rest of the AI pack in the dust.

While Nvidia has dominated headlines thanks to its data-center dominance, AMD’s stock quietly doubled up on returns and now holds the crown for 2025’s top chip trade.

Elsewhere, the Russell 2000 is finishing the year right back in the same spot it always lands, underneath the S&P 500. The small-cap index is up 13% for the year, versus a 17% rally in the S&P 500.

This makes five straight years of underperformance for the Russell. Over that stretch, it’s climbed 28%, while the S&P 500 has surged about 85%. The gap is getting hard to ignore.

17:38Tech stumbles drag Wall Street lower as SLV sinks, AI stocks retreat

Stocks slipped across the board on Monday, snapping back after last week’s record highs. The S&P 500 fell 0.3%, the Nasdaq lost 0.4%, and the Dow dropped 152 points, or 0.3%, pulling all three indexes into the red by mid-session.

Tech names led the decline. Nvidia dropped more than 1%, shaving off part of last week’s 5% gain. The pullback came just hours after silver temporarily overtook the chipmaker in total market value.

Other AI-linked stocks got hit too. Palantir Technologies, Meta Platforms, and Oracle all closed lower.

The iShares Silver Trust (SLV) was crushed, falling 8%, echoing the collapse in spot silver prices earlier in the day.

Just days ago, silver was in full breakout mode, and now it’s tanking along with the broader market.

This slide comes after the S&P 500 hit a high of 6,945.77 on Friday before fading late and finishing flat. That level marked a new intraday record before bulls lost steam.

Despite today’s drop, 2025 is still a monster year for stocks. The S&P 500 is up more than 17%, the Dow is up 14%, on pace for its best year since 2021, and the Nasdaq is up over 21%, outperforming everything.

Investors are also watching the Santa Claus rally window, which runs from the last five trading days of December through the first two days of January.

Since 1950, that stretch has averaged a 1% gain, according to the Stock Trader’s Almanac.

15:55Palladium’s brutal drop deepens as gold clings to historic streak, iron ore surges quietly

Palladium is now down 17% on the day, making it the second-largest single-day drop in its entire trading history.

After starting the session strong alongside other precious metals, the rare metal is now in total freefall. No buyers in sight, just red.

Meanwhile, gold is still standing, even after taking a 3% hit earlier. The yellow metal has now spent roughly 550 consecutive trading days above its 200-day moving average, the second-longest streak ever recorded.

The only longer stretch was the one that followed the 2008 financial crash, which ran for around 750 sessions.

During the current run, gold has surged 135%, beating the famous 2009–2011 rally, which only climbed 91%. To compare:

  • The 1986-1988 streak lasted about 510 sessions, and prices rose 38%.

  • The 1978-1980 run lasted roughly 495 sessions, but gold exploded for a 209% gain.
    Even though today’s drop stings, gold’s long-term momentum is still a beast.

Away from the chaos in precious metals, iron ore is creeping higher. Futures in Singapore rose for the third straight session, hitting $106.55 a ton intraday, the highest since late November.

As of 2:59 p.m. local time, prices were still up 1.4%, trading at $106.15.

Chinese markets are also seeing action. Dalian iron ore futures gained 2.6%, the biggest intraday jump since September 9. Contracts priced in yuan were up 1.7%, while Shanghai steel futures also climbed, boosted by bets on new Beijing policy support heading into the new year.

15:20Metals collapse as panic hits silver, gold, and crypto at once

The rally is officially over… for now. Silver, gold, platinum, and palladium all tanked hard, flipping Monday’s early highs into a full-blown reversal.

Silver nosedived 7%, erasing its earlier all-time high of $84 an ounce. That drop instantly wiped billions from the white metal’s newly minted $4.68 trillion valuation. Gold dropped 3%, platinum tumbled 12%, and palladium got slammed with a 15% crash, the worst of the bunch.

Traders had barely caught their breath before Bitcoin joined the collapse. The world’s largest crypto lost $4,000 in just six hours, falling from above $90,000 to the mid-$86,000s. That fast flush took out over $100 million in leveraged long positions, liquidated in a matter of minutes.

09:48Yen claws back losses as Tokyo eyes intervention, while China warns on yuan rally

The yen bounced 0.3% to trade at 156.14 per dollar on Monday, snapping back from a 0.5% slide late last week. Traders are now watching both the Bank of Japan and the Finance Ministry for actions that could shake up markets heading into year-end.

Finance Minister Satsuki Katayama had already hinted at intervention, saying Japan has a “free hand” to deal with excessive yen swings.

A summary of opinions from the BoJ’s December meeting showed that policymakers are still debating whether more rate hikes are needed.

Thin trading volumes near the end of the year have left the currency especially vulnerable. The yen also traded at 105.02 per Aussie, just a hair above Friday’s 17-month low of 105.08.

Over in Europe, the euro held at $1.1770, supported by U.S. President Donald Trump’s comments expressing optimism about a possible peace deal in Ukraine. Sterling dipped slightly to $1.3491, while the U.S. dollar index was flat at 98.03.

The Australian dollar barely moved at $0.6717, while New Zealand’s kiwi slipped 0.2% to $0.582.

Meanwhile, Chinese officials are clearly not comfortable with the yuan’s recent rally. After a gain of more than 4% in 2025, the yuan briefly breached the 7 per dollar mark in offshore trading for the first time in over a year. But Beijing is now stepping in to cool expectations.

On Monday, both Shanghai Securities News and China Securities Journal warned against “one-way bets” on the yuan, calling the current rally “unsustainable.”

The People’s Daily also said that two-way moves are the new normal. State-owned banks reportedly bought dollars when the yuan approached 7, and the central bank has been setting daily fixes weaker than market expectations for two weeks straight.

The onshore yuan fell 0.1% to 7.0126, and the offshore yuan matched that drop to 7.0109. Despite the dollar weakness this year, the yuan has lost ground against most other currencies. A trade-weighted index of its value has dropped 3.8% in 2025.

Beijing’s central bank has promised to guard against “overshooting risks,” as it tries to manage a balancing act between growth, currency stability, and global trade tensions.

08:30Silver overtakes Nvidia in wild $84 spike as metals rally spreads to miners

Silver is now worth more than Nvidia. The white metal hit $84 per ounce early Monday, climbing over 6% in a sharp rally before dipping, then clawing its way back to gains.

The market cap for silver jumped to $4.68 trillion, edging past Nvidia’s $4.63 trillion. Just months ago, Nvidia touched an all-time high of $5.1 trillion.

The surge came right after Elon Musk stirred the pot with a warning on X. Replying to a post about China’s export restrictions, Elon said, “This is not good. Silver is needed in many industrial processes.” That single line was enough to whip up traders already eyeing metals for safety and growth.

China’s new curbs are just recycled restrictions from October 30, first announced by the Ministry of Commerce.

The country is among the top three producers of silver but eats up most of its own supply. So it rarely exports, which keeps global markets tight.

A weaker dollar and geopolitical stress have made silver even hotter. Gold and platinum also broke records recently, while palladium pulled back after a massive run. Gold slipped 0.4% to $4,515.20, just shy of Friday’s high of $4,549.92. Palladium dropped over 6%.

Crypto traders finally joined the ride too. Bitcoin jumped above $90,200 in Singapore, up 3.1%, with Ether climbing 4% to cross $3,000. The rest of the market had missed out on December’s stock rally, but Monday’s surge hinted at renewed life.

silver btc markets
Source: TradingView

Meanwhile, the mining world exploded. Australia’s Silver Mines Ltd. popped 26%, and Sun Silver Ltd. ran up 24%. Toho Zinc Co. in Japan gained 16%, while Hunan Silver Co. maxed out its daily limit in Shenzhen at 10%.

Genesis Minerals Ltd. is up 199% on the year. China’s Zijin Mining Group Co. is up 152% in Hong Kong, and Aneka Tambang Tbk. from Indonesia has jumped 122% in 2025 so far.

Chinese metal miners weren’t left behind either. A rally extended after China’s state planner backed M&A deals in aluminum and copper sectors. Jiangxi Copper Co. jumped 13% to a record. CMOC Group Ltd. followed with a 6% rise.

What to know

Global markets are now watching for signs of panic as metals and crypto reverse sharply.

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