Market Minute ⏱️ 1/6/25: Metals Mania Spreads as Markets Tighten

Mike Larson | Editor-in-Chief

After a broad-based rally yesterday, equities are mixed this morning. Metals continue to power ahead, while oil is up modestly, too. The dollar and Treasuries aren’t moving much.

The “Metals Mania” shows no sign of letting up in 2026. Gold and silver soared on safe haven buying yesterday following the raid in Venezuela, and both are higher again today. Meanwhile, base metals like copper are surging to new highs amid expectations that tariff policy and stronger demand could tighten market conditions further. The prices of other metals like zinc and aluminum are rising as well.

This chart shows the six-month performance of ETFs that track silver, platinum, copper, aluminum, and zinc. While the iShares Silver Trust (SLV) is the standout with a return of 106%, the Invesco DB Base Metals Fund (DBB) and the United States Copper Index Fund (CPER) have both perked up recently – with half-year gains now up to 26.4% and 15.2%.

SLV, PPLT, DBB, CPER (6-Mo. % Change)

Nvidia Corp. (NVDA) CEO Jensen Huang delivered a keynote address at the mammoth CES 2026 conference in Las Vegas yesterday. Huang touted advancements in robotics and self-driving cars based on its technology, while also revealing its latest AI server system, “Vera Rubin,” earlier than expected. NVDA stock has traded mostly sideways since August, but is up 30.2% in the last year.

Finally, it looks like the housing market could be in for another lackluster year barring any surprise move lower in mortgage rates. Thirty-year mortgage rates could drift down to 6.3% from an average of 6.6% in 2025, but that won’t move the needle much, according to Realtor.com’s senior economic research analyst Hannah Jones. Rising inventory in the South and West will help buyers out by softening prices, but markets in the Midwest and Northeast remain tight.

Krauth: Why I’m Still VERY Bullish on Silver for 2026

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• SPX: Thoughts on a Downbeat December – and the Midterm Elections
  👉️ TICKER: SPX
  The S&P 500 Index (^SPX) recorded a price decline in its final month of 2025. Meanwhile, midterm election years (MTEYs) have the reputation of being quite challenging due to the uncertainty surrounding the upcoming November Congressional elections, observes Sam Stovall, chief investment strategist at CFRA Research.

• IPX: A Metals Play for the "New Cold War"
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  Our “Find the Best Storylines” strategy has an amped-up corollary: When multiple storylines intersect, go hunting. And that’s what we’ve got with the New Cold War. One recommendation I’ll share: IperionX Ltd. (IPX), writes Bill Patalon, chief stock picker at Stock Picker’s Corner.

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