Risk and Safe-Haven Assets Surge Together: U.S. Stocks Rally, Gold and Silver Hit Record Highs

Market Overview

U.S. equities staged a powerful rebound on Monday, led by tech stocks. The Nasdaq Composite and S&P 500 surged over 2% and 1% respectively, marking their biggest single-day gains in four and a half months. The semiconductor index jumped nearly 5%, with Broadcom soaring almost 10% after reaching an agreement with OpenAI. Meanwhile, shares of Critical Metals and Rigetti Computing both posted double-digit gains following investment news from JPMorgan Chase. Chinese ADRs also rebounded strongly, with the Golden Dragon China Index up more than 3%.

The precious metals market saw a historic rally, as gold and silver both hit all-time highs. Gold broke above the $4,100/oz mark for the first time in history, with futures prices up more than 3% intraday. In London, a historic short squeeze sent silver prices soaring past $50/oz, with futures closing at their highest level since 1980.

The U.S. Dollar Index rebounded to approach a two-month high, while the offshore Chinese yuan (CNH) recovered the 7.14 level. Following last Fridays sharp selloff, cryptocurrencies extended their rebound—Bitcoin climbed back above $116,000, and Ethereum briefly surged more than 5%.

Hot Topics Ahead● Bank of America Turns Bullish on Gold and Silver

Bank of America noted that the White Houses “non-traditional policy framework” will continue to support gold prices—factors such as expanding fiscal deficits and rising debt levels could push gold to $5,000/oz next year. Silver is also heading for its fifth consecutive year of structural supply deficit. Although physical demand may fall by 11% in 2026, persistent shortages are expected to drive silver prices toward $65/oz.

● Market Selloff Seen as Risk Management, Not Retreat

Goldman Sachs trader Lee Coppersmith emphasized that last Fridays selloff reflected risk management activity—mainly through derivatives like options—rather than outright liquidation of equities. Despite record-breaking options volume, cash equity trading remained calm, with S&P 500 turnover only 9% above its average. Investors continue to monitor potential systematic selling triggers, as CTA long positions approach their upper limits. Sentiment remains resilient, with themes around AI development and labor market concerns expected to dominate the upcoming earnings season.

Key Events to Watch (GMT+8)

18:00 — U.S. NFIB Small Business Optimism Index (September)

20:45 — Fed Governor Michelle Bowman Speech

21:00 — IMF Releases Global Economic Outlook Report

00:20 — Fed Chair Jerome Powell Speaks at NABE Conference

03:30 — 2025 FOMC Voter, Boston Fed President Susan Collins Speech