Silver Soars to Record $69.6/oz, Posts Staggering 8.1% Weekly Gain
Silver just shattered its ceiling. The metal's blistering rally pushed it to a historic high, closing out the week with a surge that left traditional portfolios looking sluggish.
The Numbers Don't Lie
An 8.1% weekly climb isn't a bump—it's a statement. It screams momentum and sends a clear signal of shifting capital, the kind of move that makes bond traders check their blood pressure.
What's Fueling the Fire?
Forget safe-haven whispers; this is a full-throated roar. The move bypasses timid inflation hedges and cuts straight to a narrative of tangible asset scarcity and monetary distrust. It's a bet against the system, packaged in a shiny, conductive wrapper.
The Bigger Picture
While gold gets the headlines, silver's volatility often acts as the market's amplifier. This record run isn't happening in a vacuum. It mirrors a growing institutional and retail pivot toward hard assets—a trend digital natives know all too well. After all, in a world of quantitative easing, finding something that can't be printed with a keystroke has its appeal. Just ask any crypto holder watching a central banker's speech.
So, is this the new normal or a speculative peak? Only the charts will tell. But one week's 8.1% gain has a way of making even the most cynical finance bros—usually busy chasing basis points in a bloated ETF—sit up and take notice. Suddenly, that old-school metal doesn't look so archaic.
Both metals were heading for weekly gains.
Phillip Streible of Blue Line Futures said “ETF flows (in silver) continue to dominate that theme as well as some speculation from the retail investor.”
He said the fresh macro data drove more demand toward metals after the U.S. consumer price report showed a 2.7% rise in November. Economists had expected 3.1%, so the softer reading strengthened the case for rate cuts.
The U.S. Labor Department reported that the unemployment rate ROSE to 4.6%, the highest level since September 2021. Streible said, “We’ve seen the lower inflation data, the weakening labor report. It really reaffirms that the Federal Reserve should keep on their easing path. Second is a lot of the uncertainty around what central bank policy is going to entail.”
Traders kept pricing in at least two 25-basis-point cuts next year, based on LSEG data.
U.S. stocks move after AI volatility and new Oracle-TikTok deal
U.S. equities also pushed higher on Friday. The Nasdaq Composite gained 1.2%, the S&P 500 rose 0.9%, and the Dow added 259 points, or 0.5%.
Oracle led the MOVE after a rough week where investors worried about its cloud business. That concern started when a report said a key backer had pulled out of one of Oracle’s data-center projects, a blow that also hit Broadcom and Advanced Micro Devices.
Oracle shares jumped 8% after joining a group set to run TikTok’s U.S. operations. In a memo to workers, TikTok CEO Shou Zi Chew said the U.S. unit will be overseen by a joint venture made up of Oracle, Silver Lake, and Abu Dhabi-based MGX. The deal is expected to close on January 22.
The agreement keeps TikTok alive in the U.S. after President Joe Biden signed a law requiring a divestment of the platform’s American division over national-security concerns. President Donald TRUMP had already extended the deadline several times and later signed an executive order approving a possible divestment plan for ByteDance.
Under the new setup, Oracle will check and confirm that TikTok follows “agreed upon National Security Terms”, according to the memo.
Micron Technology also rose, building on a 10% surge Thursday after the company issued strong revenue guidance. Shares were up more than 7% Friday, helping calm traders after days of volatility in AI-linked stocks.
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