Metal Bull Market Accelerates: The Three Main Drivers Behind the Five Consecutive Gains in U.S. Stocks

On the first trading day after Thanksgiving, global markets showed an optimistic trend. The three major US stock indices advanced together, with the Dow Jones Industrial Average, S&P 500, and Nasdaq Composite rising by 0.61%, 0.54%, and 0.65% respectively, continuing a nearly five-day rally. Major European stock markets also moved higher, with the FTSE 100, CAC 40, and DAX indices increasing slightly by 0.27% to 0.29%.

Market sentiment’s recovery is evident from risk indicators. The VIX volatility index and the MOVE options volatility index both declined, indicating a gradual restoration of investor confidence. Against this backdrop, commodity prices performed exceptionally well, especially in the precious metals sector.

Silver and Copper Prices Hit Record Highs, Precious Metals Show Strong Momentum

This week’s most remarkable performance came from the silver market. Spot silver surged by 5.7%, reaching $56.46 per ounce, successfully breaking the historical peak set during the London market in October. As trading continued, COMEX silver futures further jumped over 6%, surpassing $57 per ounce, with year-to-date gains approaching 100%.

LME copper also performed notably, rising by 2.5% at one point to hit a record high. The surge in precious metals reflects both optimistic expectations for the global economic outlook and investors’ demand for diversified assets.

Gold maintained its strength, rising by 1.35% on Friday to break the $4,200 per ounce mark, closing at $4,218.7. A recent Goldman Sachs survey shows that over 90% of institutional investors are optimistic about future gold prices. More than 30% expect gold to reach over $5,000 by the end of 2026, while another 30% forecast prices between $4,500 and $5,000.

According to Goldman Sachs’ survey of over 900 institutional clients, central bank buying is the primary driver of gold price increases (38%), followed by concerns over fiscal risks. Global investors have actively allocated into gold this year to hedge against inflation, geopolitical risks, and dollar depreciation.

Retail Data Warm, E-commerce Sales Continue to Hit New Highs

Black Friday demonstrated the resilience of the US consumer market. According to Adobe Analytics, which tracks over $1 trillion in US retail website visits, online consumer spending reached $11.8 billion, a new record, up 9.1% year-over-year. Walmart and Amazon shares rose by 1.3% and 1.8% respectively, with Amazon being the strongest performer among Dow components.

Salesforce’s parallel data shows that total US consumer spending on Black Friday reached $18 billion, a 3% increase year-over-year. Luxury apparel and accessories were the most popular categories. However, despite the overall increase in spending, the impact of rising prices on purchasing volume was evident—consumers bought fewer items at checkout compared to last year.

The firm expects online consumer spending on Saturday to reach $5.5 billion (up 3.8% YoY) and $5.9 billion on Sunday (up 5.4% YoY).

Cryptocurrency Market Stabilizes, Bitcoin and Ethereum Hold Key Support Levels

In the crypto market, Bitcoin is currently at $87,670, with a 24-hour increase of 0.22%, continuing to fluctuate around the $90,000 mark. Ethereum’s price is at $29,500, down 0.34% over the past 24 hours, oscillating near the $3,000 support level.

Market participants generally believe that the continued expectation of Fed rate cuts supports risk assets, which is potentially positive for cryptocurrencies and other alternative assets.

Tech Stocks Show Divergence, Intel Rises Sharply on Apple Orders

The tech sector shows a divergence pattern. Alphabet’s stock rose by 2.2% at one point, closing roughly flat. Nvidia declined by 1.8%. Meanwhile, Intel performed strongly, as Apple commissioned it to produce low-cost M-series chips. Intel’s stock surged by 10.2% to $40, marking five consecutive days of gains with an overall increase of over 18% during this period.

According to Ming-Chi Kuo of TF International Securities, Intel expects to start manufacturing entry-level M-series processors for Apple as early as 2027. Kuo noted that this move could bring Intel orders for 14A nodes and beyond, providing long-term benefits. Currently, M processors are mainly used in MacBook Air and iPad Pro devices, with an estimated shipment of about 20 million units this year, decreasing to 15-20 million units in 2024 and 2027.

Corporate Investments and Strategic Adjustments

Micron Technology announced a $9.6 billion investment to build a factory in Western Japan for high-bandwidth memory(HBM) chips used in AI applications. The factory is expected to start shipping HBM products around 2028, with the Japanese Ministry of Economy, Trade and Industry providing subsidies of up to 500 billion yen.

AI data analytics firm Palantir faces valuation re-evaluation pressure, with its stock down 16% in November, marking its worst month since August 2023. Several investment firms have questioned its valuation, and notable investor Michael Burry has shorted the stock, intensifying market sell-offs. Palantir’s management has publicly responded multiple times, defending the company’s profitability comparable to top Silicon Valley venture funds.

Macro Environment Variables

OPEC+ generally agreed to maintain the pause on oil production increases through the first quarter of 2026 to stabilize the crude oil market. They also advanced the establishment of a mechanism to assess the maximum sustainable production capacity of participating countries, laying the groundwork for 2027 oil quota setting.

The UK HM Revenue & Customs (HMRC) issued new regulations effective January 1, 2026, requiring all cryptocurrency exchanges operating in the UK to fully collect and retain user transaction records and report them to HMRC in 2027. This is used to verify tax filings and combat crypto asset tax evasion. Tax experts advise crypto users to organize their tax status before the end of 2026 to avoid potential sanctions. This move will further regulate the legal operation of crypto markets.

CME Group’s front-end trading system CME Direct temporarily suspended due to a cooling system failure at the Illinois data center but has since resumed operation. The outage coincided with Bitcoin reaching a record high, drawing market attention.

Market Data Overview

Stocks: US stocks all rose, Dow +0.61%, S&P +0.54%, Nasdaq +0.65%; European stocks Germany +0.29%, France +0.29%, UK +0.27%; China Golden Dragon Index rebounded 0.54%.

Commodities: Gold at $4,218.7/oz, up 1.35%; WTI crude oil at $58.48/barrel, down 0.12%.

Forex: US Dollar Index at 99.47, down 0.05%; USD/JPY down 0.07%; EUR/USD up 0.02%. In foreign exchange markets, the US dollar remains relatively stable against major currencies, reflecting orderly global FX operations.

Bond Market: US 10-year Treasury yield approximately 4.017%, up 2 bps from the previous trading day.

Hong Kong Stocks: Hang Seng Index night futures closed at 26,022 points, up 127 points, with a premium of 163 points; China Enterprises Index night futures closed at 9,176 points, with a premium of 46 points.

Overall, the market shows a risk appetite rebound, with commodities and equities rising in tandem, indicating growing investor confidence in economic prospects.