During the week of December 22-26, 2025, US equity markets experienced strong gains and reached new record highs, with the S&P 500, Dow Jones, and Nasdaq all posting significant weekly advances of around 1.2% to 1.4%, despite thin holiday trading volumes.
Precious metals were the standout performers, with gold surging 5% to over $4,500 per ounce and silver +18% approaching $80 per ounce - both hitting all-time record highs. Silver was particularly impressive with year-to-date gains exceeding 170%. In contrast, Bitcoin declined during the week and remained down for the year, failing to participate in the broader asset rally.
The market drivers included a comeback of AI enthusiasm as well as expectations for more Fed cuts in 2026, which supported equity valuations, with Treasury yields also a slightly lower.
