Key Takeaways Cannabis ETFs surged on optimism around potential U.S. marijuana reclassification reforms.Precious metals ETFs gained as silver, gold and platinum prices climbed on supply concerns.Space and health care ETFs advanced on sector-specific growth drivers.Wall Street was upbeat last week. The S&P 500 lost 0.6%, the Dow Jones advanced 1.1% and the Nasdaq retreated about 1.6% last week. The tech stocks were beaten down, taking a toll on the Nasdaq-100 as well as the S&P 500. Roundhill Magnificent Sev ...

Silver climbed to a fresh record recently. iShares Silver Trust (SLV) has gained 97.3% so far this year (as of Dec. 2, 2025), outperforming SPDR Gold Trust (GLD) , which has advanced about 58%. The GLD ETF has advanced 5% over the past month, while SLV has surged 21.4% during the same timeframe.  Rising speculative positions, thanks to expectations of persistent supply tightness and the prospect of lower U.S. borrowing costs, led to the rally in silver prices. Below, we highlight a few reasons that can driv ...

Market Performance - The S&P 500 advanced about 1.9%, the Dow Jones gained 1.7%, and the Nasdaq Composite surged about 4.2% in October 2025 [1] Earnings Season - Of the 222 S&P 500 companies that reported Q3 results, earnings increased by 10.7% year over year on 8% higher revenues, with 83.8% surpassing EPS estimates and 77.9% exceeding revenue forecasts; notably, 68.5% beat both metrics [3] Federal Reserve Actions - The Federal Reserve cut interest rates by a quarter percentage point, bringing the benchmark rate to a range of 3.75-4.00%, reflecting intentions to bolster economic growth and strengthen the labor market [4] U.S.-China Trade Relations - Hopes for easing U.S.-China trade tensions have increased investor confidence, with discussions between President Trump and President Xi Jinping indicating a pause in new trade tensions and a resumption of U.S. agricultural imports [5] - China will end investigations targeting U.S. companies in the semiconductor supply chain, as announced by the White House [6] Company Highlights - NVIDIA has reached a $5-trillion market cap, driven by partnerships with the U.S. Energy Department and Uber, among others, focusing on supercomputers and self-driving cars [7] - Advanced Micro Devices Inc. (AMD) shares surged 55.5% over the past month, bolstered by a multi-billion dollar strategic partnership with OpenAI [10] Gold Market - Gold prices fell in late October, with the SPDR Gold Trust losing about 0.8% over the past week and about 8.7% over the last 10 days, attributed to easing U.S.-China trade tensions and a stronger U.S. dollar [8] ETF Performance - The Defiance Leveraged Long + Income AMD ETF (AMDU) increased by 97.7% in the past month [9] - The Global X MSCI Argentina ETF (ARGT) rose by 35.3%, driven by political developments that strengthened confidence in fiscal reforms [12] - The CoinShares Bitcoin Mining ETF (WGMI) gained 29.7%, benefiting from increased institutional and corporate adoption of cryptocurrencies [13] - The Global X Hydrogen ETF (HYDR) increased by 28.2%, driven by the AI industry's demand for clean energy sources [14]

Market Performance - The S&P 500 increased by 2.3% in September 2025, slightly below the 2.6% gain in September 2023, indicating a positive trend despite historically weak September performances [2] - From 2000 to 2024, the average return for September was -1.6%, with five years experiencing declines over 7%, highlighting the unusual strength in recent years [2] Sector Performance - In October, the Invesco QQQ Trust (QQQ) was the top performer, rising by 4.8%, while the Dow Jones Industrials and iShares Russell 2000 gained 2.5% and 1.8%, respectively [3] - The SPDR Gold Trust (GLD) experienced a late-month drop but still ended October up 3.6% [3] Technical Analysis - The QQQ surpassed the yearly R2 resistance at $623.76, reaching a high of $637.01, with a significant support level now at $589.05 [3] - The NDX 100 Advance/Decline line has been above its WMA since January 2023 and confirmed a new high in October, indicating a bullish trend [4] - The Spyder Trust (SPY) reached a high of $689.70 in October, marking its longest winning streak since August 2021, with support at $636.32 [6] Broader Market Indicators - The NYSE Composite closed at 21,459 in October, down 0.5%, but above the yearly R1 at 20,798, indicating mixed performance [8] - The NYSE All A/D line has been leading the market and closed in October just below the September high, with strong support levels [10] - Despite positive monthly analysis, the weekly NYSE Stocks Only A/D line has shown divergence from prices, suggesting potential caution [11]

Core Insights - The SPDR Gold Trust (GLD) experienced a 5% decline over the past week due to easing U.S.-China trade tensions, a stronger U.S. dollar, and technical indicators suggesting overbought conditions [1] - The U.S. dollar ETF Invesco DB US Dollar Index Bullish Fund (UUP) gained 0.5% over the past week and 1.3% over the past month, while lower-than-expected September inflation negatively impacted gold prices [2] - A potential U.S.-China trade agreement could significantly reduce geopolitical tensions that have been supporting gold prices [3] Gold Market Performance - The gold bullion ETF GLD has surged approximately 53.8% year-to-date and 7.1% over the past month, while the S&P 500 has increased by 15.8% this year and 2% in the past month [5] - Investors are increasingly turning to gold as a safe-haven asset amid global instability, geopolitical tensions, and the likelihood of Federal Reserve rate cuts [6] Central Bank Demand - Central bank demand, particularly from BRICS nations and emerging economies, is driving the gold rally as these countries seek to diversify away from the U.S. dollar [7] Investment Recommendations - Ray Dalio of Bridgewater Associates recommends a 15% portfolio allocation to gold, citing its role as a hedge against monetary debasement and geopolitical uncertainty [8] - Dalio compares the current market environment to the early 1970s, highlighting gold as a credible safe-haven asset amid high inflation and government debt [9] Future Projections - Market expert Ed Yardeni predicts gold could reach $10,000 per ounce by 2030, driven by factors such as tariffs, pressure on the Fed to lower interest rates, and issues in China's real estate market [11] - For investors looking to capitalize on the bullish trend, gold ETFs like SPDR Gold Trust (GLD), iShares Gold Trust (IAU), and SPDR Gold MiniShares Trust (IAUM) are recommended [12]

Core Viewpoint - Gold prices experienced a significant decline on October 21, 2025, marking the largest daily drop in years, attributed to easing U.S.-China trade tensions, a stronger U.S. dollar, and technical indicators suggesting overbought conditions [1][2]. Group 1: Market Performance - The SPDR Gold Trust (GLD) lost approximately 6.9% over two days as of October 22, 2025 [1]. - The gold bullion ETF GLD has surged about 53.7% year-to-date as of October 22, 2025, with a 9% increase over the past month [5]. - In comparison, the S&P 500 has rallied 14.2% this year and 0.6% in the past month [5]. Group 2: Analyst Perspectives - Analysts view the recent drop in gold prices as a temporary setback, with ongoing high inflation, low real interest rates, and geopolitical uncertainties supporting a bullish outlook for gold [3]. - Bank of America maintains a "long gold" stance, predicting prices could reach $6,000 per ounce by mid-2026, while Goldman Sachs has raised its forecast to $4,900 per ounce by the end of next year [4]. Group 3: Investment Trends - There is a notable increase in central bank demand for gold, particularly from BRICS nations and emerging economies, as they seek to diversify away from the U.S. dollar [7]. - Ray Dalio recommends that investors allocate up to 15% of their portfolios to gold, emphasizing its role as a hedge against monetary debasement and geopolitical uncertainty [8]. - Market expert Ed Yardeni predicts gold could reach $10,000 an ounce by 2030, driven by various economic factors [11]. Group 4: ETF Opportunities - For investors looking to capitalize on the bullish trend in gold, ETFs such as SPDR Gold Trust (GLD), iShares Gold Trust (IAU), and SPDR Gold MiniShares Trust (IAUM) are highlighted as potential investment options [12].

Core Viewpoint - Gold prices experienced a significant decline on October 21, 2025, marking the largest daily drop in 12 years, with spot gold falling over 6% and SPDR Gold Shares (GLD) losing approximately 6.4% on the same day [1][2]. Market Dynamics - The selloff was attributed to easing U.S.-China trade tensions, a stronger U.S. dollar, and technical indicators suggesting that gold had entered overbought territory [2]. - Despite the drop, some analysts, including Tom Essaye from Sevens Report Research, view this as a temporary setback, citing ongoing high inflation, low real interest rates, geopolitical uncertainty, and the U.S. government shutdown as factors supporting a bullish outlook for gold [3][6]. Investment Outlook - Investment firms maintain a bullish stance on gold, with Bank of America predicting prices could reach $6,000 per ounce by mid-2026, while Goldman Sachs raised its forecast to $4,900 per ounce by the end of next year [4]. - The SPDR Gold Trust (GLD) has surged approximately 54% in 2025, with a monthly gain of over 9%, contrasting with the S&P 500's 15% increase year-to-date [5]. Safe-Haven Demand - The current global instability and geopolitical tensions have driven investors towards gold as a safe-haven asset, further fueled by the U.S. government shutdown [6]. - Central bank demand, particularly from BRICS nations and emerging economies seeking to diversify from the U.S. dollar, has led to record levels of sovereign gold purchases [7]. Strategic Recommendations - Ray Dalio, founder of Bridgewater Associates, recommends that investors allocate up to 15% of their portfolios to gold, emphasizing its role as a hedge against monetary debasement and geopolitical risks [8]. - Dalio draws parallels between the current market environment and the early 1970s, highlighting the appeal of gold amidst high inflation and government spending [9]. Future Projections - Market expert Ed Yardeni suggests that gold could reach $10,000 per ounce by 2030, driven by factors such as tariffs, pressure on the Fed to lower interest rates, and issues in China's real estate market [10]. Investment Vehicles - For investors looking to capitalize on the bullish trend in gold, ETFs such as SPDR Gold Trust (GLD), iShares Gold Trust (IAU), and SPDR Gold Minishares Trust (IAUM) are highlighted as potential investment options [11].

Core Insights - Nassim Nicholas Taleb emphasizes the distinction between silver and gold, noting that central banks do not hoard silver, which affects its investment appeal [1] - Gold is preferred by central banks due to its established role as a reserve asset, while silver is more industrial, limiting its attractiveness for central bank reserves [2][3] Performance Comparison - Year-to-date, the iShares Silver Trust (SLV) has surged approximately 74%, while the SPDR Gold Trust (GLD) has increased about 55% [3] - Silver's higher returns come with increased risk, as its Beta relative to the S&P 500 is around 1.4, compared to gold's 0.46, indicating more dramatic price swings for silver [3] Volatility and Risk - Silver's standard deviation of returns over the past year is nearly double that of gold, highlighting its volatility [4] - Investors should be aware of silver's industrial demand fluctuations and market liquidity, which can lead to sudden price shifts [4] Investment Vehicles - ETFs like SLV provide a way for investors to gain exposure to silver without holding physical metal, with SLV trading above $46 as of mid-October 2025 [5] - Despite its strong performance, silver's volatility and lack of central bank backing categorize it as a higher-risk investment compared to gold [5][6] Strategic Considerations - While silver may present short-term upside, its elevated volatility and absence from central bank reserves sharply differentiate it from gold [6] - Investors should consider both performance and risk when allocating to precious metals, as the market treats gold and silver very differently [6]

Core Insights - Nassim Nicholas Taleb emphasizes the distinction between silver and gold, noting that central banks do not hoard silver, which affects its investment appeal [1][6] - Gold is favored by central banks due to its established role as a reserve asset, while silver is primarily viewed as an industrial metal [2][3] Central Banks' Preference - Central banks historically prefer gold for its liquidity, durability, and universal recognition, making it a key choice for reserve diversification [2] - Silver's appeal is limited for central banks despite its price gains, as it is not considered a monetary asset [3] Performance Comparison - Year-to-date, the iShares Silver Trust (SLV) has surged approximately 74%, while the SPDR Gold Trust (GLD) has increased about 55% [3] - Silver's higher volatility is illustrated by its Beta of around 1.4 relative to the S&P 500, compared to gold's Beta of 0.46 [3] Volatility and Investment Risks - Silver's standard deviation of returns over the past year is nearly double that of gold, indicating greater price swings [4] - Investors should be aware of silver's industrial demand fluctuations and market liquidity, which can lead to sudden price shifts [4] Investment Vehicles - ETFs like SLV provide a convenient way for investors to gain exposure to silver without holding physical metal [5] - As of mid-October 2025, SLV is trading above $46, reflecting strong performance and market enthusiasm for silver [5] Conclusion on Investment Strategy - While silver may offer short-term upside, its elevated volatility and absence from central bank reserves differentiate it from gold [6] - Investors should consider both performance and risk when allocating to precious metals, as the market treats gold and silver differently [6]

Core Insights - The year 2025 has seen a significant gold rally, with the SPDR Gold Trust (GLD) up 51.7% year-to-date and over 11% in the past month, while the S&P 500 is up 15% this year and 3.7% in the last month [1][2] Investment Trends - Investors are increasingly turning to gold as a safe-haven asset amid global instability, geopolitical tensions, and the potential for Federal Reserve rate cuts, further fueled by the current U.S. government shutdown [2] - Ray Dalio, founder of Bridgewater Associates, recommends a 15% allocation to gold in investment portfolios, emphasizing its role as a hedge against monetary debasement and geopolitical uncertainty [3][4] - Jeffrey Gundlach, CEO of DoubleLine Capital, suggests an even higher allocation of up to 25% due to inflationary pressures and a weaker dollar [4] Historical Context - Dalio draws parallels between the current market environment and the early 1970s, characterized by high inflation, government spending, and growing debt, which undermined confidence in paper assets [5] Central Bank Activity - A notable driver of gold demand is the increasing purchases by central banks, particularly from BRICS nations and emerging economies, as they seek to diversify away from the U.S. dollar [6] - In August, central banks added a net 19 tons to global gold reserves, with China's central bank continuing its buying streak for the 11th consecutive month in September [7] Price Forecasts - Goldman Sachs has raised its gold price forecast for December 2026 to $4,900 per ounce, citing inflows from Western ETFs and anticipated further central bank purchases [7] - Market expert Ed Yardeni predicts that gold could reach $10,000 an ounce by 2030, representing a potential increase of about 151% over the next five years, driven by various economic factors [8]