Wall Street's rally extended into Tuesday, with the S&P 500 closing at an all-time high of 6,227, bolstered by a weakening U.S. dollar and stabilizing interest rates. The U.S. dollar index (DXY) settled near 96.4, down from recent highs, supporting strength in precious metals. Spot gold fetched around $3,346/oz, while silver hovered near $36.33/oz, according to market data.
The rally, which has gained momentum since mid‑April, is fueled by optimism over a benign rate outlook and cautious optimism from corporate earnings. The 10‑year Treasury yield stood at 4.26%, easing alongside expectations that the Federal Reserve may pause rate hikes following recent data showing softer inflation.
Metals market update
Gold: Trading at approximately $3,346/oz, gold is underpinned by the slumping dollar and geopolitical uncertainty.
Silver: At $36.33/oz, silver remains elevated. Its last peak at around $50/oz occurred in April 2011 amid the European debt crisis .
Market watcher and macro strategist Don Durrett, via a recent X (Twitter) post, cautioned that the party may soon halt. In the post titled “Mid‑Week Macro,” Durrett wrote:
Durrett speculates that a new round of U.S. tariffs targeting Japan and Europe could mark the second ‘Shock’ after already imposing duties on Canada.
Veteran analyst Jane Thompson, head of macro strategy at Evergreen Capital, observes: “Durrett’s scenario hinges entirely on political escalation. If the administration unleashes further tariffs, the currency and equity markets could be jolted, but no certainty will happen in July.”
Charlie Hawthorne, commodity strategist at Mercer Investments, adds: “Gold and silver often react to a weaker dollar, but expecting silver to drop into the low $30s would require a serious unwind in speculative positioning. It’s possible, but not a foregone conclusion.”
Durrett’s projection for a nine‑month drag into a 3,500‑level S&P would mark a nearly 45% decline from current highs. By comparison, the post‑2008 financial crisis bottom came in March 2009, taking about 17 months from peak to trough, a steeper but slower drop than Durrett’s timetable.
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