Gold And Silver Explode As Powell Investigation Sends Shockwaves

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[Chart courtesy of MarketWatch.com]

  1. Moving the market

Stocks stumbled out of the gate Monday after news broke that the Department of Justice had opened a criminal investigation into Fed Chair Jerome Powell, marking what many see as an escalation in President Trump’s ongoing effort to pressure the central bank.

The headlines sparked a broad selloff early on, with the Dow down nearly 500 points and the S&P 500 off about 0.5% at the day’s lows. 

Still, the market managed to recover some ground as the session wore on, led by Small Caps, and boosted by solid moves in Walmart and a few large tech names.

Even so, traders were uneasy with Trump’s separate proposal to temporarily cap credit card interest rates at 10%, a move aimed at easing costs for consumers that critics say could choke off lending and hurt banks’ bottom lines. 

The uncertainty pushed investors toward safe havens. Gold surged more than 2%, while silver absolutely stole the spotlight, rocketing nearly 7% to a record high above $85.

Copper added more than 2%, though it remained overshadowed by silver’s breakout. The dollar slumped sharply, rate‑cut odds dropped, and bond yields crept higher. 

Interestingly, the “Mag 7” finally showed some staying power, outperforming the rest of the S&P 500’s 493 stocks for the first time in a while.

Meanwhile, Bitcoin finished the day higher after whipsawing in a wild pump‑and‑dump‑and‑pump sequence that mirrored the broader market’s volatility. 

As traders look ahead, many believe the next major driver will come from AI‑related capital spending by large cloud providers — but with metals flying, the dollar slipping, and the Fed caught in political crossfire, could this uneasy mix evolve into the year’s first major turning point for markets?

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ETFs On The Cutline – Updated Through 01/09/2026

Ulli ETFs on the Cutline Contact

Do you want to know which ETFs are hot and which ones are not? Then you need my High-Volume ETF Cutline report. It tells you how close or far each of the 311 ETFs I follow is from its long-term trend line (39-week SMA). These are the ETFs that trade more than $5 million a day, so they are not some obscure funds that nobody cares about.

The report is split into two parts: The winners that are above their trend line (%M/A), and the losers that are below it. The yellow line is the line of shame that separates them. You can see how many ETFs are in each group and how they have changed since the last report (259 vs. 265 current).

Take a peek:

The HV ETF Master Cutline Report

If you are confused by some of the terms we use, don’t panic. I have a helpful Glossary of Terms for you.

If you want to learn more about the Cutline method and how it can make you rich (or at least less poor), read my original post here.

ETF Tracker Newsletter For January 9, 2026

Ulli ETF Tracker Contact

ETF Tracker StatSheet          

You can view the latest version here.

GOLD NEARS RECORD, SILVER SOARS 10%, AND THE BULL RUN ROLLS ON

[Chart courtesy of MarketWatch.com]

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Stocks kicked off the day on a strong note after the latest jobs report, with the Dow and S&P 500 both climbing into record territory before settling back a bit.

The December employment data was a mixed bag—it showed payrolls rising by 50,000, slightly below expectations for 73,000, but still signaling that the U.S. economy is moving forward, even if slowly. 

The unemployment rate ticked down to 4.4%, surprising economists who had forecast 4.5%, which traders took as a hint that the labor market has enough resilience to support growth without overheating.

Still, given the numbers’ ambiguity, the report didn’t really clear things up for the Fed—it’s strong enough to keep policymakers cautious for now but soft enough to leave the door open to further cuts later if conditions weaken. 

Adding to the mix, the Supreme Court delayed its ruling on the legality of President Trump’s broad tariffs, leaving trade policy uncertainty lingering in the background. That decision could have far-reaching fiscal and market implications once it lands. 

For the week, all the major indexes finished higher, led by small caps, which surged 5% thanks to a hefty short squeeze.

The “Mag 7” lagged again, as the rest of the S&P 500’s 493 stocks picked up the slack.

Meanwhile, bond yields were mixed, and the dollar had a solid week—but that didn’t stop gold from charging back toward record highs. Silver stole the spotlight, soaring 10% and outpacing everything in sight, with platinum not far behind.

Copper added a respectable 3.7%, while Bitcoin ended the week roughly flat after losing steam midweek. 

With small caps ripping, metals on fire, and Bitcoin holding its ground, the setup heading into mid-January looks strong—but will the market’s broad energy and hard‑asset momentum be enough to keep the bull party going?

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Weekly StatSheet For The ETF Tracker Newsletter – Updated Through 01/08/2026

Ulli ETF StatSheet Contact

ETF Data updated through Thursday, January 8, 2026

How to use this StatSheet:

  1. Out of the 1,800+ ETFs out there, I only pick the ones that trade over $5 million per day (HV ETFs), so you don’t get stuck with a lemon that nobody wants to buy or sell.
  1. Trend Tracking Indexes (TTIs)

These are the main indicators that tell you when to buy or sell Domestic and International ETFs (section 1 and 2). They do that by comparing their position to their long-term M/A (Moving Average). If they cross above, and stay there, it’s a green light to buy. If they fall below, and keep going, it’s a red light to sell. And to make sure you don’t lose your shirt if things go south, I also use a 12% trailing stop loss on all positions in these categories.

  1. All other investment areas don’t have a TTI and should be traded based on the position of each ETF relative to its own trend line (%M/A). That’s why I call them “Selective Buy.” In other words, if an ETF goes above its own trend line, you can buy it. But don’t forget to use a trailing sell stop of 12%, or less if you’re feeling nervous.

If some of these words sound like Greek to you, please check out the Glossary of Terms and new subscriber information in section 9.

  1. DOMESTIC EQUITY ETFs: BUY— effective 5/20/2025

Click on chart to enlarge

This is our main compass, the Domestic Trend Tracking Index (TTI-green line in the above chart). It has broken above its long-term trend line (red) by +7.69% and remains in “Buy” mode, with our holdings being subject to our trailing sell stops.

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Silver Faces Rebalancing Pressure – Temporary Dip Ahead?

Ulli Market Commentary Contact

[Chart courtesy of MarketWatch.com]

  1. Moving the market

The Dow started strong, but the Nasdaq felt the heat as traders kept rotating out of tech. Big AI names took hits: Nvidia down over 1%, Apple on track for its seventh straight loss, and Oracle off more than 2%.

The bright spot? Defense stocks went gangbusters after President Trump floated a massive $1.5 trillion defense budget for 2027 (up huge from 2026’s $901 billion). Northrop Grumman soared 10%+, Lockheed Martin jumped 8%—classic sector rotation in action.

Small caps loved it too—the Russell 2000 climbed 0.8% and hit a new all-time high in the morning (first since mid-December).

By the close, it was a mixed bag: S&P 500 finished basically flat, advancers crushed decliners, but mega-cap tech lagged hard.

Bond yields rose (helping the dollar), gold bounced late, but most metals faded. Bitcoin dipped below $90K but found support and closed only slightly lower.

Nerves are building for tomorrow’s big payroll report and the Supreme Court ruling on tariffs.

One quieter thing flying under the radar: the Bloomberg Commodity Index rebalancing starts, stretching over the next five trading days.

That means forced selling in winners like silver (to reset weights) and buying in laggards—could spark some short-term swings and downside pressure on the hot commodities.

It’s all derivative-based, so temporary, but worth noting. Once it’s done, I expect silver’s structural shortages to kick the bull trend back into gear.

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Mixed Data, Geopolitical Noise – Everything Takes A Breather

Ulli Market Commentary Contact

[Chart courtesy of MarketWatch.com]

  1. Moving the market

The S&P 500 and Dow kicked things off by flashing fresh all-time intraday highs—building on their hot start to 2026—but the early excitement faded. Both slipped into the red by the close as the rally ran out of gas.

Crude oil took a hit after President Trump mentioned interim Venezuelan authorities could hand over up to 50 million barrels to the U.S., sparking worries about extra supply flooding the market.

Maduro’s arrest is big geopolitically, but it doesn’t change oil flows right now—so markets mostly shrugged. That said, if things get messy with cooperation, elections, or unrest, it could stir up fresh chaos and weigh on stocks.

Economic data was mixed: service-sector activity hit its best level of the year (strong orders and hiring), but job openings plunged in November, with hiring and layoffs both cooling.

In the end, equities finished lower, with only the Nasdaq squeezing out a tiny gain. Bond yields eased, gold and silver dipped but bounced off session lows, and copper plus Bitcoin took a breather too.

With even the metals and crypto joining stocks on the downside after their monster runs, does this feel like a normal, healthy pullback to reset before Friday’s big jobs report… or a little caution flag worth watching ahead of potential swings?

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