evening wrap, february 6
market vibes
“When I was born I was so ugly the doctor slapped my mother.” Rodney Dangerfield
The Friday NY session unfolded like a beach chair on a summer day. The Dow Jones Industrial Average, a price-weighted average, made all-time highs today, led by Nvidia up 8%, CAT +5.5%, and GS up 4%. XOM closed at a new all-time high, CVX just missed.
Silver was higher in Asia and London and handed the baton seamlessly to the bulls in NY … $11 off the overnight low of $63.90. The late afternoon session settled at $77/toz… $12 off the overnight low despite another hike in margins to 20%. I repeat, higher margins put pressure on the weak side of the market.
Silver in January 2026 will rank with other great bull runs in commodities. However, having fallen 50%, silver will need to rally 100% just to match its all-time highs. This is the statistical hurdle savvy pundits point to when they say, “The top is in.”
Who knows? They might be right. But Nvidia split 6 times since its IPO in 1999... 2-for-1 three times, 1.5-for-1, 4-for-1, and 10-for-1… so there is that for the bears.
