silver

MILAN — Jordan Stolz’s run for the speedskating triple crown came up short in the 1,500 meters Thursday, with the American settling for silver behind China’s Ning Zhongyan at the Milan-Cortina Games.

Ning set an Olympic record, blazing the oval at Milano Speed Skating Stadium in 1 minute and 41.98 seconds. Stolz, who won gold in the 500 and 1,000 meters to become the first U.S. man to win in both distances in the same Olympic Games since 1980, had the fastest finishing kick of the top eight skaters, but reached for the line 0.77 of a second behind Ning at 1:42.75.

Stolz was the top-ranked racer in the 1,500-meter distance and raced in the final pair. Watching the speedskating superstar, Ning clasped his hands in prayer during the final race. When the final time flashed across the screen, his coach held Ning’s hands in the air. He began to sob. The 26-year-old earned his first Olympic gold medal after earning bronze in the 1,000 and the team pursuit.

Hoping to win four gold medals in Milan, Stolz still has an opportunity to add a third in the mass start on Saturday.

CORTINA D’AMPEZZO, Italy — It’s all downhill after 40.

Downhill at screaming speeds, that is, fast enough to capture Olympic gold, which is precisely what 41-year-old Elana Meyers Taylor did Monday night in the women’s monobob.

America’s most successful female bobsledder finally got her gold medal. She was four one-hundredths of a second faster than Germany’s Laura Nolte — compiled over four heats — netting her sixth Olympic medal.

Those prizes — a gold, three silvers and two bronzes — tied Meyers Taylor with speedskater Bonnie Blair as the most decorated U.S. woman in Winter Olympic history.

“I still can’t even put into words what this means having the gold medal,” Meyers Taylor said. “It’s still surreal.”

She became the oldest American woman to win a gold medal at the Winter Games, having covered the winding course four times in two days in a total of 3 minutes, 57.93 seconds.

American gold medalist Elana Meyers Taylor and bronze medalist Kaillie Humphries pose for a photo during the medal ceremony for monbob bobsled in Cortina d’Ampezzo, Italy, on Monday.

(Julian Finney / Getty Images)

Monobob is a women’s event that made its debut at the Beijing Olympics four years ago. Only one person competes, pushing the sled at the start and piloting down the course at speeds of 70 to 80 mph. There were 20 competitors in the inaugural event, and American Kaillie Humphries — who claimed the bronze Monday — won the first gold medal in the event.

The triumph came after Meyers Taylor went a whole World Cup season without standing on a podium, finishing 10th in the standings.

“The season was miserable,” she said, noting she has suffered back problems for months.

Her husband and two young children were waiting for her at the finish line, and Meyers Taylor is about as down-to-earth as an elite athlete can get. Both of their children have special needs and are deaf.

American Elana Meyers Taylor celebrates after winning the monobob bobsled competition in Cortina d’Ampezzo, Italy, on Monday.

(Al Bello / Getty Images)

She taught them some new words in sign language in the days leading up to the race.

“We went over what ‘champion’ is,” she said, adding she also taught them to sign “bobsled race” and “gold.”

Asked about her pre-race assessment that a gold medal would mean everything and nothing to her, she smiled and said: “It still is everything, and it still is nothing. Because at the end of the day, in six days I’ve got school pickups and dropoffs in the middle of Texas.”

Humphries — who has three golds and two bronzes in her career — was tied with Meyers Taylor heading into the fourth and final heat. They are both mothers who split time between intense training and all the challenges of parenthood.

“I hope it inspires other people to go out and chase it, whatever it may be,” said Humphries, 40.

“I grew up in a sport where if you have kids once you get to 40, it’s all downhill and alumni … I get to be proof that that’s not true.”

American gold medalist Elana Meyers Taylor and bronze medalist Kaillie Humphries celebrate with Humphries’ son after the monobob competition at the Winter Olympics in Cortina d’Ampezzo, Italy, on Monday.

(Julian Finney / Getty Images)

Meyers Taylor, who was born Oct. 10, 1984, is eight days older than American ski racing legend Lindsey Vonn, who is recovering from a violent crash in the women’s downhill and has undergone multiple operations in the last week.

“I was at the Alpine race when she went down, and that was heartbreaking,” Meyers Taylor said.

“To do that at 41, she’s incredible.”

Humphries said staying atop the sport will be quite a challenge for the monobob medalists.

“These girls are young,” she said. “They’re putting up a good fight. I won’t lie, the starts are challenging, so we’ve got some work to do.”

With the Winter Olympic Games Milano Cortina 2026 in full swing, attention extends beyond the competition itself to a practical question: what is an Olympic medal actually worth?

The answer depends on how you define “worth.” There’s the literal value of the metal, the tax implications that could follow, and then the much bigger value that comes from status, visibility, and opportunity.

Are Olympic Gold Medals Actually Solid Gold?

Despite the name, Olympic gold medals are not solid gold. Even though the tradition of a solid gold medal was established in 1904, forging the medals 100% out of gold didn’t last long, as it became too costly after World War I. As a result, the top medal hasn’t been made of solid gold since the 1912 Olympic games.

Today, gold medals are primarily made of silver, with a relatively thin coating of pure gold on the surface. The exact specifications vary slightly, but the general formula has remained consistent. A modern Olympic gold medal typically contains 523 grams of sterling silver, with approximately six grams of gold plated on top. This allows it to look like gold and feel substantial, while also carrying enormous symbolic weight.

Silver medals are indeed solid, made of 525 grams of sterling silver. Bronze medals meanwhile contain no precious metals at all, typically containing 90 percent copper and other alloys, such as tin and zinc.

As a result, the true value of each medal comes more from the prestige of being a medalist and the opportunities it may offer than from the raw materials that comprise each medal.

What Gold, Silver, and Bronze Medals Are Worth at Today’s Metal Prices

Metal prices fluctuate constantly, so any estimate is a snapshot in time. Using current pricing, gold is trading around $5,000 per troy ounce, and silver around $80 per troy ounce. Six grams of gold works out to be worth about $965 at current prices, while the silver portion of a gold medal, about 523 grams, is worth about $1,345. Added together, the raw metal value of a gold medal currently lands around $2,310.

Silver medals, made of 525 grams of sterling silver, would be worth around $1,350, while bronze medals are worth far less from a materials standpoint. With copper currently priced at about $0.37 per ounce and a bronze medal comprising 495 grams of copper, the third-place medal would be worth less than $7 at today’s prices.

Do Olympic Athletes Have To Pay Taxes on Their Medals?

Fortunately for U.S. athletes, the tax picture has changed over time. In the past, medals and associated prize money were treated as taxable income, meaning athletes could owe federal taxes on both the cash bonuses and the fair market value of the medal itself.

That shifted in 2016, when Congress passed the United States Appreciation for Olympians and Paralympians Act of 2016. The legislation allows most U.S. Olympic and Paralympic athletes to exclude medal-related prize money from federal income taxes if their overall income falls below a certain threshold. The intent was to prevent athletes, many of whom train for years with limited financial support, from being hit with tax bills simply for winning.

Why Medals Are Worth Far More Than the Raw Materials

If medals were only worth their metal content, they’d be impressive keepsakes, but not life-changing ones. The real value comes from what the medal represents and what it unlocks.

An Olympic medal can raise an athlete’s profile overnight, leading to endorsements, sponsorships, and paid appearances that weren’t on the table before. The impact often lasts well beyond competition, opening doors to coaching, leadership roles, and media opportunities long after the Games are over.

Those opportunities don’t look the same for every medalist—or arrive all at once. For some athletes, especially gold medalists, the exposure of winning on the sport’s biggest stage can translate quickly into major endorsement deals. For others, the payoff is more gradual, showing up as smaller sponsorships, speaking fees, or a clearer path into post-competition careers built on recognition and trust.

Winning multiple medals can also amplify the effect, creating a sustained spotlight that brands and audiences tend to value more than a single podium finish.

While the metal in an Olympic medal may only be worth a modest sum, the visibility it brings can reshape an athlete’s earning potential in ways that far outlast the Games themselves—making its true value less about what it’s made of, and more about what it makes possible.

NBA commissioner Adam Silver believes teams are tanking more aggressively than in recent years and is considering many possible remedies to ensure real competition, from taking away draft picks to making wholesale changes to the draft and the lottery.

Silver immediately addressed the hottest topic in NBA circles Saturday in his annual address during All-Star Weekend at Intuit Dome, making it clear the NBA will do almost anything to make sure its teams earnestly compete.

Last Thursday, the league issued a $500,000 fine to the Utah Jazz and a $100,000 penalty to the Indiana Pacers for sitting healthy players, believing their apparent tanking actions compromised the league’s competitive integrity.

“Are we seeing behavior that is worse this year than we’ve seen in recent memory? Yes, is my view,” Silver said. “Which was what led to those those fines, and not just those fines, but to my statement that we’re going to be looking more closely at the totality of all the circumstances this season in terms of teams’ behavior, and very intentionally wanted teams to be on notice.”

Silver knows strong words and six-figure fines might not be nearly enough to compel struggling teams to commit to real competition instead of improving their odds in what’s expected to be one of the deepest drafts in recent history — and that’s why the NBA is looking at stronger solutions.

“The league is 80 years old, it’s time to take a fresh look at this and to see whether that’s an antiquated way of going about doing it,” Silver said of draft process. “Ultimately, we need a system to fairly distribute players. It’s in the players’ interest as well as the teams’ that you have a level of parity around the league. There’s only so many jobs and so many cities, but we’ve got to look at some fresh thinking here. I mean, what we’re doing, what we’re seeing right now, is not working.”

The NBA’s competition committee is reexamining the structure of the draft lottery for ways to minimize the upside of tanking, Silver said. The commissioner also acknowledged the fines could be followed by the revocation of draft picks from tanking teams.

“There is talk about every possible remedy now to stop this behavior,” Silver said.

Yet Silver also acknowledged the essential dilemma at the heart of this problem, one that has bedeviled the league since the 1960s: A team’s draft position is significantly tied to its chances of building a winner.

“It’s so clear that the incentives are misaligned,” Silver said. “My caveat is, and this is where teams are in a difficult place … that the worst place to be, for example, is a middle-of-the-road team. Either be great or be bad, because then [being bad] will help you with the draft. In many cases, you have fans of those teams, it’s not what they want to pay for, to see poor performance on the floor, but they’re actually rooting for their teams, in some cases, to be bad to improve their draft chances.”

But Silver intends to remind every team that tanking is a betrayal of its relationship with fans, both in their home cities and around the world.

In other topics covered by Silver on Saturday:

Expansion grows closer

The NBA still expects to make decisions on expansion this year, starting with more discussions at the Board of Governors meeting next month. The league won’t vote on expansion then, but Silver expects to know whether the league will move on to talk with potential owners.

Silver acknowledged Seattle and Las Vegas are the obvious candidates for expansion and said the league wants to make a decision soon: “I don’t want to tease cities or mislead anyone.”

Clippers investigation

Silver said he has been told the Clippers have been cooperative with the external investigation into their possible circumvention of the salary cap through a suspicious endorsement deal for Kawhi Leonard with a now-bankrupt company.

Silver firmly stated that the investigation and its findings were not purposely delayed while the Clippers host All-Star weekend. Wachtell Lipton, the Manhattan law firm conducting the investigation, has no deadline to produce its findings.

Prediction markets

The NBA is “paying an enormous amount of attention” to the rise of prediction markets, particularly after Milwaukee superstar Giannis Antetokounmpo sparked concern with his investment in Kalshi. Silver didn’t find fault with Antetokounmpo — whose shares are a “minuscule” position, according to Silver — but acknowledged the looming specter of the gambling industry without suggesting a solution.

“It concerns me in the totality of all this betting that we need a better handle, no pun intended, on all the different activity that’s happening out there,” Silver said.

Silver also acknowledged the overwhelming size of this task, given that roughly 80 countries allow betting on the NBA while billions more are wagered illegally.

Europe calling

The NBA’s desire to open a European league in partnership with FIBA remains strong, and it still would love to start in October 2027, but Silver acknowledged many hurdles remain.

The league still is working with the players union to determine whether active players will be allowed to invest in NBA Europe franchises — something that would be welcomed by many top players, including Antetokounmpo.

“If there’s an opportunity that comes across my desk to be an owner in sports, I would consider it 100%,” the Greek star said Saturday. “In the real NBA, I don’t know if I have that type of money … but I love basketball, and anywhere that I can be involved with it, I would love it.”

MILAN — After injuries and stumbles, Madison Chock and Evan Bates earned their first Olympic medal Friday, but it wasn’t expected to be this color.

The three-time world champions settled for silver in their fourth Olympics together, falling 1.43 points behind France’s Laurence Fournier Beaudry and Guillaume Cizeron. Cizeron has won back-to-back Olympic titles with different partners after climbing the podium in Beijing with Gabriella Papadakis.

While Chock and Bates, who have skated together for 15 years and got married in 2024, Fournier Beaudry and Cizeron shot to the top of the sport after just 11 months together. When the winning score was announced, Cizeron hugged his coach and covered his face while crying. Chock and Bates, sitting next to the kiss-and-cry in white arm chairs reserved for the current leaders, clapped politely.

They wanted this gold medal as a perfect ending to their accomplished career.

France’s Laurence Fournier Beaudry and Guillaume Cizeron compete in the ice dance final at the Winter Olympics in Milan on Wednesday.

(Robert Gauthier / Los Angeles Times)

The three-time world champions and seven-time U.S. champions were in their fourth Olympics together. Bates was competing on this stage for the fifth time. On a team with only one other athlete with previous Olympic experience — 20-year-old Alysa Liu skated in Beijing as a teenager — Chock and Bates became the unofficial parents to their younger teammates, including Emilea Zingas and Vadym Kolesnik, who finished fifth, and 11th-place finishers Christina Carreira and Anthony Ponomarenko.

Chock and Bates were the steadiest contributors of this year’s team gold medal run, winning both dance programs to win the second consecutive team Olympic championship for the United States, but struggled in previous individual Olympic events. In 2018, Chock suffered an ankle injury during the warm-up before the short dance. In 2022, she slipped and had an uncharacteristic fall.

But they haven’t missed a podium since that stumble. They were undefeated this season, placing first for both the rhythm and free dance portions of every competition. Until the individual Olympic short dance.

Fournier Beaudry and Cizeron, who paired together last year only after Fournier Beaudry’s longtime skating partner was suspended for sexual assault allegations, inched ahead by 0.46 points after Monday’s rhythm dance. It was a reversal from the team event, where Chock and Bates swept both the rhythm and free dance portions and led the qualifying round 91.06-89.98 over the French pair.

After the rhythm dance score for Chock and Bates flashed across the screen, her eyebrows shot up in surprise. Their coach Patrice Lauzon’s mouth dropped open. He furrowed his brow and cocked his head in confusion. While Chock and Bates smiled and waved to the crowd, Lauzon, who is also on the coaching team for Fournier Beaudry and Cizeron, looked on with suspicion.

Chock and Bates did their best to leave no doubt Wednesday. Their enthralling matador and bull program set to “Paint it Black” eclipsed the season’s best they earned two days prior during the team event, but it wasn’t enough to earn elusive individual Olympic gold.

MILAN — Korey Dropkin and Cory Thiesse became the first U.S. curlers to medal in Olympic mixed doubles competition Tuesday, but the medal wasn’t the one they were trying to achieve.

The American pair lost in a dramatic final, 6-5, to the Swedish brother-sister combo of Isabella and Rasmus Wrana at the Cortina Curling Olympic Stadium in Cortina d’Ampezzo, Italy.

Dropkin and Thiesse led going into the final throw of the match.

A team skipped by John Shuster won gold in 2018, the last time the U.S. reached the medal podium in the sport. Shuster was also part of the only other U.S. medal-winning team, in 2006. That team was skipped by Peter Fenson.

Dropkin and Thiesse are the first Americans to win a medal in mixed doubles, which joined the Olympic calendar in 2018, while Thiesse is the first American woman to win a curling medal.

The U.S. reached the final when an incredible shot by Thiesse on the final delivery of Monday’s semifinal scored two points, turning a deficit into a 9-8 upset of Italy, a team that had beat the Americans in round-robin play. Sweden routed Britain 9-3 in its semifinal. Italy defeated Britain 5-3 for the bronze medal.

As the upcoming Winter Olympic Games Milano Cortina 2026 approaches, attention naturally shifts to records, rivalries, and the prestige of making it to the podium. But after the celebrations end, a practical question always resurfaces: What are those medals actually worth?

The answer depends on how you define “worth.” There’s the literal value of the metal, the tax implications that follow, and then the much bigger value that comes from status, visibility, and opportunity.

Are Olympic Gold Medals Actually Solid Gold?

Despite the name, Olympic gold medals are not solid gold. Even though the tradition of a solid gold medal was established in 1904, forging the medals 100% out of gold didn’t last long, as it became too costly after World War I. As a result, the top medal hasn’t been made of solid gold since the 1912 Olympic games.

Today, gold medals are primarily made of silver, with a relatively thin coating of pure gold on the surface. The exact specifications vary slightly, but the general formula has remained consistent. A modern Olympic gold medal typically contains 523 grams of sterling silver, with approximately six grams of gold plated on top. This allows it to look like gold and feel substantial, while also carrying enormous symbolic weight.

Silver medals are indeed solid, made of 525 grams of sterling silver. Bronze medals meanwhile contain no precious metals at all, typically containing 90 percent copper and other alloys, such as tin and zinc.

As a result, the true value of each medal comes more from the prestige of being a medalist and the opportunities it may offer than from the raw materials that comprise each medal.

What Gold, Silver, and Bronze Medals Are Worth at Today’s Metal Prices

Metal prices fluctuate constantly, so any estimate is a snapshot in time. Using current pricing, gold is trading around $4,900 per troy ounce, and silver around $85 per troy ounce. Six grams of gold works out to be worth about $945 at current prices, while the silver portion of a gold medal, about 523 grams, is worth about $1,430. Added together, the raw metal value of a gold medal currently lands around $2,375.

Silver medals, made of 525 grams of sterling silver, would be worth around $1,435, while bronze medals are worth far less from a materials standpoint. With copper currently priced at about $0.38 per ounce and a bronze medal comprising 495 grams of copper, the third-place medal would be worth less than $7 at today’s prices.

Do Olympic Athletes Have To Pay Taxes on Their Medals?

Fortunately for U.S. athletes, the tax picture has changed over time. In the past, medals and associated prize money were treated as taxable income, meaning athletes could owe federal taxes on both the cash bonuses and the fair market value of the medal itself.

That shifted in 2016, when Congress passed the United States Appreciation for Olympians and Paralympians Act of 2016. The legislation allows most U.S. Olympic and Paralympic athletes to exclude medal-related prize money from federal income taxes if their overall income falls below a certain threshold. The intent was to prevent athletes, many of whom train for years with limited financial support, from being hit with tax bills simply for winning.

Why Medals Are Worth Far More Than the Metal

If medals were only worth their metal content, they’d be impressive keepsakes, but not life-changing ones. The real value comes from what the medal represents and what it unlocks.

An Olympic medal can raise an athlete’s profile overnight, leading to endorsements, sponsorships, and paid appearances that weren’t on the table before. The impact often lasts well beyond competition, opening doors to coaching, leadership roles, and media opportunities long after the Games are over.

Those opportunities don’t look the same for every medalist—or arrive all at once. For some athletes, especially gold medalists, the exposure of winning on the sport’s biggest stage can translate quickly into major endorsement deals. For others, the payoff is more gradual, showing up as smaller sponsorships, speaking fees, or a clearer path into post-competition careers built on recognition and trust.

Winning multiple medals can also amplify the effect, creating a sustained spotlight that brands and audiences tend to value more than a single podium finish.

While the metal in an Olympic medal may only be worth a modest sum, the visibility it brings can reshape an athlete’s earning potential in ways that far outlast the Games themselves—making its true value less about what it’s made of, and more about what it makes possible.

Published on
02/02/2026 – 12:02 GMT+1

Gold and silver prices extended last week’s dramatic sell-off on Monday, as investors continued to digest the implications of President Donald Trump’s announcement of Kevin Warsh as the next chair of the US Federal Reserve.

The move has fuelled expectations of a more government pressure on the Fed and prompted a sharp reassessment of positions across precious metals.

Spot gold fell as much as 10% in early trading, while silver plunged up to 16%, following Friday’s rout that marked the largest intraday decline on record for the white metal.

The scale and speed of the move underscored how vulnerable the market had become after months of aggressive buying driven by geopolitical tension and bets on looser US monetary policy.

“The sharp selloff on Friday followed news that US President Donald Trump intends to nominate Kevin Warsh as the next Federal Reserve chair – a development that boosted the US dollar and reinforced expectations of a more hawkish policy stance,” said Ewa Manthey, commodities strategist at ING, and Warren Patterson, head of commodities strategy.

“While a correction was overdue after the intense rally, the scale of Friday’s decline far exceeded most expectations.”

Why the Fed matters for gold

Gold and silver are particularly sensitive to US interest-rate expectations.

Higher rates increase the opportunity cost of holding non-yielding assets such as precious metals, while a stronger dollar makes them more expensive for overseas buyers.

Warsh, a former Fed governor, has voice sentiments supportive of Trump’s vision for the Fed, including regular rate cuts.

That reassessment has been swift. Investor caution has been evident in exchange-traded funds, with silver holdings falling for a seventh consecutive session to their lowest level since November 2025.

Futures data also show speculators cutting back sharply on bullish bets, signalling a broader retreat from the sector.

“CFTC positioning shows a cooling in speculative interest across precious metals,” the ING report continued.

“Managed money net longs in COMEX gold fell by 17,741 lots last week… Speculators also cut net longs in silver… taking positioning to its lowest since February 2024.”

Margins rise, volatility bites

Market stress has been amplified by mechanical factors.

CME Group is set to raise margin requirements on COMEX gold and silver futures after last week’s historic swings, forcing traders to post more collateral or reduce exposure.

Such moves tend to accelerate sell-offs, particularly in heavily leveraged markets.

Attention is now turning to Asia, where Chinese investors have historically provided support during price dips. However, with volatility elevated and the Lunar New Year approaching, participation may be more cautious than usual.

“With volatility spiking and the Lunar New Year approaching, traders are likely to pare back positions and reduce risk,” the ING analysts said.

“Price direction in the near term will hinge on the extent of dip-buying from Chinese investors following Friday’s retreat.”

Outlook remains fragile

For now, the precious metals market remains at the mercy of macro forces, with little clarity on how quickly sentiment will stabilise.

Investors are watching US data closely for clues on real interest rates and the dollar’s next move, both of which will be shaped by expectations around the Fed’s future direction.

“Overall, volatility across precious metals is likely to remain elevated in the near term,” Manthey and Patterson said.

“For gold and silver, macro uncertainty, real rate expectations, and USD direction will continue to dominate sentiment,” the report concluded.

Federal Reserve Chair Jerome Powell pushed back against political pressure on the US central bank on Wednesday and defended its independence, urging the next chair to “stay out of elected politics”. Markets, however, appeared unconvinced, accelerating a sell-off in the dollar as gold and silver hit fresh record highs.

“Don’t get pulled into elected politics. Don’t do it,” Powell told reporters.

The reaction followed the Federal Reserve’s latest decision to leave interest rates unchanged in a range between 3.5% and 3.75%.

Asked whether the Fed was drawing any macroeconomic signal from the explosive rally in precious metals, Powell played down its significance.

“We don’t take much message macroeconomically,” Powell said. “The argument that we are losing credibility is simply not the case. If you look at where inflation expectations are, our credibility is right where it needs to be.”

He highlighted that the Fed does not “get spun up over particular asset price changes”, although it continues to monitor markets closely.

Markets react

The market reaction sharply contradicted Powell’s message.

Gold jumped to $5,500 per ounce, setting a new all-time high, while silver climbed above $117 per ounce.

Gold is now up over 20% this month, on track for its strongest monthly performance since January 1980.

Silver’s gains have been even more dramatic, with prices already up around 55% this month — the strongest monthly rise on record.

Meanwhile, the US dollar index, which tracks the greenback against a basket of major currencies, fell to levels last seen four years ago.

“The next couple of days will show whether investors have concluded that the dollar needs to go lower and that today’s bounce is a selling opportunity,” said James Knightley, chief economist at ING.

The dollar is now more than 10% below its 2025 highs, weighed down by persistent macro headwinds, including global central bank diversification away from US assets, widening fiscal deficits, recurring questions over Fed independence, and expectations of further policy easing.

‘Is gold the new bitcoin?’

Veteran Wall Street economist Ed Yardeni linked the rally to politics, suggesting its sustained popularity could make “gold the new bitcoin”.

Yardeni argued that US President Donald Trump, a vocal supporter of cryptocurrencies, appears to be inadvertently fuelling the rise in gold prices.

On Tuesday, Trump said “the dollar is doing great” when asked whether the currency had fallen too much, signalling he is comfortable with a weaker greenback.

“A weaker dollar may put upward pressure on US inflation, which would also boost the price of gold,” Yardeni said.

Commodities surge beyond gold and silver

The rally has spread across the broader commodities market.

Platinum climbed above $2,900 per ounce for the first time on record this week and is already up 33% this month. Palladium, which benefits from stronger industrial demand, rose to a four-year high and is up more than 22% year to date.

Copper also surged, hitting a record $6.30 per pound on Thursday.

Across commodity markets, investors are increasingly positioning for prolonged dollar weakness, amid perceptions that US institutions are willing to tolerate — or quietly accept — the shift.

Euro stronger, equities mixed

In Europe, the euro traded near $1.1950, edging lower after briefly breaking above $1.20 earlier in the week following Trump’s comments.

The single currency has now risen for three consecutive months against the dollar and is up around 15% year on year.

European equities were mixed. France’s CAC 40 and Italy’s FTSE MIB gained around 0.5%, while Germany’s DAX fell over 1%.

Frankfurt’s losses were led by SAP, which slid 16% — its biggest one-day drop since October 2020 — after weaker-than-expected cloud sales and a cut to 2026 revenue guidance outweighed in-line fourth-quarter results.