Gold, silver, and platinum surged to all-time highs last week, capping a historic year for precious metals driven by a perfect storm of geopolitical instability and macroeconomic shifts.
Spot gold peaked above $4,540 an ounce, marking a 70% annual gain, while silver crossed $77 an ounce, soaring over 150% this year.
These moves were fueled by escalating tensions internationally, a weakening US dollar, and aggressive central bank buying.
Additionally, the “debasement trade”, investors fleeing sovereign debt due to increasing global deficits, and expectations of further Federal Reserve rate cuts in 2026 have provided a powerful tailwind for precious metal assets.
Silver and platinum have notably outpaced gold due to supply-side pressures and physical shortages. Silver’s spectacular rally was intensified by a short squeeze and a US Commerce Department probe into critical mineral imports, while platinum surged over 40% this month alone, hitting a record $2,400 an ounce.
Platinum’s rise was driven by a third consecutive year of global supply deficits caused by disruptions in South Africa.
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Wishing you all a Happy New Year 2026 !!
May we all huatz 🤯🫡💪🏻
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As President Trump concludes the first year of his second term, overall growth has been surprisingly solid, with the third quarter of 2025 expanding at its fastest pace in two years, driven by resilient consumer spending and business investment in AI and software.
However, the labor market has struggled to keep pace; the unemployment rate rose to a four-year high of 4.6% in November.
Job growth was heavily lopsided, with nearly all gains occurring in the healthcare sector, while manufacturing and other cyclical industries shed workers.
The unemployment rate for college graduates reached levels never before seen outside of a recession, and wage growth cooled to its slowest pace since 2021.
On the policy front, 2025 was defined by a shift toward historic trade protectionism. President Trump enacted the highest effective tariff rates since the 1930s, generating approximately $30 billion in monthly government revenue by year-end.
While critics feared these tariffs would reignite inflation, the headline CPI remained relatively stable at 2.7%, aided by a significant drop in gasoline prices.
However, cost-of-living concerns persist as electricity bills have surged, becoming a new focal point for voter frustration.
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The S&P 500 is closing 2025 with a robust gain of over 17%, marking the third consecutive year of a sustained bull market.
While chipmakers continued to perform well, the primary driver of growth shifted toward “pick-and-shovel” AI infrastructure.
As hyperscalers like Amazon and Microsoft pledged over $440 billion in capital expenditures, data storage and hardware providers like Sandisk, Western Digital, and Seagate surged to become the index’s top performers.
Other notable winners included Warner Bros. Discovery, which nearly tripled in value amid a high-stakes bidding war between Netflix and Paramount, and Palantir, which notched its third straight year of triple-digit gains despite a historically high valuation multiple.
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🇺🇸 Fed Minutes Reveal Deepening Divisions Over Future Cuts ✂️
Minutes from the Federal Reserve’s December meeting show a central bank increasingly at odds over its next moves, signaling that the streak of rate cuts ending 2025 may soon stall.
While the Fed delivered its third consecutive quarter-point cut this month to support a cooling labor market, several officials expressed concern that progress on reaching the 2% inflation target has plateaued, suggesting it may be appropriate to keep rates unchanged for some time.
Heading into 2026, the Fed is entering a “fine-tuning” phase, with the median official projecting only one additional rate cut for the entire upcoming year.
Policymakers are navigating a complex data landscape: while the economy grew at a robust 4.3% in the third quarter, the unemployment rate has edged up to 4.6%.
With traders now betting on a pause in January, the upcoming January 9th jobs report will likely be the deciding factor in whether the Fed continues to ease or holds steady amid the looming transition of leadership when Chair Jerome Powell’s term ends in May.
Minutes from the Federal Reserve’s December meeting show a central bank increasingly at odds over its next moves, signaling that the streak of rate cuts ending 2025 may soon stall.
While the Fed delivered its third consecutive quarter-point cut this month to support a cooling labor market, several officials expressed concern that progress on reaching the 2% inflation target has plateaued, suggesting it may be appropriate to keep rates unchanged for some time.
Heading into 2026, the Fed is entering a “fine-tuning” phase, with the median official projecting only one additional rate cut for the entire upcoming year.
Policymakers are navigating a complex data landscape: while the economy grew at a robust 4.3% in the third quarter, the unemployment rate has edged up to 4.6%.
With traders now betting on a pause in January, the upcoming January 9th jobs report will likely be the deciding factor in whether the Fed continues to ease or holds steady amid the looming transition of leadership when Chair Jerome Powell’s term ends in May.
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🚨BREAKING: Michael Saylor’s $MSTR has now crashed -66% from $457 to $152 in the last 6 months.
Nearly $90 billion has been wiped out from the strategy’s market cap.
Reasons for this decline are the BTC price crash from $126k to $87k, heavy share dilution, index delisting risks, and NAV premium collapse.
Today MSTR holds $59 billion worth of BTC while its current market cap is $46 billion, so it’s now trading at a -20%-25% discount.
Nearly $90 billion has been wiped out from the strategy’s market cap.
Reasons for this decline are the BTC price crash from $126k to $87k, heavy share dilution, index delisting risks, and NAV premium collapse.
Today MSTR holds $59 billion worth of BTC while its current market cap is $46 billion, so it’s now trading at a -20%-25% discount.
The capture of Venezuelan President Nicolás Maduro by the US military is set to trigger a significant rally in Venezuelan sovereign bonds, as investors bet on a definitive regime change and subsequent debt restructuring.
Bond prices have already doubled to between 23 and 33 cents on the dollar, with analysts projecting a potential recovery value of 50 to 60 cents if a US-backed transition leads to political stability.
President Donald Trump has announced that the US will temporarily “run” Venezuela until a leadership transition is organized, with a primary focus on rebuilding the nation’s outdated oil infrastructure.
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🇺🇸 Wall Street Carries Big Expectations After Best Run Since 2009 📈
The 2026 market opened with sustained momentum following a remarkable “everything rally” in 2025, which saw the strongest synchronized performance across global stocks, bonds, credit, and commodities since 2009.
Driven by artificial intelligence optimism and easing inflation, US stocks returned roughly 18% while global treasuries rose 7%, creating a “diversification mirage” where traditionally offsetting assets moved in the same direction.
While this alignment made 60/40 portfolios highly profitable, experts like BlackRock’s Jean Boivin warn that this lack of asset divergence leaves investors with a narrowing margin for error and less protection than their portfolios might suggest.
As investors move further into 2026, the primary concern is the sustainability of current valuations, which have already priced in significant “good news” regarding growth and central bank policy.
While Wall Street remains largely optimistic, some analysts fear that the rapid expansion in sectors like AI and nuclear energy cannot be repeated, potentially leading to subpar future returns.
The 2026 market opened with sustained momentum following a remarkable “everything rally” in 2025, which saw the strongest synchronized performance across global stocks, bonds, credit, and commodities since 2009.
Driven by artificial intelligence optimism and easing inflation, US stocks returned roughly 18% while global treasuries rose 7%, creating a “diversification mirage” where traditionally offsetting assets moved in the same direction.
While this alignment made 60/40 portfolios highly profitable, experts like BlackRock’s Jean Boivin warn that this lack of asset divergence leaves investors with a narrowing margin for error and less protection than their portfolios might suggest.
As investors move further into 2026, the primary concern is the sustainability of current valuations, which have already priced in significant “good news” regarding growth and central bank policy.
While Wall Street remains largely optimistic, some analysts fear that the rapid expansion in sectors like AI and nuclear energy cannot be repeated, potentially leading to subpar future returns.
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🇺🇸 Core Inflation Hits Four-Year Low as Shutdown Noise Clears 📉
Underlying US inflation rose less than expected in December, providing a cleaner signal of cooling inflation after a record-long government shutdown distorted previous reports.
The core consumer price index (CPI), which excludes volatile food and energy, increased 0.2% from the prior month and 2.6% on an annual basis, matching the lowest level since 2021.
While shelter costs and grocery prices saw a “bounce-back” after being artificially depressed by the shutdown’s data collection gaps, core goods prices remained flat.
The cooling data will have significant implications for Federal Reserve policy, though a “pause” is still widely expected for the January 28 meeting.
A key “supercore” metric favored by the Fed, services prices excluding housing and energy, dropped to an annual rate of 2.7%, a major improvement from the 4% level seen a year ago.
Underlying US inflation rose less than expected in December, providing a cleaner signal of cooling inflation after a record-long government shutdown distorted previous reports.
The core consumer price index (CPI), which excludes volatile food and energy, increased 0.2% from the prior month and 2.6% on an annual basis, matching the lowest level since 2021.
While shelter costs and grocery prices saw a “bounce-back” after being artificially depressed by the shutdown’s data collection gaps, core goods prices remained flat.
The cooling data will have significant implications for Federal Reserve policy, though a “pause” is still widely expected for the January 28 meeting.
A key “supercore” metric favored by the Fed, services prices excluding housing and energy, dropped to an annual rate of 2.7%, a major improvement from the 4% level seen a year ago.
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😭 However, internal divisions within the Fed remain high 💰
Despite this progress, internal divisions within the Fed remain high, and a resilient labor market has led several Wall Street banks to delay their forecasts for future rate cuts until later in 2026.
Despite this progress, internal divisions within the Fed remain high, and a resilient labor market has led several Wall Street banks to delay their forecasts for future rate cuts until later in 2026.
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The Trump administration has officially revised its export criteria, moving closer to allowing Nvidia and AMD to sell advanced AI processors to Chinese buyers.
This policy shift represents a significant pivot from the restrictive measures introduced in 2022, which sought to entirely block Beijing’s access to top-tier US technology.
By allowing the export of the H200, a chip now two years old, the administration aims to maintain a technological gap, as Nvidia is already deploying its more advanced “Blackwell” architecture domestically and developing the next-generation “Rubin” family.
This allows US chipmakers to recapture Chinese market share while ensuring that the most cutting-edge capabilities remain restricted to domestic and allied use.
Read more here
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Some of you may have seen this headline today:
• HSBC is reviewing options for HSBC Life, and a sale is one possible outcome.
• Sources said the unit could be valued at >US$1b, and there’s early interest from other insurers/investment firms but nothing confirmed yet.
• HSBC also reiterated Singapore remains a key international wealth & wholesale hub for the group.
What this means for existing policyholders:
✅ No immediate action needed. This is at a review stage, not a confirmed deal.
✅ Don’t do anything rash (e.g., surrender) based on headlines.
✅ If anything material happens later, it will go through regulatory/approval processes and you’ll likely receive official communication.
If you’re holding any HSBC Life plans and want a quick sanity check (what it covers, commitments, whether it still fits your goals), just DM me the plan name & I can run it through with you.
https://www.straitstimes.com/business/banking/hsbc-considers-selling-singapore-insurance-business-sources
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The Straits Times
HSBC said to be weighing sale of Singapore insurance business
HSBC Holdings is exploring options for its Singapore insurance unit, potentially valued at over US$1 billion, as part of global business revamps. Read more at straitstimes.com. Read more at straitstimes.com.
2026 - The investment outlook everyone has been looking for
Markets generate plenty of noise but capital is repositioning underneath👇
💥The "Pressure Cooker" Effect (Macro Pressure)
Imagine the global economy is a pressure cooker. On the surface, things look okay. But underneath, the heat is turning up.
Geopolitics: When there are poltiical unrest in areas that produces commodities, it disrupts the flow of goods (like oil). This creates "supply shocks" that create inflation effect that ripples down to the consumers like us.
The "Referee" Problem (FED Credibility): The Federal Reserve is like the referee of the economy. If people think the referee is being bullied by politicians (to lower rates just to make voters happy), players (investors) stop trusting the game and the FED's benchmark.
The Debt Trick: The US Government owes a massive amount of money. They can't just pay it back with taxes (that’s too hard). Instead, they are likely to let inflation run a bit hot. Why? Because inflation makes old debt "cheaper" to pay off with new, less valuable dollars.
Markets signalling diversification: Tech has been a strong driver for the past few years, and its still the main driver of the markets today. However the top-performing funds last year weren't just tech but instead Emerging Markets, Japan Equity and Regional Equity. These areas are cheaper and perhaps it's time to take a look at areas outside of US Tech.
How everything impacts us:
💰 The government likely won't default its payment. Instead, they will "print more money" to pay the debt, which creates inflation.
💸 A cheaper dollar erodes our purchasing power, it also erodes away our "Investment return" when we eventually convert back to SGD. HOLD ASSETS, NOT CASH!
📈 Look beyond areas that have given us big growth over the past few years because what goes up eventually will catch a breather
Please still do your own due diligence before you invest, above is just views and of course does not constitute financial advice. DM me to discuss further 🚀
Markets generate plenty of noise but capital is repositioning underneath👇
💥The "Pressure Cooker" Effect (Macro Pressure)
Imagine the global economy is a pressure cooker. On the surface, things look okay. But underneath, the heat is turning up.
Geopolitics: When there are poltiical unrest in areas that produces commodities, it disrupts the flow of goods (like oil). This creates "supply shocks" that create inflation effect that ripples down to the consumers like us.
The "Referee" Problem (FED Credibility): The Federal Reserve is like the referee of the economy. If people think the referee is being bullied by politicians (to lower rates just to make voters happy), players (investors) stop trusting the game and the FED's benchmark.
The Debt Trick: The US Government owes a massive amount of money. They can't just pay it back with taxes (that’s too hard). Instead, they are likely to let inflation run a bit hot. Why? Because inflation makes old debt "cheaper" to pay off with new, less valuable dollars.
Markets signalling diversification: Tech has been a strong driver for the past few years, and its still the main driver of the markets today. However the top-performing funds last year weren't just tech but instead Emerging Markets, Japan Equity and Regional Equity. These areas are cheaper and perhaps it's time to take a look at areas outside of US Tech.
How everything impacts us:
💰 The government likely won't default its payment. Instead, they will "print more money" to pay the debt, which creates inflation.
💸 A cheaper dollar erodes our purchasing power, it also erodes away our "Investment return" when we eventually convert back to SGD. HOLD ASSETS, NOT CASH!
📈 Look beyond areas that have given us big growth over the past few years because what goes up eventually will catch a breather
Please still do your own due diligence before you invest, above is just views and of course does not constitute financial advice. DM me to discuss further 🚀
Investors are entering the 2026 earnings season with the MSCI World Index trading at a lofty 20 times forward earnings, significantly above its 10-year median of 17.
This elevated valuation leaves little room for disappointment, especially as the AI trade begins to fracture. While Taiwan Semiconductor Manufacturing (TSMC) provided a boost with strong revenue guidance, investors are becoming increasingly discerning.
The Magnificent Seven are expected to shoulder a massive burden, with a projected 20% profit growth required to justify a staggering $530 billion in planned capital expenditures for 2026. Stocks that fail to demonstrate clear returns on these massive AI investments, such as Meta and Oracle, have already seen significant pullbacks, signaling that the “blank check” era for AI spending may be over.
Beyond technology, the market’s focus is shifting toward geopolitical winners and the “old economy.” Geopolitical turmoil has sparked a defense sector boom, driving valuations for firms like Rheinmetall and Lockheed Martin to record highs of 29 to 32 times earnings.
While Europe and Asia anticipate a rebound with double-digit profit growth after a stagnant 2025, the persistence of trade jitters and a weakening labor market means that company guidance will likely be more critical than actual results in determining if the four-year bull run can continue.
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The US economy saw a notable deceleration in inflation throughout 2025, with the headline rate cooling to 2.7% in December and core inflation dropping to 2.6%.
While the Federal Reserve found some relief in these numbers, the “sticker shock” for consumers remains intense as price levels for essential goods remain far above pre-pandemic averages.
The year saw dramatic price divergences: while an easing of bird flu sent egg prices plunging 21% and gasoline costs ticked down 3.4%, other staples became significantly more expensive.
While economists initially feared a sudden inflationary spike from trade protectionism, the impact manifested more gradually in categories like furniture and bedding (+3.6%) and vehicle parts (+3.4%).
Turning to 2026, the primary challenge remains that while the rate of increase has slowed, the actual cost of living has yet to see a meaningful decline.
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