Amillex Daily Market Commentary | Unstoppable Momentum! Silver Surges Beyond USD 93 as Gold Faces a Peak Test Amid Strong PPI Inflation

January 15, 2026, a sharp escalation in geopolitical risks, combined with uncertainty over the Federal Reserve’s policy outlook, reignited aggressive safe-haven flows into hard assets. Silver led the rally with near-vertical momentum, decisively breaking above the USD 93/oz psychological level, driven by strong speculative interest and a growing industrial premium. Gold also advanced firmly, printing a fresh all-time high at USD 4,642/oz. On the macro front, December PPI accelerated to 3.0% year-on-year, the fastest pace in years, highlighting persistent cost pressures. Although core PPI was flat month-on-month, overall price stickiness reduced expectations for rapid Fed rate cuts, allowing the US dollar to stabilize and rebound modestly. After the surge, both gold and silver faced technical resistance and moved into consolidation, as markets balanced strong bullish conviction against a more cautious reassessment of macro policy risks.

Asset performance and fundamental analysis

1. US Equity Market

Index Performance

Dow Jones Industrial Average: Closed at approximately 49,135. Weakness in the financial sector weighed on the index, prompting a modest pullback from above the 49,000 mark. Investors are closely evaluating the potential long-term impact of the Trump administration’s executive order capping credit card interest rates at 10% on bank profitability.
S&P 500 Index: Closed at approximately 6,921. The index met resistance just below the 7,000 milestone. Although earnings momentum across the AI supply chain remains robust, PPI data that exceeded expectations rekindled concerns about inflation persistence, nudging overall sentiment toward caution.
Nasdaq Composite Index: Closed at approximately 25,455. Technology stocks showed increasing divergence. Several AI infrastructure leaders saw profit-taking after strong rallies, leaving the index consolidating at elevated levels above 25,000.

Aktien-Highlight: Tesla (TSLA): Closed at approximately $439 (-1.8%), as the company navigates a pivotal transition from hardware manufacturing toward a high-margin software subscription model. Tesla announced it will officially eliminate the one-time FSD purchase option in February, shifting entirely to a monthly subscription framework. This strategic shift aims to unlock stable, recurring revenue from millions of vehicles already in circulation worldwide.

2. Foreign Exchange Market

US Dollar Index (DXY): Around 99.17. Despite political pressure favoring a weaker dollar to support trade, resilient labor market data and rising geopolitical safe-haven demand helped the greenback reclaim the 99 level.
EUR/USD: At 1.1645. The euro remains under sustained pressure. Preliminary annual GDP data from Germany confirmed sluggish growth, reinforcing concerns that the European economy is losing momentum.
USD/JPY: At 158.50. The yen slid to recent lows and is edging closer to the 160 psychological intervention threshold.

3. Edelmetalle und Rohstoffe

Spot Gold (XAUUSD): Surged beyond the historical peak of $4,642. Gold officially set a new all-time high, driven primarily by strong safe-haven demand tied to concerns over the Federal Reserve’s independence, following reports of related investigations.
Spot Silver (XAGUSD): Explosively cleared the $93 level. Silver has displayed extraordinary momentum at the start of 2026, breaking decisively above $93/oz with gains nearing 26% over the past two weeks.

Rohstoffe

WTI-Rohöl: Prices remain locked in a volatile tug-of-war around the $60/bbl psychological level. Concerns over potential disruptions to Iran’s approximately 3.3 million barrels/day of output briefly lifted prices to a three-month high of $61.90.

4. Crypto Assets and Macro Developments

Bitcoin (BTC): Broke decisively above the $95,000 resistance level, regaining “catch-up” momentum. After a deep consolidation phase at the end of 2025, BTC has reasserted strong upside momentum, gaining more than 4% over the past 24 hours.
Ethereum (ETH): Ethereum is attempting to reclaim the $3,500 level and currently trades around $3,485, after previously lagging behind Bitcoin.

5. Today’s Focus