05/02/2026 Daily Reports
Silver’s Rollercoaster: A 17% Flash Crash Shakes the Market
- The 17% Plunge: After briefly flickering above $90/oz in early Asian trading, Spot Silver cratered as much as 17%. It has now retreated by more than a third from its all-time high hit just a week ago on Jan 29.
- Liquidity Feedback Loop: Strategists are pointing to a dangerous “feedback loop.” Heavy speculative positions and leveraged ETF inflows that fueled the rally are now being unwound rapidly in thin market liquidity, magnifying every move.
- Gold Dragged Down: Gold wasn’t immune, dropping as much as 3.5% in choppy trading. The yellow metal is struggling to find stable ground as investors liquidate holdings to cover losses elsewhere.
- Base Metals Collateral Damage: The “precious” rout spilled over into the industrial side. Copper slipped below the $13,000/ton mark, falling over 1% as risk aversion deepened across the board.
- The Trump-Warsh Drama: President Trump recently noted he wouldn’t have nominated Kevin Warsh if he wanted to hike rates, signaling that the Fed will likely lower rates. While lower rates are usually a tailwind for metals, the current policy uncertainty is only adding fuel to the volatility fire.
- The $70 Line in the Sand: Analysts are eyeing the $70/oz mark for Silver. If it breaks into the $60s—a level not seen since December—it could trigger a massive wave of risk aversion across global equities.
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Inflation Data, Tech Earnings and Geopolitics Collide as Markets Turn Volatile
- Global markets on January 30 face a complex mix of macro data, earnings-driven swings, and shifting geopolitical risks. The key macro focus is the release of U.S. Producer Price Index (PPI) data, with expectations for a 0.2% monthly and 2.7% annual increase. The figures are closely watched after the Federal Reserve paused its policy easing cycle, keeping rates at 3.50%–3.75% and reinforcing sensitivity to any inflation surprise.
- U.S. equities, particularly the Nasdaq, remain under pressure as Big Tech sentiment weakens. Microsoft’s nearly 10% post-earnings drop, followed by AMD’s disappointing revenue outlook tied to softer AI growth expectations, pushed the tech-heavy index toward multi-week lows. Investors now await earnings from Apple, Meta, and Tesla for clearer direction.
- European markets are mixed and volatile. The DAX slipped toward the 24,300 level amid renewed U.S. tariff threats against EU auto exports linked to Greenland-related diplomacy. While energy and materials offered some support, U.S.-led tech weakness capped gains. Adding to the picture, flash Eurozone Q4 GDP data (expected at 0.3%) and ECB policy decisions are key checkpoints for regional growth and rates.
- In Asia, Japan’s Nikkei 225 held near record highs above 53,000, supported by optimism over potential fiscal expansion ahead of elections, though yen intervention continues to inject currency volatility.
- Commodities saw sharp moves. Brent crude initially surged to a five-month high near $70.7 on U.S.–Iran tensions, then corrected below $68 as news of renewed diplomatic talks reduced the geopolitical risk premium. Precious metals experienced extreme volatility: gold slipped toward the $4,800–$4,900 range and silver plunged sharply, exacerbated by CME margin hikes and liquidity strains.
