Financial Analyst/Content Writer, RADEX MARKETS
Lawrence J. came from a strong technical and engineering background before pivoting into a more financial role later on in his career. Always interested in international finance, Lawrence is experienced in both traditional markets as well as the emerging crypto markets. He now serves as the financial writer for RADEX MARKETS.
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The US government remains closed for business, but that did not stop the Dow, S&P 500 and Nasdaq from all hitting record highs yesterday. Artificial Intelligence was once again the driving force behind the rise in stock prices. OpenAI, the company behind ChatGPT, reached a valuation of $500 billion yesterday following an employee share sale, making it the most valuable startup in the world. Expectations are sky-high for the nascent industry, despite the fact that OpenAI, and many other companies like it, have never turned a profit. The government closure means we are unlikely to get our beloved NFP release later today, nor any time soon for that matter. With the prospect of mass layoffs and sweeping cuts on the table, talks between both sides remain icy.
Gold tried and failed to breach $3,900 per ounce over the last two days. Silver attempted a brief foray above $48 yesterday before thinking better of it. Platinum and palladium peaked earlier in the week but failed to sustain any momentum. All four metals are down so far this morning. Small signs of weakness perhaps, but not enough to call an end to the rally in precious metals just yet. Expectations surrounding the next FOMC meeting continue to favour another rate cut on the 29th of October, with FedWatch now pointing towards a 97% chance of a 25-bps adjustment.
October has historically been a good month for cryptocurrencies and so far, 2025 is proving no exception. Bitcoin reclaimed $120k yesterday and is up 5% already this month. Bitcoin dominance meanwhile is slightly down, meaning the wider alt market is faring even better. Cryptocurrencies have been somewhat stagnant over the past couple of months, not capturing any of the flows pouring into precious metals and even failing to match the performance of major stock markets. “Uptober” may just be the excuse some investors have been looking for.
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