Precious metals surge: Spot Silver Tops $56/oz as Markets React to Fed Rate-Cut Odds

Silver surge: Spot silver topped $56.00/oz (intraday gain of more than 5%) and COMEX futures briefly exceeded $57.00/oz (over 6% rise), aided by ETF inflows.
Gold & copper highs: Spot gold reclaimed $4,200.00/oz, while LME copper hit a record $11,210 per tonne — a new LME record.
Key drivers: rising Fed rate-cut expectations, ongoing physical supply tightness, and a multihour COMEX trading pause (Zhīshāngsuǒ (芝商所)) that amplified price swings.
Investor takeaway: spikes in thin markets can reverse quickly — watch ETF flows and open interest and use strict risk management (position sizing, stop rules) before assuming a durable trend.

precious metals surge

Quick take:

Spot silver raced above $56.00/oz (¥408.80 RMB; conversion used: 1 USD = ¥7.30) in a session marked by sharp moves across the metals complex.

Silver futures on NY COMEX briefly topped $57.00/oz (¥416.10 RMB).

Spot gold reclaimed the $4,200.00/oz (¥30,660 RMB) level.

LME copper set a fresh record at $11,210 per tonne (¥81,833 RMB).

Platinum futures jumped to about $1,683.00/oz (¥12,289 RMB).

Market highlights — what moved and by how much

Spot silver: traded above $56.00/oz (¥408.80 RMB) — an intraday gain of more than 5%.
Silver futures (NY COMEX): rose over 6% and briefly exceeded $57.00/oz (¥416.10 RMB) before settling.
Spot gold: reclaimed $4,200.00/oz (¥30,660 RMB), its highest close since November 14, rising more than 1% on the day.
LME copper: climbed over 2%, hitting a session high of $11,210 per tonne (¥81,833 RMB) — a new LME record.
Platinum futures: jumped more than 6%, trading around $1,683.00/oz (¥12,289 RMB).

Traders pointed to a mix of macro and micro factors that reinforced each other.

Fed rate-cut expectations: growing market pricing of policy easing in December boosted demand for metals as an inflation and interest-rate hedge.
ETF inflows: net buying into silver ETFs supported both spot and futures prices.
Supply dynamics: ongoing physical silver tightness and constraints in other metal markets tightened fundamentals.
COMEX liquidity shock: a multihour pause in COMEX futures trading (part of Zhīshāngsuǒ (芝商所) — CME Group / COMEX) reduced liquidity and amplified intraday price swings.

The temporary COMEX suspension lowered available bids and offers at a critical time.

That magnified directional moves and produced more extreme prints in futures versus spot markets.

When markets have thin liquidity, even modest flows can create outsized price reactions.

Investors should treat such spikes differently from steady trends that build over time.

If you follow commodity cycles, this session is a reminder that macro expectations and market plumbing matter equally.

Macro angle: Fed easing expectations can push real yields lower and support precious metals while pressuring the USD.
Market structure angle: ETF flows and exchange-level outages can create short-term dislocations that reverse when liquidity returns.
Risk management: rapid spikes in low-liquidity environments can unwind quickly, so position sizing and stop rules are more important than ever.
Signal vs noise: look for sustained ETF inflows, open interest trends, and physical market signals to confirm whether a move is durable.

Silver: watch ongoing ETF flows and COMEX open interest for confirmation of a structural shift versus a liquidity-driven spike.
Gold: if the Fed path actually shifts toward easing, gold may see more consistent gains as a rate-hedge play.
Copper: LME records highlight demand resilience and supply tightness in base metals that matter for industrial cycles and EV supply chains.
Platinum: volatility here can reflect both investment demand and underlying changes in industrial usage or supply.