Mon, Jan 26, 2026

The S&P 500 reached a new all-time high today, rising 0.5% to 6,950.23. Simultaneously, the US dollar fell to a nearly four-year low against a basket of foreign currencies. This is a classic melt-up. Equities are rising in nominal terms as investors seek to hedge against the debasement of the underlying currency.

The flight to hard assets was evident across the board. Gold surpassed $5,100 per ounce, setting a new record. Silver surged 14% in a single session before settling. Bitcoin and other non-sovereign assets are bidding higher as liquidity seeks exits from the greenback. The market is pricing in a regime of sustained dollar weakness, using equities and commodities as a store of value.

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