Each year towards the end of December, after tax loss selling season has run its course, like the Grinch that stole Christmas, the market commentators prognosticate about whether or not we’ll see a ‘Santa Claus Rally’ in the general equities market.
Many people start talking about this seasonally constructive market phenomenon during the last 2 weeks of the year; however technically this period is the final five trading days in a calendar year through the first two trading days of the next year.
—>Well, that period kicks off tomorrow on Wednesday December 24th, according to Barron’s, since the markets are closed on December 25th.
https://www.barrons.com/livecoverage/stock-market-news-today-122325/card/the-santa-claus-rally-period-starts-tomorrow-what-it-means-for-stocks--OQ9pAQvYqNPG9SuVkZWO
Based on the way the overseas trading is going so far, it sure looks like the metals sector is geared up for solid Santa Claus rally; because we are seeing the metals stay in the green, just like they have been all week.
The metals were really ripping higher for all of last week too, starting that prior Sunday December 14th evening, right as the Hanukkah holiday got underway. Regardless of how folks celebrate the holidays, it’s pretty clear that this season got geared up early this year for metals like gold, silver, platinum, palladium, and copper. They’ve been the gift that kept on giving all year long…
We also just had the shortest day of the year this prior Sunday December 21st, marking the Winter Solstice. As we greet this new season of Winter, each day gets a bit longer moving forward in the calendar, with a bit more light each day until we reach the Summer Solstice. Likewise, we’ve been witnessing the metals’ price action make progress and move a little bit higher each day of winter so far, lighting up our glowing computer or smartphone screens.
We are seeing so many new all-time highs in sequence on the metals charts that it is easy to get desensitized to just how bullish this period has been day after day. In this one-off article, we’re just going to focus on these moves in the precious metals complex, and then we’ll also throw in Dr. Copper for good measure.
So, let’s get into it…
Gold futures daily chart:
On Tuesday December 23rd Gold put in a new all-time high (ATH) daily closing price of $4,505.70. All new all-time highs are significant.
Gold also put in a new ATH intraday price at $4,530.80, which is more bullish action.
Peaking ahead into the Santa Claus rally, the pricing in overnight trading in gold has already surpassed that making it up to $4,554.90 for yet another new ATH intraday price on Wednesday’s candle.
Regardless of what happens over the next 7 trading sessions, gold has had a fantastic year up about 69%, and so… Santa Claus clearly came early this year.
Silver futures daily chart:
On Tuesday December 23rd Silver put in a new all-time high (ATH) daily closing price of $71.137. All new all-time highs are significant.
Silver also put in a new ATH intraday price at $71.795, which is more bullish action.
Peaking ahead into the Santa Claus rally, the pricing in overnight trading in silver has already surpassed that making it up to $72.75, for yet another new ATH intraday price on Wednesday’s candle.
Regardless of what happens over the next 7 trading sessions, silver has had a stellar year up about 141%, and so… Santa Claus clearly came early this year.
Platinum futures daily chart:
On Tuesday December 23rd Platinum put in a new all-time high (ATH) daily closing price of $2,287.40, taking out the prior ATH daily close of $2,180.70 on Feb 1st, 2008. All new all-time highs are significant.
Platinum also put in a new ATH intraday price at $2,323.80, eclipsing the prior ATH intraday price of $2,308.80 from Mar 3rd, 2008… which is more bullish action.
Peaking ahead into the Santa Claus rally, the pricing in overnight trading in platinum has already surpassed that making it up to $2,394.75, for yet another new ATH intraday price on Wednesday’s candle.
Regardless of what happens over the next 7 trading sessions, platinum has had a wonderful year up about 156%, and so… Santa Claus clearly came early this year.
Palladium futures daily chart:
On Tuesday December 23rd Palladium put in a new 3-year high daily closing price of $1,955.90. It has yet to take out the prior ATH daily close of $3,289 on Mar 8th, 2022. However, Palladium went on a unique run back in 2022 fueled by speculation around the looming lack supply from Russia due to sanctions from the war.
Palladium also put in a new 3-year intraday price at $1,985, but it has yet to take out the prior ATH intraday price of $3,417.02 from Mar 7th, 2022. Again, that was a speculative bubble top unique to palladium at that time.
Peaking ahead into the Santa Claus rally, the pricing in overnight trading in palladium has already surpassed yesterday’s high making it up to $2,059, for yet another new 3-year intraday price high on Wednesday’s candle.
Regardless of what happens over the next 7 trading sessions, palladium has had a rocking year up about 123%, and so… Santa Claus clearly came early this year.
Copper futures daily chart:
On Tuesday December 23rd Copper put in a multi-month high daily closing price of $5.55 (cosmic). It has yet to take out the prior ATH daily close of $5.8195 on July 23rd 2025. However, copper went on a unique run back in July from getting positioned around the lack supply due to potential tariffs on copper; then crashing down afterward, and then clawing its way back higher again ever since then, making for a messy chart.
Copper also put in a new multi-month intraday high price at $5.621, but it has yet to take out the prior ATH intraday price of $5.9585 from July 24th, 2025. Again, that was a speculative top unique to copper this summer due to tariff expectations.
Peaking ahead into the Santa Claus rally, the pricing in overnight trading in copper has already surpassed yesterday’s high making it up to $5.6645, for yet another multi-month intraday price high on Wednesday’s candle.
Regardless of what happens over the next 7 trading sessions, copper has had a very good year up about 40%, despite it’s whipsaw and wonky price action.
Copper’s monthly chart demonstrates the overarching technical trend.
Copper is still very much in an up-and-to-the-right pricing chart pattern over the last few years, and it is ending the year on a very strong note.
Right after putting in its highest monthly close in November, copper is looking like it is going to make a new ATH monthly close, quarterly close, and annual close here in December of 2025. So… Santa Claus clearly came early this year for the good doctor.
We are all witnessing a very unique period of time for the metals sector, and it really has been a blockbuster year here for gold, silver, platinum, palladium, and copper in 2025.
This highlights the rotation of capital into tangible hard assets, and also underscores the loss of purchasing power in the fiat dollar monetary unit.
We’ll get back to reviewing more tantalizing trade ideas in the individual resource stocks in the next few articles. It just seemed worth getting a technical update on the underlying metals prices, as they painted the tape at new highs on Tuesday, and they have done fabulous this year, regardless of whether we see follow-through price action into a full-on ‘Santa Claus rally.’
As an added bonus for people that open this up in Substack after it has already published, here is a great end of the year wrap up with our pal, Craig Hemke, Founder and Editor of the TF Metals Report. Craig joined us earlier this week over at the KE Report to recap a historic year for precious metals and look ahead to the structural shifts of 2026.
Craig Hemke – Gold & Silver Finish 2025 at All-Time Highs! Structural Shift or Blow-Off Top?
Thanks for reading and may you have prosperity in your trading and in life!
Shad