Market Moves: Week Ending 10 October 2025

US equities ended the week lower with the S&P 500 falling 2.4% for its worst week in months.¹ Markets were rattled by renewed tariff threats from Donald Trump targeting China, which reignited concerns over global trade tensions.² The rise in tariff uncertainty adds to existing cyclical headwinds, prompting investors to reassess risk exposure ahead of the Q3 earnings season. With the Bureau of Labor Statistics still unfunded amid the ongoing US government shutdown, key economic data releases have been delayed, further weighing on market sentiment.³

Closer to home, the ASX 200 ended the week roughly flat. Investor volumes were low, with materials strength offsetting weakness in consumer discretionary names after Westpac’s Consumer Confidence indicator showed a decline of 3.5% MoM.⁴

Precious metals (ETPMPM) including palladium (ETPMPD), silver (ETPMAG) and gold (GOLD, GXLD, QAU) were a theme across the top performing assets last week. After a year of geopolitical turmoil and continued economic risks, investors appear to be repricing “hard assets”. The phenomenon, dubbed the “debasement trade,” refers to investors exiting sovereign bonds and fiat currencies amid fears of devaluation, reallocating instead to alternative assets such as precious metals and digital tokens.⁵

In the world of commodities:

• Silver (ETPMAG) surged to an all-time high of US$52, surpassing the previous record set during the Hunt Brothers’ squeeze in the 1980s. The rally caught many money managers off guard, triggering a short squeeze that forced them to cover positions – further accelerating the metal’s rise⁶
• Spot gold (GOLD) hit another new all-time high of US$4175 after Trump’s surprise tariff threat reignited investor sensitivity to geopolitical risks.⁷
• Palladium (ETPMPD) was the top performing asset of the week as it rallied on both precious metals tailwinds and renewed concerns around possible “critical minerals” tariffs. The Section 232 investigation on critical minerals (similar to previous reviews on copper, steel, and lumber) is set to be released on October 19. The report will guide the government in determining which materials may face tariffs based on their importance to military readiness, critical infrastructure, and other national interests.

Download our Weekly ETF Monitor here.