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The year is ending where it arguably began for investors: serving up surprises.
Nothing comparable to the market crash in the immediate aftermath of April’s “Liberation Day,” but still surprises.
Gold prices hit another record on Wednesday and are up a sparkly 70% this year. Gold has seen 51 record highs this year. Copper prices have also hit another record. The metal is up 30% this year. Sure is a lot of copper in those AI data centers!
And how could one not mention the S&P 500 (^GSPC), which is at a record high just as traditional defensive areas of the metals market rip to the upside.
“I was bullish on gold coming into the year, and I did have a $4,000 price target,” Sanctuary Wealth chief investment strategist Mary Ann Bartels told me on Yahoo Finance’s Morning Brief (video above). “Now, I’m not trying to pat myself on the back, but to be honest, I didn’t necessarily think we would hit $4,000 this year. So what has really surprised me is not only the move in gold, but how now silver has broken out to a record all-time high and is in a new secular bull market. Copper has broken out to an all-time new high. We’re seeing the whole metal space break out, and that has become extremely bullish for the metal stocks.”
Yahoo Finance asked several investing pros what surprised them in the markets this year. Here are their answers, which could serve as a guide for you as you begin thinking about how to invest in 2026.
“I’m surprised we’re not seeing as much inflation in the data, at least more than I expected just from tariffs. I thought there would be, sort of naturally, a little more inflation that would then dissipate and be transitory. And so I’m wondering if that will eventually show up or if it’s just not something that anyone should have ever worried about.”
“I had expected that we would see faster development of some of the blockchain and crypto initiatives that are out there, just given their promise and the fact that they have the ability to revolutionize certain areas of not only commerce but society. But I think part of that is because I had expected that we would already see legislative changes that would enable some of that progress to occur. So, as we pivot to 2026, I am very much focused on the market structure bill that is pertaining to crypto, that’s getting ready for markup in the US Senate. We think that will set the tone for 2026 in the digital asset space.”