Tom Lee: Metals proving to be a real, genuine asset class

Yields

NDX up , medium term, interviewee explicit

explicit

RUT up

Oil

Metals sharp up , short term, interviewee explicit

explicit

USD cautious down , medium term, interviewee implicit

implicit

Fundstrat 6.5
Market Research Firm
Tom Lee 9.0

Tom Lee: Metals proving to be a real, genuine asset class

metals

metals have... proven to be a bit of a juggernaut... gold's done so well... gold and silver are sucking oxygen out of everything... a parabolic move Lee describes the move as parabolic and dominant in the market, which aligns with a 'sharp up' characterization in the near term.

1/5/2026 2:03:32 PM	medium term up	20 days later	+20.04%	+20.04%

ndx

We still like the Mag 7... the earnings story is anchoring... upside to our 7700 target Lee explicitly states they 'still like the Mag 7' (a proxy for NDX) and ties equity upside to the earnings story and his S&P target, indicating a positive medium-term view.

1/21/2026 11:11:31 PM	medium term cautious down	20 days later	-1.24%	+0.62%
11/14/2025 11:23:51 PM	medium term cautious up	21 days later	+3.34%	+1.67%
11/10/2025 10:53:49 PM	short term up	6 days later	-2.87%	-2.87%
10/6/2025 2:52:07 PM	medium term up	20 days later	+3.95%	+3.95%
9/15/2025 11:21:47 PM	medium term up	20 days later	+2.90%	+2.90%
8/22/2025 6:28:53 PM	short term up	8 days later	-0.83%	-0.83%
8/13/2025 3:51:26 PM	short term up	5 days later	-1.88%	-1.88%
8/4/2025 10:55:29 PM	short term sharp up	6 days later	+2.21%	+3.31%
8/4/2025 4:19:52 PM	short term up	6 days later	+2.21%	+2.21%

Show all ndx results

Asks Tom Lee to unpack the surge in metals, the narrative of a collapsing dollar, and whether this environment is good for stocks.

speaker1
Tom Lee

Metals have proven to be a genuine asset class and a juggernaut, driven by geopolitical uncertainty, dollar/currency weakness, and dovish central banks. This is not bad for equities; it could signal growing risk appetite for stocks.

If metals are anticipating dollar weakness or more dovish central bank moves, that's good for asset prices.
Asks if dollar weakness is a true tailwind for large multinationals' earnings, beyond just the general 'risk assets in vogue' or AI trade narrative.

speaker4
Tom Lee

Earnings growth is accelerating. Dollar weakness adds more upside to the earnings story, which helps anchor stocks. This supports the upside to Fundstrat's S&P 7700 target by year-end.

Investors aren't paying for this upside now due to multiple compression, but it provides a fundamental anchor.
Asks if there are landmines in earnings or if a government shutdown matters, given the recent strong equity performance.

speaker1
Tom Lee

Short-term shutdowns create uncertainty but have proven to be buying opportunities. The dominant market fact is that gold and silver are 'sucking oxygen out of everything.'
Notes Carter Worth's 'sell all silver' call due to its parabolic move and asks for Tom's view.

speaker1
Tom Lee

A parabolic move often marks the end, not the beginning, making timing tricky. However, commodities, especially precious metals, deserve a place in portfolios.

It's dangerous to fade such an extension because you don't know how long it will go.
Asks which key market parts to be exposed to, given the macro tailwinds, and specifically about banks/financials which have sold off post-earnings.

speaker4
Tom Lee

Fundstrat's top sector picks are energy and basic materials. They still like Mag 7, financials, industrials, and small caps. Bank weakness is due to political headwinds, but fundamentals are strong, and they are being re-rated as tech stocks due to tokenization, blockchain, and AI.

Would use any weakness in banks to buy them.

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