Monday was one of those days when the precious metals crowd got to do their victory lap. Gold and silver didn't just climb—they rocketed to fresh all-time highs as investors absorbed what looks like another chapter in the ongoing saga of political pressure on the Federal Reserve.

SPDR Gold Shares (GLD) tracked gold prices jumping 2.5% to $4,620 an ounce, notching yet another record. But the real star was silver, which surged more than 7% to $86 an ounce. That extends silver's 12-month rally to a frankly eye-watering 190%. If you've been holding silver since last January, you're having a very good year.

The catalyst? Reports emerged that the Department of Justice has opened a criminal investigation into Federal Reserve Chair Jerome Powell over renovation costs at the Fed's headquarters. Powell wasn't shy about his interpretation of events, framing the probe as a pretext designed to pressure the central bank into cutting interest rates—precisely what President Donald Trump has been demanding.

Markets read this as another front in the ongoing battle over Fed independence. The reaction was swift: investors sold Treasuries and rotated aggressively into precious metals, the traditional safe havens when confidence in institutions starts looking shaky. When people worry about political interference in monetary policy, gold tends to shine—literally.

Equities Tread Water Ahead of Busy Week

While precious metals partied, major stock indices on Wall Street showed more restraint, posting timid gains as traders adopted a wait-and-see posture. There's good reason for caution: Tuesday brings December inflation data from the Bureau of Labor Statistics, and the fourth-quarter earnings season kicks off with heavyweight reports from JPMorgan Chase & Co. (JPM), Bank of New York Mellon Corp. (BK), and Delta Air Lines Inc. (DAL) before the opening bell.

Not everyone waited for the data, though. Financial stocks got hammered Monday after Trump floated the idea of capping credit card interest rates at 10%. Capital One Financial Corp. (COF) tumbled 6.6%, its worst session since April 10, 2025. American Express Co. (AXP) fell nearly 5%, while Citigroup Inc. (C) dropped 3.5%. If you're a bank that makes a meaningful chunk of revenue from credit card interest, a 10% cap is not what you want to hear.

On the flip side, Vistra Corp. (VST) led the S&P 500 higher with a gain of more than 6%, building on Friday's 10.5% surge. Shares continued their climb on optimism surrounding a multi-year power contract with Meta Platforms Inc. (META). When tech giants need electricity for data centers, power companies get excited.

Oil Steady, Bitcoin Bounces

Oil prices held relatively steady around $59 a barrel, seemingly unbothered by geopolitical turmoil in Iran. Bitcoin (BTC) rebounded 1.5% to $92,000, recovering some ground after recent volatility.

Monday's Performance In Major U.S. Indices, ETFs

Looking at the ETF landscape, the Vanguard S&P 500 ETF (VOO) flattened at $638.74, while the SPDR Dow Jones Industrial Average (DIA) moved down 0.16% to $494.25. The tech-heavy Invesco QQQ Trust Series (QQQ) eased 0.12% to $627.38, and the iShares Russell 2000 ETF (IWM) traded at $260.86.

Sector performance told the day's story clearly: The Consumer Staples Select Sector SPDR Fund (XLP) outperformed with a 1.1% gain, while the Financial Select Sector SPDR Fund (XLF) lagged, down 1.0%. When financials struggle and defensive sectors like consumer staples lead, that's usually a sign investors are feeling cautious.

Russell 1000's Top 5 Gainers And Losers On Monday

Among individual stocks in the Russell 1000, MACOM Technology Solutions Holdings Inc. (MTSI) topped the leaderboard with a 9.34% gain, approaching key resistance levels. Pure Storage Inc. (PSTG) added 8.84%, while Chewy Inc. (CHWY) climbed 6.34%. AngloGold Ashanti plc (AU) rose 6.16%—no surprise there, given the broader precious metals rally—and Tempus AI Inc. (TEM) gained 6.12%.

The losers list was dominated by pharmaceutical and biotech names. Apellis Pharmaceuticals Inc. (APLS) plunged 16.63%, followed by Summit Therapeutics Inc. (SMMT) down 12.93%. Sarepta Therapeutics Inc. (SRPT) fell 11.04%, Alnylam Pharmaceuticals Inc. (ALNY) dropped 10.78%, and Caris Life Sciences Inc. (CAI) declined 9.90%.

The broader message from Monday's trading? Uncertainty breeds caution, and caution breeds rotation into safe havens. Whether concerns about Fed independence prove fleeting or signal a more sustained shift in market dynamics remains to be seen. But for now, gold and silver are having their moment in the spotlight.