The ASX Today: XJO nears 9,000, and at what point do we question silver? Plus, BHP overtakes CBA, and gold @ US$5K+

Good Afternoon and welcome to HotCopper’s ASX Today for Tuesday of Week 5 of 2026, I’m Jon Davidson. The ASX200 looks like it’s flirting with the 9,000pts mark again, meaning we aren’t far off the record surge the XJO clocked last October when the Albanese-US minerals meeting lit a fire under valuations. In a similar fashion, it’s feeling like those good days again, with gold prices now over US$5,000 an ounce, and copper and silver following.

That’s to say nothing of the entire metals market, or at least those metals with futures contracts; an everything rally is continuing to define the start to this auspicious new year, geopolitical risk be damned. Or, because of geopolitical risk. 

And the fact we’re nearly back at 9,000 isn’t surprising, if you want to be a spoilsport, because we’re a mining-heavy stock market. No surprises then the intraday top gainers board was stacked full of materials companies; top fallers boards a more case-by-case affair.

Another factor behind today’s strong Tuesday, US markets overnight, which fared well despite the fear and greed index having slipped back to ‘neutral.’ A flattish red day for the ASX tech index mind you, not that we really have one, if we’re willing to be truly honest with ourselves. 

So where will the rest of the week take us? Trump has whacked new tariffs on South Korea, threatened 100% tariffs on Canada again, but that’s good for gold prices, so I believe the ASX is unlikely to care, unless Wall Street decides it cares at some point. One to watch. Also worth noting, silver’s up over +50% in one month. By all measures, that’s insane, but don’t expect anybody printing cash to listen. 

Looking around the traps, BHP Ltd has officially overtaken Commonwealth Bank on Tuesday, becoming the ASX’s largest company by market cap, a good a smoking gun as any if you needed evidence we’re definitely seeing a commodities rally – maybe even a supercycle. All that said, the big banks also having a good day on Tuesday, but not so for Droneshield, cooling off in the face of hot metals. IGA owner Metcash jumped just south of a percent; and Michael Hill also popped, which is an interesting economic indicator itself – suggesting, perhaps, people are looking beyond bullion to acquire physical gold. 

That’s the ASX Today for Tuesday, I’m Jon Davidson, have a commanding evening, and we’ll see you tomorrow. 

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