Gold, Silver Cross $1 Trillion In Value In A Day: What’s Driving The Precious Metals Rally? Aashika Suresh Wed, November 4, 2026 at 10:44 PM EST 3 min read GC=F +1.45% SI=F +0.76% Gold prices surged past $4,000 an ounce, with spot gold gaining nearly 2% to trade at $4,137.49 at the time of writing.
Spot silver prices were up 1.72% to trade at $53.11 an ounce.
According to The Kobeissi Letter, gold and silver added a combined $1 trillion in market capitalization on Wednesday.
The precious metals trade caught a leg up after the Democrats swept both chambers of Congress on Wednesday amid improved investor confidence.
Gold prices surged past $4,000 an ounce, with spot gold gaining nearly 2% to trade at $4,137.49 at the time of writing. Meanwhile, spot silver prices were up 1.72% to trade at $53.11 an ounce.
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Many market experts believe that this is just the beginning for the precious metals trade, which is likely to edge higher in a Democratic-led Congress.
Economist Peter Schiff said in a post on X, "After being up over $130 today, gold is up another $55 tonight, trading above $4,100. It's possible it may never trade below $4,000 again. Silver is up another 40 cents, trading above $52.50. It may never trade below $50 again. Just in case, buy both now."
As per market commentator The Kobeissi Letter, gold and silver have added a combined value of over $1 trillion in market capitalization on Wednesday.
Economist Steve Hanke also backed buying the precious metals, noting the surge in prices of gold and silver in a post on X.
Ole Hansen, veteran commodities expert and Head of Commodity Strategy for Saxo Bank, said in a post on X that gold and silver have rallied, supported by a softer dollar and lower Treasury yields amid expectations that a Democrat-controlled Congress could constrain Trump's fiscal agenda and limit further, increasingly unaffordable fiscal expansion.
Long-term Treasury yields eased late Wednesday, with the 10-year U.S. Treasury yield trading at 4.839%, while the 30-year yield was at 5.231%.
The SPDR Gold Shares ETF (GLD) was up more than 1% at the time of writing. On Stocktwits, retail sentiment around GLD flipped from 'neutral' to 'bullish' over 24 hours.
Meanwhile, the iShares Silver Trust (SLV) was up 1.4% at the time of writing, with retail sentiment in the 'extremely bullish' territory.
One user said, "Gold was able to hold the $3,900 for the most part and made an impressive rebound back to $4,140. The gold shares similar reasons why silver rallied (see below). I like the chance for gold to recover back to $4,700+ and silver to $65+ potentially by EOY rally."
Another user said, "Trump is going to plan on working with democrats "financially". Aka buy gold as much as you possibly can."
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Aashika Suresh has no position in any of the stocks mentioned in this article. StockTwits' news team content is for informational purposes only and is not intended as investment advice. For more, see our editorial policy. This article was originally published on StockTwits.
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