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ABP Live Deep Dive: Silver Is On Fire In 2025 And China’s Next Move Could Push Prices Further

ABP Live Deep Dive: Silver prices have been on a blistering run in 2025, turning the metal into one of the strongest-performing assets of the year. While expectations of interest rate cuts and rising demand for precious metals have played their part, analysts increasingly point to one dominant trigger behind the surge: China’s impending move to tighten controls on silver exports. According to multiple reports, China is set to introduce export restrictions on silver starting in 2026, a move that has already sent tremors through global commodity markets.  The announcement has amplified supply fears in an already tight market, pushing prices sharply higher and drawing warnings from industry leaders about the potential fallout for manufacturing and clean-energy sectors. Silver Prices Soar to Record Territory Silver has climbed more than 160 per cent so far this year and is currently trading around $76 an ounce, after touching an all-time high of about $81 earlier this month, reported Financial Express. On December 29, prices briefly corrected, slipping over 6 per cent from the previous day’s close, largely due to profit-booking after the steep rally. However, the broader trend remains firmly upward. The metal’s sharp rise has coincided with a wider rally in precious metals. Gold and platinum have also hit record levels, supported by expectations of US interest rate cuts in 2026 and heightened demand for hard assets that hedge against inflation and currency weakness, analysts noted. China’s Export Restrictions Take Centre Stage At the heart of the silver rally lies China’s decision to tighten its grip on exports. From January 1, 2026, Chinese silver exporters will be required to apply for government-issued export licences, a policy expected to remain in place until 2027.  Under the new framework, licences will be granted only to large, state-approved firms that meet strict production and financial criteria, effectively sidelining smaller exporters. Given China’s outsized role in the global silver market, the implications are significant. Nearly 65 per cent of the world’s silver supply originates from China, according to industry estimates. Any restriction on outbound shipments from the country is therefore likely to disrupt global supply chains and intensify competition for physical metal. A Market Already Facing Structural Deficits China’s policy move comes at a time when the silver market is already grappling with chronic supply shortages. Data from the Silver Institute show that silver has been in a structural deficit for five consecutive years, meaning global demand has consistently outstripped supply. This imbalance has left inventories vulnerable to shocks. With China now signalling tighter export controls, analysts expect price volatility to increase further, as industrial users and investors scramble to secure supplies. According to Bloomberg, much of the world’s readily available silver is currently stored in New York, as markets await the outcome of a US Commerce Department investigation into whether imports of critical minerals pose national security risks. The probe could potentially lead to tariffs or additional trade curbs, adding another layer of uncertainty to the market. Industrial Demand Adds Fuel to the Rally Silver’s importance extends far beyond its role as a precious metal. It is a critical input in a wide range of industrial applications due to its high conductivity and durability. Electronics, power transmission systems, solar panels, electric vehicles and data centres all rely heavily on silver. China itself is the world’s largest market for physical silver investment and paper trading of silver futures, and the second-largest silver fabricator globally. Any disruption to its exports therefore, has ripple effects across multiple industries. Tesla chief executive Elon Musk publicly flagged concerns over supply risks last week. “This is not good. Silver is needed in many industrial processes,” Musk wrote on X, highlighting the potential impact on sectors such as electric vehicles and renewable energy, where silver usage is significantly higher than in traditional manufacturing. This is not good. Silver is needed in many industrial processes. — Elon Musk (@elonmusk) December 27, 2025 Electric vehicles, in particular, require substantially more silver than internal combustion engine vehicles, as the metal is used in power electronics, inverters, high-voltage contacts and fast-charging infrastructure. Is a Bubble Forming in Silver? While the rally has strong fundamental drivers, some analysts caution that speculative excess may also be building. Tony Sycamore, a market analyst at IG, told The Guardian that a “generational bubble” could be forming in silver, driven by a severe supply-demand imbalance and a rush into precious metals. “The rally in precious metals has been supported by expectations of multiple Fed rate cuts in 2026, alongside robust central bank and private investor buying. However, the dominant driver of late has been a severe structural supply-demand imbalance in silver, sparking a scramble for physical metal,” Sycamore said. What Lies Ahead for Silver Prices Looking ahead, analysts expect silver prices to remain volatile, with China’s export curbs acting as a key support factor. Even after recent corrections, the metal remains near record highs, and demand from industrial users shows little sign of easing. Gold and silver are both on track for their strongest annual performance since 1979, underscoring how dramatically market dynamics have shifted in favour of precious metals this year. 

Dalal Street Witnesses Significant Losses As Sensex Declines Over 312 Points, Nifty Tests 26K

The Indian benchmark indices observed significant losses on Monday as the Sensex declined over 312 points to close at 84,728.92 and the Nifty fell more than 90 points to end trade at 25,951.90.  In the 30-share BSE Sensex, among the top gaining stocks were stocks such as Tata Steel, Asian Paint, Hindustan Unilever, Eternal and NTPC. Meanwhile, the laggards included stocks like the State Bank of India, Sun Pharmaceuticals, Kotak Bank, Bajaj Finance and TechMahindra. In the broader markets, Nifty Smallcap 50 declined 0.87 per cent. Sectorally, the Nifty IT index fell 0.75 per cent. During early morning trade, the Sensex started trading below 85,150, climbing close to 100 points, while the Nifty50 opened at nearly 26,100, rising more than 30 points, at 9:15 AM.  Previously, on Friday, the Sensex declined 367.25 points, or 0.43 per cent, to close at 85,041.45. The Nifty slipped 99.80 points, or 0.38 per cent, to settle at 26,042.30. Global Markets  Asian equities opened mostly higher, with South Korea’s Kospi, China’s Shanghai SSE Composite and Hong Kong’s Hang Seng trading in the green. In contrast, Japan’s Nikkei 225 was quoted lower. Wall Street ended the previous session on a flat note on Friday. Foreign Investors And Commodities Foreign Institutional Investors (FIIs) were net sellers, offloading equities worth Rs 317.56 crore on Friday. Meanwhile, Domestic Institutional Investors (DIIs) remained net buyers, purchasing stocks worth Rs 1,772.56 crore, as per exchange data. Brent crude, the global oil benchmark, rose 1.04 per cent to USD 61.27 per barrel. Markets Poised For Range-Bound Year-End Trade With only a few trading sessions left in the year, Indian equity markets are expected to move in a consolidation phase rather than witness sharp directional swings. Market participants noted that persistent foreign fund outflows may continue to fuel volatility, even as overall direction remains unclear. In the holiday-truncated week that just ended, the Sensex advanced 112.09 points, or 0.13 per cent, while the Nifty added 75.90 points, or 0.29 per cent, indicating cautious optimism amid bouts of profit-taking.

'I'm really tough on myself': Smriti Mandhana

Smriti Mandhana returned to form with a prolific innings in the fourth T20I against Sri Lanka in Trivandrum on Sunday, after modest returns in the first three matches. She struck a fluent 80 off 48 balls, reaching the landmark of 10,000 international runs in the process. The feat made her the fastest woman cricketer to get there and only the fourth overall, alongside Charlotte Edwards, Mithali Raj and Suzie Bates.

Hollywood in India, 2025: A new playbook

Hollywood films in India are experiencing a strong comeback in 2025, nearing 2019 collection peaks. Blockbusters like Avatar and Mission: Impossible, alongside niche successes like F1, highlight the demand for "special" cinematic experiences. Localization and genre diversity are key, as superhero films face a reality check, proving that great storytelling remains paramount.

Salman to fans: 'Your love n good wishes mean a lot'

Bollywood icon Salman Khan marked his 60th birthday with a private celebration at his Panvel farmhouse, attended by family and close friends including Sanjay Dutt and MS Dhoni. Khan expressed gratitude for the outpouring of love and good wishes from fans and industry peers. He also surprised fans with the teaser release of his upcoming film, 'Battle of Galwan'.

Nandamuri Balakrishna’s'Akhanda 2' OTT release

Nandamuri Balakrishna's 'Akhanda 2' is reportedly heading to Netflix on January 9, 2026, following its theatrical run. The fantasy action drama, directed by Boyapati Srinu, sees Balakrishna reprise his iconic role, with Aadhi Pinisetty joining as the antagonist. This OTT release is expected to boost interest in the popular franchise, with 'Jai Akhanda' already announced as the next installment.

Which Crypto To Buy While BTC Is Stalling Around $85K

When Bitcoin (BTC) pauses near major price levels, attention often shifts toward emerging opportunities that are not yet tied to short-term market swings. As BTC hovers around $85K, many investors are actively scanning for a new crypto that combines early-stage pricing with real utility. This phase of the market often favors projects still in development, where value is driven more by structure and roadmap progress than by daily crypto prices. One project that fits this moment is Mutuum Finance (MUTM), which is currently in presale phase 6 and drawing growing interest from long-term focused participants. Presale Metrics: Just 2% Available at $0.035 Right after this renewed market focus, Mutuum Finance (MUTM)’s presale metrics stand out clearly. The project has a total supply of 4 billion tokens. Across all presale phases combined, around $19.45 million has already been generated, reflecting steady demand rather than sudden spikes. The current price in phase 6 is set at $0.035, with over 18,600 holders participating across all phases. What adds urgency is that 98% of the 170 million tokens allocated to this phase are already sold out. This places the project at a decisive point, especially since the next phase will introduce a 15% price increase to $0.040. With the recent update allowing users to purchase MUTM using a card with no purchase limits, access has widened just as availability tightens. Early participation has already shown clear numerical advantages. An investor who committed $8,000 during phase 3 at a price of $0.02 secured 400,000 MUTM tokens. At the current phase 6 price of $0.035, that holding reflects a value of $14,000. When the next phase price of $0.040 is reached, the same holding reflects $16,000. This progression highlights how structured presale pricing rewards early conviction while Bitcoin (BTC) remains range-bound. The legitimacy of the presale is also a critical factor at a time when trust matters. The team behind Mutuum Finance (MUTM) has been active since early 2025 and has consistently followed its roadmap while delivering milestones on schedule. Timely execution, an upcoming launch of a fully functional protocol, and steady organic community growth distinguish the project from the rug-pull patterns that still damage confidence across the market. This positioning matters even more when Bitcoin (BTC) is consolidating and investors are selectively reallocating capital. Why Mutuum Finance (MUTM) Stands Out During a Bitcoin (BTC) Pause Mutuum Finance (MUTM) is being developed as a decentralized lending and borrowing protocol built around two complementary models. This dual structure gives the project depth beyond simple token speculation, which is why it is increasingly discussed when traders look beyond Bitcoin (BTC) dominance. The Peer-to-Contract model is designed for users who want simplicity and automation. Through this structure, stablecoins such as USDT will be locked into liquidity pools backed by smart contracts. In return, users will earn passive income automatically, without the need for manual oversight. This approach focuses on efficiency and security, offering a clear use case for capital that might otherwise sit idle during periods when crypto prices lack strong direction. Alongside this, the Peer-to-Peer model allows direct lending agreements between individuals without intermediaries. Users will be able to define custom loan conditions and terms, offering flexibility that traditional systems do not provide. This model appeals to participants who value confidentiality and control, especially in private financial arrangements. Together, these two models are designed to generate competitive yields and attract a wide range of users, from DeFi-native investors to those cautiously exploring alternatives while Bitcoin (BTC) consolidates. Growth Drivers That Align With the Current Market Cycle One of the strongest selling angles for Mutuum Finance (MUTM) during a Bitcoin (BTC) stall is its planned timing. The platform and token are expected to launch simultaneously. This synchronized approach means that once the token becomes tradable, a live product will already be available. Users will immediately be able to engage with lending and borrowing features, rather than waiting months for utility to arrive. This structure also supports visibility on Tier-1 and Tier-2 exchanges, as working platforms often meet listing requirements faster. With live modules available from day one, trading activity and protocol usage will reinforce each other. Users will be able to explore dual lending models and stake mtTokens for rewards immediately, giving MUTM organic demand from its first days on the market. Beyond launch, Mutuum Finance (MUTM) is structured around long-term utility. Its roadmap includes an over-collateralized stablecoin system that will allow users to mint a decentralized one-dollar-pegged asset by locking collateral such as ETH, SOL, or AVAX. Each minting and repayment action will generate transaction flow within the ecosystem, directly tying activity to the use of MUTM. As more features are introduced, the token’s role will expand across lending, borrowing, and staking, supporting sustained on-chain demand independent of broader market cycles. Another layer of value comes from the project’s buy-and-distribute mechanism. Part of the revenue generated through borrowing fees and platform activity will be used to buy MUTM tokens from the open market. These tokens will then be distributed to users who stake mtTokens. This system is designed to reward long-term participation while introducing consistent buy-side pressure as platform usage grows. In a market where many assets rely purely on speculation, this revenue-linked structure offers a different growth narrative. On the development side, Mutuum Finance (MUTM) has announced the build of its lending and borrowing protocol, with V1 planned for the Sepolia Testnet in Q4 2025. Core components will include liquidity pools, mtTokens, debt tokens, and a liquidator bot, with ETH and USDT as the initial assets for lending, borrowing, and collateral. This technical roadmap reinforces the project’s focus on functionality rather than hype. As Bitcoin (BTC) stalls and capital looks for direction, Mutuum Finance (MUTM) presents a clear alternative narrative. Phase 6 is already 98% sold out, and the move to $0.040 in the next phase is locked in. This is the final window to access MUTM at $0.035. Adding to the momentum, the project is running a $100,000 giveaway to support community growth, with ten winners set to receive $10,000 worth of MUTM tokens each. For those evaluating which crypto to buy during a period of Bitcoin (BTC) consolidation, Mutuum Finance (MUTM) stands out as a structured, utility-driven option with time-sensitive entry conditions. For more information about Mutuum Finance (MUTM) visit the links below: Website: https://www.mutuum.com Linktree: https://linktr.ee/mutuumfinance Disclaimer: This is a sponsored article. ABP Network Pvt. Ltd. and/or ABP Live do not endorse/subscribe to its contents and/or views expressed herein. Crypto products and NFTs are unregulated and can be highly risky. There may be no regulatory recourse for any loss from such transactions. Cryptocurrency is not a legal tender and is subject to market risks. Readers are advised to seek expert advice and read offer document(s) along with related important literature on the subject carefully before making any kind of investment whatsoever. Cryptocurrency market predictions are speculative and any investment made shall be at the sole cost and risk of the readers.

Saudi Arabia suspends Umrah company after pilgrims arrive without promised accommodation

Saudi Arabia has suspended an Umrah company and its overseas agent after pilgrims arrived without the accommodation promised in approved contracts. The Ministry of Hajj and Umrah said the violation breached regulations governing services at the Two Holy Mosques. The move reflects tighter enforcement as Umrah numbers surge and visa approvals become increasingly tied to verified bookings through official platforms.

New Year 2026: 8 Micro Wellness Habits That Can Transform Your Health

{By: Jeevan Kasara} Wellness doesn’t always require complex routines or expensive interventions. Small, science-backed habits, known as micro wellness habits, can make a huge difference, and when performed consistently, greatly impact your overall health. These micro adjustments take little effort to include in your daily life and improve both your mental and physical wellness. ALSO READ: Looking Ahead 2026: Will This Be The Year We Finally Stop Believing In Rapid Weight-Loss Diets? 1. Stay Hydrated (Image Source: ABPLIVE AI) Water keeps kidneys, tummies, and your circulation system functioning. Mild dehydration can leave you fatigued wi,th headache and unable to concentrate. So, keep a water bottle near and take sips to maintain proper hydration and good organ functioning. 2. Prioritise Sleep (Image Source: ABPLIVE AI) Sleep contributes to mental clarity, hormone balance, and a stronger immune system. It is also really important to your mental and physical wellness. Shooting for a bed time that is about 15-30 minutes earlier than you usually go to bed is a great idea, as is establishing a screen-free time for yourself in the lead up to bed. 3. Move Frequently (Image Source: ABPLIVE AI) Numerous health risks like diabetes, heart disease, obesity are associated with a sedentary lifestyle. To combat this, it is vital to include some tiny movement breaks throughout the day; anything to get your blood circulating and your joints moving is best, like a quick 5 to 10 minute stretch or light walk. 4. Practice Mindful Breathing (Image Source: ABPLIVE AI) When someone focuses on their breathing slowly, they pull in less oxygen. This helps lower stress on the body by slowing the heart rate and lowering cortisol. Spending 2 to 3 minutes concentrating on breathing all the way from the abdomen is certainly helpful in relieving stress while increasing the ability to stay on task. 5. Limit Screen Overload (Image Source: ABPLIVE AI) The 20-20-20 rule - Every 20 minutes, take a 20 second break to look at something that is at least 20 feet away. This helps reduce eye strain and can aid in sleeping better and lowering anxiety. Also, it can help increase focus and concentration. 6. Incorporate Gratitude Or Mindfulness (Image Source: ABPLIVE AI) After recognising and appreciating something, take a few minutes to reflect. This can help with mental and immune health. For instance, try jotting down one thing you are grateful for daily or at least on a regular basis. 7. Choose Nutrient-Rich Snacks (Image Source: ABPLIVE AI) Eating snacks such as nuts, yogurt, and fruits helps increase nutrients and vitamins as they are not processed. This helps with gut health and overall health by lowering the chances of chronic conditions and increasing metabolism. 8. Micro Relaxation And Aromatherapy (Image Source: ABPLIVE AI) Certain essential oils, such as lavender and eucalyptus, have properties that can elevate mood, boost sleep quality, and alleviate anxiety. A simple, intentional breath of these oils can even relax the mind. These habits may be small on their own, but their effects can change the way someone feels day-to-day. Micro wellness habits have proven to be sustainable, practical, and evidenced based, and show that tiny choices made consistently can really change the way someone feels physically and mentally. The author, Jeevan Kasara, is the Chairman, Steris Healthcare.

What Is The New Crypto Coin For Atleast 5x in January?

The search for a new cryptocurrency with strong upside has intensified as January approaches. Many traders now look beyond short-term hype and focus on projects that combine clear structure, steady demand, and long-term utility. When scanning crypto charts for early-stage opportunities, presales often stand out because they offer defined entry prices and visible growth paths. One project that fits this profile is Mutuum Finance (MUTM), a DeFi protocol currently in presale phase 6 and positioned for its next stage of expansion. Presale Structure and Early Momentum Behind Mutuum Finance (MUTM) Mutuum Finance (MUTM) has a fixed total supply of 4 billion tokens. Out of this, 45.5% was allocated to the presale, equal to around 1.82 billion tokens. The presale was divided into multiple phases, each with a clear price point. This step-by-step model allowed early participants to enter at lower prices while reflecting rising demand as participation grew. The presale began in early 2025 at $0.01 per token. Instead of sharp jumps, the price increased gradually by around 10–20% per phase. This predictable structure helped build confidence and reduced sudden volatility. Phase 6 is now 99% concluded, with the current token price at $0.035 and allocations almost fully taken. More than 18,600 holders have already participated across the presale phases, showing broad interest rather than reliance on a small group of buyers. Accessibility also played a role in this growth. Participants were able to join using both crypto and card payments, opening the door to a wider audience. With Phase 6 nearly sold out, the project is preparing for the next phase of its roadmap, where token distribution will continue at a higher price level. For those tracking crypto charts for early entries, this steady rise from $0.01 to $0.035 highlights a clear demand trend rather than a one-time spike. Mutuum Finance (MUTM) Model and Protocol Development At its core, Mutuum Finance (MUTM) is being built around a dual lending model that combines peer-to-contract and peer-to-peer lending. This design will allow users to lend assets into shared liquidity pools or interact directly with other users, depending on their preferences. This flexibility is designed to serve different risk profiles while keeping liquidity active across the system. The team has confirmed through its official X account that the V1 of the protocol is set to launch on the Sepolia Testnet in Q4 2025. This first release will introduce the platform’s base infrastructure, including the liquidity pool, mtToken and debt-token systems, and an automated liquidation bot. ETH and USDT will be used as collateral in this stage, allowing users to participate in lending and borrowing while the protocol operates in a controlled test environment. Launching on a testnet first will allow early interaction, transparency, and feedback, which supports stronger engagement before the mainnet phase and reinforces long-term demand for the MUTM token. Security is another layer strengthening confidence. The team recently announced that an independent audit by Halborn Security is underway for the lending and borrowing smart contracts. With the code finalized, this review is designed to test for vulnerabilities and confirm correct behavior. A professionally validated audit reduces risk and reinforces trust, which is essential for a DeFi protocol aiming for sustained usage rather than short-lived attention. What Makes 5X Realistic One major growth driver for Mutuum Finance (MUTM) is its planned decentralized stablecoin. This stablecoin will always aim to maintain a $1 value and will only be minted when users borrow against collateral such as ETH. It will be burned once loans are repaid or liquidated. Only approved issuers will be allowed to mint it, each with defined limits to manage risk. Interest rates will be governed by Mutuum’s system and adjusted to keep the price close to $1, supported by arbitrage and overcollateralized loans. This stablecoin will act as a central engine for Mutuum’s dual lending markets. By keeping borrowing and lending activity within the ecosystem, it will create recurring usage and steady liquidity flows. Stablecoins are widely used across DeFi, and an overcollateralized, well-governed version is expected to drive consistent demand that feeds back into the MUTM token economy. Another key driver is price discovery. Mutuum Finance (MUTM) is designed to rely on robust oracle infrastructure, with plans to use Chainlink data feeds for accurate asset pricing. These feeds can return values in USD and native assets, supporting flexible integration across chains. The roadmap also includes fallback oracles, aggregated data sources, and on-chain metrics such as time-weighted average prices from decentralized exchanges. Reliable pricing reduces the risk of incorrect liquidations and manipulation. This reliability encourages larger and longer-term positions, which supports steady fee generation and treasury growth tied to MUTM’s economic role. When these elements work together, the cycle becomes clear. Secure contracts and reliable pricing build trust. Trust increases usage in lending, borrowing, and stablecoin activity. Higher usage keeps liquidity active and fees flowing through the system. This ongoing activity reinforces demand for the MUTM token as the platform moves through its roadmap. Final Verdict: Why MUTM Is Drawing Attention for January For anyone asking what is the new crypto coin is for at least 5x in January, Mutuum Finance (MUTM) stands out due to timing, structure, and clear growth drivers. Phase 6 of the presale is already 99% sold out at $0.035, reflecting strong participation and limited remaining supply at this level. The next presale phase is set to move the price higher, with a planned increase of around 15% to $0.040. Missing Phase 6 means entering at a higher price, while securing tokens now aligns with the project’s next stage of growth as January approaches. For more information about Mutuum Finance (MUTM) visit the links below: Website: https://www.mutuum.com Linktree: https://linktr.ee/mutuumfinance Disclaimer: This is a sponsored article. ABP Network Pvt. Ltd. and/or ABP Live do not endorse/subscribe to its contents and/or views expressed herein. Crypto products and NFTs are unregulated and can be highly risky. There may be no regulatory recourse for any loss from such transactions. Cryptocurrency is not a legal tender and is subject to market risks. Readers are advised to seek expert advice and read offer document(s) along with related important literature on the subject carefully before making any kind of investment whatsoever. Cryptocurrency market predictions are speculative and any investment made shall be at the sole cost and risk of the readers.

Looking Back 2025: Small-Cap Stocks Stumble As Gold, Silver Take The Lead

India’s once‑red‑hot small‑cap stocks have emerged as one of the weakest performers of 2025, sharply contrasting with the stellar run seen in precious metals such as gold and silver.  The BSE SmallCap index has underperformed nearly every major global asset class this year, reflecting a decisive shift in investor sentiment away from riskier equities towards perceived safe havens. After two back‑to‑back blockbuster years, India’s small‑cap segment has lost significant ground in 2025. The BSE SmallCap index is down more than 11 per cent in dollar terms so far this year, marking its steepest annual decline in three years, revealed an analysis by Bloomberg. This reversal follows a surge of over 47 per cent in 2023 and a further 26 per cent rally in 2024, when retail participation and liquidity were abundant. By comparison, India’s frontline indices have delivered only modest gains in 2025. Both the Sensex and the Nifty have risen by around 5 per cent each, underscoring how sharply small‑caps have lagged even within domestic equities, reported Moneycontrol. Why small‑caps struggled in 2025 Several factors have converged to weigh on the small‑cap universe. Elevated valuations left little room for disappointment, while earnings growth failed to keep pace with expectations. Thin liquidity amplified price swings, making the segment particularly vulnerable when sentiment turned cautious. The sell‑off also coincided with a weakening rupee, uncertainty surrounding India’s trade negotiations with the US, and sustained foreign portfolio outflows. Together, these factors triggered a broader risk‑off reaction in the market. Adding to the pressure was a crowded initial public offering pipeline, which diverted incremental liquidity towards new listings and large‑cap stocks. In a global environment marked by risk aversion, investors increasingly preferred stability over speculative growth, leaving small‑caps on the sidelines. Damage runs deep across the index The breadth of the correction highlights the depth of the pain in the segment. Nearly 90 per cent of stocks in the BSE SmallCap index are trading below their 52‑week highs, the analysis revealed. About 10 per cent of constituents have fallen between 50 and 90 per cent from their peaks, while another 81 per cent are down 10-50 per cent. Notably, this weakness has persisted even as large‑cap indices touched record highs, reinforcing concerns that the recovery in small‑caps may take longer. Market participants do not expect a swift turnaround. Experts say the challenges facing small‑caps - stretched balance sheets, uneven earnings visibility and selective liquidity - could continue to weigh on the segment well into 2026. Beyond India, a handful of other assets also disappointed investors in 2025. The Philippines’ PSEi index declined more than 9 per cent, while Bitcoin slipped over 5 per cent. India’s BSE MidCap index and Indonesia’s Jakarta Composite also ended the year in negative territory, down 4 per cent and 0.4 per cent, respectively. Precious metals shine amid global uncertainty While small‑caps struggled, precious metals dominated global performance tables in 2025. Gold and silver emerged as the standout asset classes as escalating geopolitical tensions and expectations of further interest‑rate cuts boosted demand for safe havens. Silver surged an extraordinary 142 per cent during the year, while gold jumped 72 per cent, putting both metals on track for their strongest annual performance since 1979. The rally has been underpinned by aggressive central bank buying and steady inflows into exchange‑traded funds. According to World Gold Council data, holdings in gold‑backed ETFs increased in every month of 2025 except May, highlighting sustained investor interest. Political uncertainty also added momentum. US President Donald Trump’s push to reshape global trade and his criticism of the Federal Reserve’s independence further fuelled safe‑haven demand. Silver’s gains were amplified by speculative inflows and lingering supply disruptions following a historic short squeeze in October. What lies ahead for gold and silver Looking ahead, analysts expect the rally in precious metals to continue. Goldman Sachs has raised its 2026 year‑end gold price target to $4,900 per ounce, citing robust central bank demand and ETF inflows. Deutsche Bank has also upgraded its outlook, projecting gold prices at $4,450 per ounce in 2026. For silver, experts believe strong industrial demand, limited supply and supportive macro trends could drive additional gains of 15–20 per cent next year. Interestingly, the dominance of gold and silver in 2025 has overshadowed Bitcoin, which had led performance charts for much of the past decade. Historically, Bitcoin has underperformed only in 2014, 2018 and 2022. Its weakness in 2025 has been linked to heavy ETF redemptions and a renewed investor focus on artificial‑intelligence‑linked equities.