Markets opened the week with a weaker US dollar and sharp gains in gold and silver. Precious metals broke key levels, with gold rising as high USD 5,100 and silver to over USD 112 an ounce. Equities and bonds were relatively calm, but global stocks are still near record highs. China’s annual industrial profits rose for the first time since 2021 and India and the EU announce a trade deal. Energy prices are being supported by cold weather in the US and geopolitics. Manuel Villegas from Next Generation Research discusses stablecoins and the broader crypto backdrop.