Global Market Gravity: The Flow of Capital into Safe Assets and Stocks

Early 2026 is a forecast of turbulence. The global financial markets are dancing to the rhythm of geopolitical events, AI development, and conflicting economic signals. All of this is reflected in the massive flow of capital seeking a “new home” to store value.

The US Index Breaks Through Amidst Chaos: From Venezuela News to All-Time High

Surprisingly, amidst the conflict in Latin America, the Dow Jones Industrial Average closed at 49,462.08 points, up 0.99%, signaling an All-Time High for the first time. The S&P 500 and Nasdaq also surged, indicating that global investors still view local politics as insignificant compared to corporate profit trends.

ISM Manufacturing PMI data, which has been contracting at 47.9, is considered “bad news” for the economic outlook but becomes “good news” for the stock market. Investors interpret this as the Federal Reserve needing to ease interest rate policies to support economic growth.

Real gains are evident as AI chip prices remain scarce, according to Jensen Huang of Nvidia, which has driven the semiconductor sector to soar more than 15-17%.

Capital Flows into “Safe” Assets: Gold and Silver Surge

A notable phenomenon is the flood of capital into assets often called “safe.” Gold prices have soared above $4,500 per ounce, and Morgan Stanley has revised its year-end target to $4,800. Even more hotly traded is (Silver), testing close to $80 per ounce.

This situation reveals a gravitational shift in finance, where capital not only rejects risk but also seeks assets with perceived value. The Gold-to-Silver ratio remains wide enough, indicating room for silver to rise further.

Bitcoin and XRP Drive Up Amid Digital Capital Flows

Digital assets are supported by the same capital inflows. Bitcoin remains strong above $96.60K, while XRP at $2.11 per unit is testing a critical technical resistance level for the month. If this level is broken, it could mark a major trend reversal in years.

Digital assets are not driven by arbitrary decisions but by investor behavior seeking a “new old home” for their capital.

Thai Stock Market: A Mix of Selling Pressure and Support

Regarding the Thai market, the SET Index closed at 1,274.75 points, after experiencing profit-taking by institutional investors. Old stocks like AOT and DELTA were pulled down by sell-offs.

However, this is not the end. The energy sector, especially PTTEP, played a supportive role in holding the index, as crude oil prices remain strong.

For Thai investors, current strategies suggest monitoring energy stocks for short-term gains. For long-term wealth accumulation, the tourism sector, represented by (Laggard), and the Data Center sector, riding the global trend, may be better options, as both have yet to attract sufficient investor attention.