Bull Run
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About Bull Run coverage
A 'Bull Run' signifies a sustained period of rising asset prices, typically in a market, sector, or specific commodity. It's newsworthy because it represents periods of investor optimism, economic growth, and wealth creation, but also carries the inherent risk of eventual correction. Based on recent reports from late 2025 and early 2026, several distinct bull runs are currently in various stages. Precious metals, particularly gold and copper, have seen significant upward momentum, with copper hitting record highs due to supply deficits and short squeezes, and gold extending its purchasing streak by the People's Bank of China (PBOC). However, there are signals that the gold bull run might be nearing its end, according to some strategists. In equities, Wall Street is exhibiting 'early-cycle fever' despite being three years into a broader bull market, suggesting continued investor enthusiasm and growth expectations for US stocks. Conversely, the bull run in China's stock market appears to be faltering, facing potential headwinds from underwhelming earnings. The longevity of mutual fund bull runs is also a point of discussion, with questions arising about their ability to extend into a fourth year. Political factors are also being cited, with predictions surfacing about a potential end to the stock market's bull run under a specific presidential administration in 2026. This dynamic landscape indicates a nuanced market environment where some assets continue their ascent while others show signs of exhaustion or impending reversal.
Why it matters: Understanding bull runs is critical for investors as they represent periods of significant capital appreciation, but also signal the potential for increased volatility and eventual corrections. For equities, the 'early-cycle fever' on Wall Street, three years into a bull market, indicates continued growth expectations which could drive further gains, particularly in growth-oriented sectors. However, the prediction of a stock market bull run ending under a specific presidential administration introduces a political risk factor that investors must monitor for potential market shifts. The divergence in global equity markets, with China's stock bull run faltering due to expected weak earnings, highlights the importance of geographical diversification and understanding regional economic health. In commodities, the sustained bull run in precious metals like gold, despite slowing PBOC purchases, and the record-breaking surge in copper, driven by structural deficits, point to strong demand-side fundamentals and inflationary pressures. Investors should consider exposure to these commodities as hedges or growth opportunities, but also heed warnings like UBS's about gold's potential peak. The question of mutual funds extending their bull run into a fourth year underscores the need for investors to evaluate fund performance, underlying asset strength, and broader market conditions to make informed decisions about portfolio allocations and risk management. Monitoring these various bull runs, their drivers, and potential turning points, is essential for strategic asset allocation and protecting gains.
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Market Data
(5)Gold’s bull run could be nearing its finish line, says UBS strategist
Gold’s bull run could be nearing its finish line, says UBS strategist
Prediction: The Stock Market's Bull Run Will End Under President Trump in 2026
Prediction: The Stock Market's Bull Run Will End Under President Trump in 2026
China’s Stock Bull Run Falters With Earnings Set to Underwhelm
China’s Stock Bull Run Falters With Earnings Set to Underwhelm
China Central Bank Keeps Buying Gold as Bull Run Hits Brakes
The People's Bank of China (PBOC) has extended its gold purchasing streak for the 18th consecutive month, though the pace of accumulation has slowed as global prices reach record highs. This consistent demand from the world's second-largest economy serves as a critical floor for gold prices, offsetting selling pressure from high interest rates. For investors, the PBOC's actions signal a long-term strategic shift toward diversifying reserves away from the U.S. dollar, a trend mirrored by other emerging market central banks amid heightened geopolitical tensions and global fiscal uncertainty. While the 'bull run' has hit a temporary plateau—largely due to fading expectations for immediate Fed rate cuts—China's persistent buying suggests that institutional support remains robust. The market context is defined by a tug-of-war between 'higher-for-longer' U.S. interest rates, which typically weigh on non-yielding assets, and structural demand from official sectors seeking a 'safe haven.' Investors should watch for the PBOC's sensitivity to price points; a significant pullback in buying volume during price spikes could lead to short-term volatility. Conversely, any acceleration in purchasing despite high prices would signal a more aggressive de-dollarization stance, likely propelling gold toward new psychological resistance levels above $2,400.
Copper Rallies to Record on LME as Base Metals Extend Bull Run
Copper prices have surged to an all-time high on the London Metal Exchange (LME), propelled by a confluence of long-term structural supply deficits and a short-term short squeeze in the COMEX futures market. This rally represents a pivotal moment for industrial metals, often viewed as a barometer for global economic health. Investors are increasingly focusing on copper due to its indispensable role in the clean energy transition, particularly in electric vehicle (EV) manufacturing, renewable energy grids, and the burgeoning infrastructure requirements for AI-driven data centers. While the current price spike is exacerbated by technical positioning and domestic supply constraints in China, the broader context remains the chronic underinvestment in new mining projects over the past decade. This supply-demand imbalance suggests that even if prices retraced slightly from record levels, the floor for copper has likely shifted higher. Moving forward, investors should monitor refined production data from China and potential labor disruptions in South American mines, as these factors will dictate whether this 'bull run' has the legs to reach the $12,000/ton mark predicted by some aggressive Tier-1 investment banks.
Other Sources
(3)Wall Street Catches Early-Cycle Fever Three Years Into Bull Run
Despite being three years into a bull market, Wall Street is exhibiting characteristics typically seen at the beginning of an economic cycle, such as strong growth expectations and investor enthusiasm for riskier assets. This suggests that despite the market's maturity, investors are still anticipating significant further expansion and are positioning themselves for accelerated returns.
US Equity Indexes Trade Mixed While Bull Run in Precious Metals Continues Unabated
U.S. equity markets are experiencing a divergence today, with some indexes gaining and others declining, indicating a lack of overarching directional momentum. Meanwhile, safe-haven assets, particularly precious metals like gold and silver, are maintaining their upward trajectory, suggesting ongoing investor concerns about economic stability or inflation pressures.
Will Mutual Funds Stretch Their Bull Run To Four Years in 2026?
This headline from Yahoo Finance poses a question about the longevity of the current bull run for mutual funds, specifically whether it can extend into a fourth consecutive year by 2026. It implies that mutual funds have experienced significant growth in recent years and that investors are now looking for insights into the sustainability of this positive trend amidst evolving market conditions and economic outlooks.
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