What’s Up w/Stocks, Cryptos, Gold & Silver? June 1st, 2026
Iran remains in focus entering this week.
Bottom Line: My first rule of money... Never let your money and emotions cross paths. This story is a weekly wake-up call to show you the near-worst-case scenario for stocks and crypto. Why? So, you can plan your financial future with a cool head, not a racing pulse. The odds of a near-worst case outcome almost certainly won’t happen, however if your plan accounts for it – it can help you manage even the most trying markets like what we’ve experienced this year.
The US stock market is history’s ultimate wealth-building beast. Crypto? It’s minted millionaires from early believers. Fact: Over 90% of the time, investors who try to “time” the market end up poorer than if they just stuck to their original investments. This is about dodging that trap.
Here’s how the big three indexes have fared in 2026:
- DOW: +5% (+1% last week)
- S&P 500: +11% (+1% last week)
- Nasdaq: +16% (+2% last week)
Meanwhile, crypto currencies continued their multi-year bear market, with dramatic double-digit declines year-to-date for the second consecutive year. Many institutional investors have reduced or eliminated positions as the thesis that Bitcoin is “digital gold” and Ether is “digital silver”, during times of uncertainty has failed.
- Bitcoin: -17% 2026 (-3% last week)
- Ether: -33% in 2026 (-3% last week)
- BitwiseETF (Top 10 cryptos): -23% in 2026 (-5% last week)
As for precious metals – the best performing asset class over the prior couple of years – both were losers over the past week though they remain the best performers year-to-date.
- Gold: +6% 2026 (+1% last week)
- Silver: +8% in 2026 (-2% last week)
Last week was a more of everything week for stocks filled with optimism and record highs for the major stock indexes – while cryptos continued their massive muti-year underperformance and gold and silver took a breather once again. The just concluded month was the best May for stocks in 36 years, putting into context the strength of the rally.
The optimism around stocks has had a consistent theme... 1) Belief that the AI driven economy continues to be so powerful investors can look past perceived short-term inflation and related economic concerns and... 2) Hope for a peace deal with Iran to reopen the Strait of Hormuz - this as news of President Trump staying in Washington over the weekend to make a ‘final determination’ on a potential Iran deal was in focus.
A major storyline has continued to be the price of oil which continued to move lower as stocks continued to move higher. WTI crude was off another $5 per barrel to close last week in the $87 per barrel range, which is the lowest price in six weeks (April 17th). Since the second week of the Iran conflict the range for the price of oil has been $80 on the low end and $115 on the high end. Current pricing reflects the extent to which oil traders believe that resolution to reopen the Strait of Hormuz is nearly at hand.
Many have compared the record run for AI-related companies to the dot com bubble. That type of outcome is unlikely because the companies involved are real companies producing real products as opposed to unproven concepts with dot com attached to their names – however the speed of the runup of many names is similar. Importantly, earnings have been terrific.
As of Friday, with the conclusion of earnings season, companies had reported earnings growth of 29% year-over-year, the largest gain in earnings dating back to 2021 when companies began to rebound from COVID-era lockdowns. It’s proving to be a historically great quarterly reporting period. This has allowed investors to look past the current economic headwinds.
Now for valuation calculations... Here’s a look at where they stand. I can’t value cryptos because they have no inherent value. Stocks, though? They have businesses backing them. Let’s break down the S&P 500:
- Current P/E: 32.67
- Historic Avg. P/E: 16.22
Translation: On earnings alone, the maximum downside risk is a 50% drop from here, flat with a week ago, as stock prices advanced at the same pace as fundamentals. The market has equaled its risk adjusted highs, as it’s priced at the highest multiple of the current bull market cycle.
So, What’s Your Move?
If a 50% dip wouldn’t derail your life, you’re probably golden. If it would? Time to call a pro and build a plan that doesn’t leave you sweating bullets—or making mistakes.