Mechanical stiffness, as opposed to softness, is a fundamental property of solids. Its persistence or rheological evolution in vibrating solid-solid nanocontacts is important in physics, materials science and technology. A puzzling apparent liquefaction under oscillatory strain, totally unexpected at room temperature, was suggested by recent experiments on solid gold nano-junctions. Here we show theoretically that realistically simulated nanocontacts actually remain crystalline even under large oscillatory strains. Tensile and compressive slips, respectively of “necking” and “bellying” types, do take place, but recover reversibly even during fast oscillatory cycles. We also show that, counterintuitively, the residual stress remains tensile after both slips, driving the averaged stiffness from positive to negative, thus superficially mimicking a liquid’s. Unlike a liquid, however, rheological softening occurs by stick-slip, predicting largely frequency independent stiffness with violent noise in stress and conductance, properties compatible with experiments. The baffling large amplitude rheology of gold nanocontacts and its consequences should apply, with different parameters, to many other metals.