Gold & Silver Morning Update 12/2/2025 | The Bregar Minute
A volatile start to the week for the precious metals. Spillover buying momentum from Friday’s incredible +6% surge for silver, and yet more excitement for platinum at the China open, got things off to a great start. However, we then saw gold get hit in three distinct waves over the last 48hrs as global bond markets freaked out over a mere +7bp rise in the Japanese 10yr yield following hawkish comments from BOJ Governor Ueda. Yes, rate hike odds in Japan have now increased for the December meeting, but to knock a safe-haven like gold down on this was a gross overreaction in my opinion, JGBs saw good demand at last night’s auction, and what is more, global stock markets and USDJPY have shrugged off the Japanese carry-trade-unwind fears that were making the rounds. I think this is why we’re now seeing strong demand for gold return after the NY open this morning, despite the ongoing jitters in bonds. Silver has outperformed to start the week thanks to a couple distinct rebounds for the S&P futures (risk sentiment), although this could now be put to the test as the March futures reject yesterday’s COMEX closing range, and as platinum continues to underperform.
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