Gold & Silver Afternoon Update 10/15/2025 | The Bregar Minute
A very strong rest of NY trade for the precious metals, thanks to a 1% bounce off session lows for the stock market this afternoon. What was remarkable was gold & silver’s ability to withstand 3hrs of S&P selling that knocked stocks 1.7% off session highs beforehand. Silver’s spot-December backwardation eased from $1.30 at the COMEX open to $0.60, implying that even more metal is making its way to London, but the underlying market is still largely taking its directional cues from the stock and palladium markets. Gold followed silver and stocks higher; completely ignoring today’s bounce for US yields. One could argue the Fed’s Beige Book report was mildly supportive for risk sentiment because it said economic activity was little changed (in other words, not better versus what Fed officials have been saying of late). With gold & silver now looking set to finish NY trade comfortably above their COMEX closing ranges, with the December silver futures now challenging yesterday’s highs, and with the stock market now pressing up against yesterday’s highs, there’s technical scope for the rampant risk-taking party to continue into tomorrow.
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