Gold & Silver Afternoon Update 10/29/2025 | The Bregar Minute
An awful rest of the day for the precious metals, due to three aggressive algo sell programs during the 9amET hour, bulls chickening out into the London close, and the bears attacking this afternoon when Powell pushed back on the 85% odds for a December rate cut by saying “it is far from assured”. This looked rehearsed and lacked any supporting evidence, and the best reporters could ultimately get from the Fed chairman after asking him repeatedly was a lame “driving in the fog” excuse due to the US government shutdown. So, there was enough private sector economic data to arrive at today’s rate cut decision, but now all of sudden the private data won’t be helpful for December? Powell even started his press conference by saying “data available suggests the outlook for employment and inflation has not changed much since the September meeting”, which is not good news. There was absolutely no reason to lean into December Fed funds futures pricing…this was blatant market manipulation in my opinion and further discredits Powell.
While the stock market rightfully brushed off this Fed meeting, the bond & FX markets fell for it hook line and sinker by rocketing US yields and the USD higher, and with gold now collapsing below its 55hr moving average as a result to finish the day, I fear the bears are once again back in charge going into overnight trade. I think the best the precious metal bulls can hope for into tomorrow is investment bank commentary that calls out Powell like I’ve done. The upcoming expected policy holds from the Bank of Japan (tonight) and the ECB (tomorrow) should be non-events.
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