Gold & Silver Afternoon Update 10/6/2025 | The Bregar Minute
An amazingly strong rest of the day for gold, thanks to palladium’s continued ascent to +6% on the day and thanks to the +0.5% rally off session lows for the S&Ps. While I’m a bull, the fact that gold is increasingly benefiting from rampant risk-on speculation in global equity and illiquid industrial metal markets, and paying less & less attention to dollar and interest-rate driven flows, is concerning. At some point the stock market and industrial metal parties will end, and I fear the algorithms will take (what’s supposed to be safe-haven) gold down with it. We saw some cracks start to emerge in platinum today; giving up most of its palladium-induced rally from the 9amET hour and now about to finish the day below its COMEX closing range. Copper also pulled back 1.5% in NY trade. I think this is why silver chopped around and underperformed gold for the rest of the day. With the calendar still incredibly quiet and with China still on holiday tonight, I wouldn’t be surprised if the precious metals take their cue from Nikkei & Hang Seng flows tonight. Can’t believe I’m saying this.
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