Gold & Silver Afternoon Update 10/9/2025 | The Bregar Minute
A rough rest of the day in precious metal land, with more S&P and palladium market selling leading the next leg lower for gold & silver around 11:20amET. Uncannily, this was the same time the spot-December silver backwardation (an indicative way of tracking this morning’s exploding silver lease rates) peaked at $2.70 for the day. Massive gold futures buying at the COMEX close, and a bounce for stocks during the final hour of trade, stemmed the slide for all the metals this afternoon; and with NY closing prints now on the way well above the COMEX closing ranges and with today closing S&P / palladium daily candlestick patterns looking neutral at best, I think there’s a chance the precious could bounce further overnight. Question now is whether or not Chinese investors buy again tonight after getting hurt today. Tomorrow’s calendar features the Canadian employment numbers for September and the preliminary Michigan Consumer Sentiment & Inflation Expectation figures for October.
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