Gold & Silver Afternoon Update 11/10/2025 | The Bregar Minute
A solid rest of the day for the precious metals, thanks to the Fed’s Miran saying that a 50bp cut in December would be “appropriate”. Of course this is preposterous given where current Fed fund futures pricing is, but seeing as gold & silver fell -0.8% and -1.2% off early NY session highs on equally preposterous inflation worries from Daly and Musalem just two hours earlier, I thought it was fitting that the algos covered their shorts from the COMEX open and for the broader marketplace to respond dovishly by continuing the overnight trend of buying stocks and selling dollars.
While today’s upcoming NY closing prints (mildly below the COMEX closing range for gold and not demonstrably above it for silver) suggest some consolidation might be in order to start Asian trade tonight, I think the fact that both precious metals are pretty much holding all of today’s big gains and finishing on session highs is quite bullish. I still believe there are bulls on the sidelines too (stopped out over the last two weeks) frustrated they missed today’s move…I heard a number of them today in fact and I think this is potential fuel for the next leg higher as well.
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