Gold & Silver Afternoon Update 11/11/2025 | The Bregar Minute
A strange and more volatile rest of the day than I expected for the precious metals, in my opinion because of an unruly PGM selloff into 10:30amET. This smashed silver almost 2% off session highs, and saw gold obnoxiously stop out everybody who bought yesterday afternoon, last night in Asia, and this morning in Europe. This literally made no sense considering that the stock market only weakened modestly into the London close, and considering that the dollar and European bond yields were still depressed following the poor ADP jobs data. The strong +0.6% rally for the S&Ps into 2pmET came to the rescue though, vaulting palladium & silver all the way back up to NY opening levels, but gold frustratingly lagged (only recovered its European AM low) despite continued demand for US treasury futures (implying lower yields when cash bonds reopen tomorrow). With stocks, silver, and palladium now about to finish the day on session highs, I think all three could continue heading higher into tomorrow, and it would therefore stand to reason that gold has some catching up to do, to the upside. Tomorrow’s calendar is laden with Fed-speak, but at least we’ll hear from doves Waller & Miran.
This material is provided strictly for informational purposes and should not be construed as investment, legal, tax, or financial advice. Precious metals and other investments involve risk and may not be suitable for all investors. Past performance is not a guarantee of future results, and market conditions can change without notice. The information presented is believed to be reliable; however, no representation or warranty, express or implied, is made as to its accuracy, completeness, or timeliness. No liability will be accepted for any loss or damages arising from the use of, or reliance on, this material. This publication does not constitute an offer, solicitation, or recommendation to buy or sell any product, security, or investment strategy. Readers should consult with independent financial, legal, tax, and other professional advisors before making investment decisions. All product names, trademarks, and company names mentioned are the property of their respective owners. Reference to them does not imply endorsement.