Gold & Silver Afternoon Update 11/12/2025 | The Bregar Minute
A glorious rest of the day for the precious metals, thanks in large part to the surprise 10amET announcement that Atlanta Fed President Bostic would be retiring in February 2026. This technically opens the door for Trump to appoint another dovish FOMC member, which is a huge development, and so it was pretty much one-way traffic for gold, silver, platinum, and palladium into the COMEX closes as the USD reversed lower. This news completely overshadowed an extremely noisy, but largely inconsequential, headline barrage from various Fed members, Treasury Secretary Bessent, and White House press secretary Leavitt.
What felt like huge gold & silver short covering from the leveraged funds into the COMEX closes marked session highs, and we’ve since been meandering below those ranges. To me this is completely rational after today’s run, and suggests some downside consolidation could be in order into tomorrow. It will be really interesting to see what Chinese gold market participants do tonight. Do they chase after missing out today, shun again like they did last night, or engineer a little sell-stop hunt so that they can then pick up the pieces?
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