Gold & Silver Afternoon Update 11/17/2025 | The Bregar Minute
A miserable rest of the day for the precious metals, with Friday’s lows indeed giving way earlier on following this morning’s breakdowns below the COMEX opening ranges. Can’t say that hawkish Fed-speak was the trigger for that this time around (Jefferson actually thought upside risks to inflation had “declined somewhat”); instead we saw a hard-to-explain crypto / stock market selloff starting around 12:30pmET knock everything lower. It’s understandable that the risk sensitive silver & PGM markets continue to underperform with falling equities since last Thursday, but the fact that safe-haven gold is the baby that keeps getting thrown out with the bathwater is deeply concerning. Waller’s dovish comments around 3:30pmET (supporting a December rate cut, citing a weak labor market and anchored inflation expectations) helped stocks and the precious metals avoid disaster in the end today because the Friday lows have been narrowly regained. It’s now imperative for the bulls that Chinese gold market participants (who were absent last night) come back in tonight to keep this bounce going, because a re-loss of Friday’s lows (on a daily closing basis) would technically open up another bearish attack into the 55day moving average.
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