Gold & Silver Afternoon Update 11/24/2025 | The Bregar Minute
A very strong rest of the day for the precious metals, thanks in part to a strong stock & crypto market rally into mid-day. I wouldn’t say there was a specific headline catalyst per-se, but it felt like equity investors finally started to pay attention to Waller’s dovish commentary and the fact he helped bump December rate cut odds back up to 80%. Gold & silver then caught up viciously to the upside this afternoon after December OPEX had passed (almost felt like the marketplace quickly forced option dealers to remove the hedges that had been weighing on prices up until today). Daly’s capitulation in support of a December rate cut was the beautiful icing on the cake later this afternoon. By rights, the bulls should now target the Nov 13 ranges; the day Daly’s unsubstantiated inflation fears unleashed an obnoxious week-long assault of hawkish Fed-speak from her colleagues. To be fair, the rest of the hawks haven’t formally caved yet and we still have four more days of potential Fed-speak to survive until the Fed’s blackout period begins, but today’s bullish NY closing prints (well above the COMEX closing ranges and 55hr moving averages + near session highs) technically opens the door for more precious metal strength. Tomorrow’s economic calendar features the delayed releases of the September US Retail Sales and PPI reports.
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