Gold & Silver Afternoon Update 11/26/2025 | The Bregar Minute
An impressive rest of the day for silver and the PGMs, largely because of the USD reversal lower during the 9amET hour, following an awful looking November Chicago PMI report. Stocks and Bitcoin soon followed with strong rallies, adding further fuel to the advance for the risk-sensitive white metals. Gold lagged however, and was unable to seriously rechallenge its overnight high (much like bonds), and to be fair the Fed Funds futures curve didn’t demonstrably add to 2026 rate cut expectations. I guess the fixed income marketplace, unlike the stock and FX markets, was a little more skeptical that the poor Chicago data would manifest into an equally as bad November ISM report come next Monday. Today’s upcoming NY closing prints look like they’ll be little soft (modestly below the COMEX closing range for gold after twice failing to regain it, and silver giving up the gain above its COMEX closing range), and so I think we could see some downside precious metal consolidation into tomorrow. However, I don’t suspect it will last very long because the two-day US Thanksgiving / Black Friday holiday period is seasonally good for the S&P futures.
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