Gold & Silver Afternoon Update 11/3/2025
A very disappointing performance from the precious metal bulls to round out this Monday. They had every opportunity to break gold prices above the overnight high with some USD sales following the weaker-than-expected ISM Manufacturing headline, but they didn’t show up for 20mins after the release. Aggressive algo selling then hammered all the metals lower with a crypto-plunge-driven stock market decline into 10:30amET. While the S&Ps and Bitcoin largely recovered their losses into mid-day, the gold market then decided to worry about ever rising US yields again, which seemed to be driven by inflation fear mongering from the likes of Goolsbee, Daly and Cook over the next 4hrs. It’s quite clear at this point that the precious metals are being attacked from all angles; the minor bounces we’ve been getting feels like the bears taking profit more than anything else. The absence of bullish flow when it counts (near last Wednesday’s high) has been a problem on four occasions since then, and I feel like another serious leg lower for the precious metals now beckons the longer the bulls let themselves be freaked out over this manipulated move higher in rates from Powell & company. The fundamental reason for owning gold is still valid (sanction-proof hedge against a slowly crumbling Western financial system), the excessive PGM and silver speculation from October (that drove unwarranted gold outperformance) has now been corrected, and there’s no evidence yet of the US labour market getting demonstrably better.
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