Gold & Silver Afternoon Update 11/4/2025
A miserable rest of the day for the precious metal bulls. They showed no interest in defending the overnight lows in gold, and so more aggressive metal algo selling smashed prices into last Wednesday’s lows at the S&P cash open. A brief pullback for US yields into the London close helped gold bounce, and platinum’s spike back above its COMEX opening range into mid-day miraculously helped palladium and silver to do the same, but it was short-lived partly because gold could barely regain its overnight low as US yields firmed again. The collapse for all the precious metals alongside that of Bitcoin since 12pmET has been downright diabolical. In no way are these asset classes the same, but if the bulls let the bears run riot with this new correlation, then I fear we’re in big trouble. The “I’m afraid of hawkish Powell” bond market didn’t downtick US yields one bit during this crypto plunge, further fueling a “how come safe-havens aren’t working” anxiety in gold. Today’s upcoming NY closing prints are going to look downright awful (well below the COMEX closing ranges and near session lows), which unfortunately foreshadows more pain ahead into tomorrow.
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