Gold & Silver Afternoon Update 12/11/2025 | The Bregar Minute
A righteous rest of the day for gold, thanks to continued USD selling. This finally encouraged the bulls to trip buy-stop orders above the overnight high (likely forcing out the moronic algos that kept trying to link the safe-haven asset to the stock market), and we then galloped to new session highs when buy-stops above the Dec 1 high were hit. We even saw gold option volatility rise for the time in two weeks, indicating fresh demand for bullish call positions. Price action since the COMEX closes has been a little confusing though. Heavy handed silver and PGM sellers have come in, despite the continued stock market rally this afternoon (producing negative looking NY closing prints below the COMEX closing ranges); but gold has miraculously withstood a hard-to-explain reversal higher for US yields following a good US 30yr bond auction and defended the Dec 1 high as new support. I’d air on the side of caution once again tonight given this yield reversal and the very good possibility for another Chinese yuan pushback from the PBOC (that lifts the broader USD). Tomorrow morning’s calendar features three Fed speakers (Paulson, Hammack and Goolsbee), and so be prepared for more hawkish headwinds to defend Powell’s new “wait and see” charade.
This material is provided strictly for informational purposes and should not be construed as investment, legal, tax, or financial advice. Precious metals and other investments involve risk and may not be suitable for all investors. Past performance is not a guarantee of future results, and market conditions can change without notice. The information presented is believed to be reliable; however, no representation or warranty, express or implied, is made as to its accuracy, completeness, or timeliness. No liability will be accepted for any loss or damages arising from the use of, or reliance on, this material. This publication does not constitute an offer, solicitation, or recommendation to buy or sell any product, security, or investment strategy. Readers should consult with independent financial, legal, tax, and other professional advisors before making investment decisions. All product names, trademarks, and company names mentioned are the property of their respective owners. Reference to them does not imply endorsement.