Gold & Silver Afternoon Update 12/15/2025 | The Bregar Minute
A weak rest of the day for gold as expected after this morning’s poor finish to the 8amET hour. An inexplicable crypto market rug-pull, and a silly reversal higher for US yields following arguably mixed Fed-speak from Marin, Williams and Collins on balance, were the catalysts. How the traditionally risk-sensitive silver and PGM markets held up amid all the negative correlations was beyond me. It’s almost as if there are bearish forces out there now in gold trying to tamp it down in an effort to keep the white metals from going parabolic due to their growing supply fear narratives. Technically speaking we now have divergent NY closing prints to chew on (gold looking precarious at its COMEX closing range, clinging to the 55hr MA; whereas silver looks in good shape well above the COMEX closing range near session highs), but I think the inability for stocks and bonds to bounce meaningfully this afternoon is the tie-breaker that makes me concerned about the precious metals going into tomorrow. To be fair, we have an enormous amount of economic data coming out (some dated and some fresh), with the highlight being the October & November NFP data…perhaps there’s some fear it won’t be as bad as feared (just 95k new jobs expected over those two months).
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