Gold & Silver Afternoon Update 12/18/2025 | The Bregar Minute
Another bonkers NY trading session for the precious metals, driven by non-sensical stock / crypto market volatility. Gold’s recovery into the London close went into overdrive during the 11amET hour (creating an exciting breakout above last Friday’s high) when EURUSD tried to play catchup to the risk-sentiment bounce, but the safe-haven metal then got crushed 1.3% off session highs during the noon ET hour when the algorithms diabolically smashed Bitcoin -3%, and the traditionally risk sensitive silver & PGM markets surprisingly outperformed during this selloff (didn’t go down as much). None of this made any sense. What’s a little troubling now for gold is how it’s toying with falling back below the 55hr moving average it worked so hard to defend earlier today. The white metals still look technically better despite their epic runs of late (which could end up helping gold again if Asia keeps buying), but Bitcoin’s technicals increasingly look like garbage and it really feels like somebody is trying to manipulate crypto lower. Hopefully tonight’s widely anticipated +25bp rate hike from the Bank of Japan doesn’t spark yen-carry-trade-unwind fears, and I think this can be avoided if Governor Ueda responsibly sounds neutral or mildly dovish (ie. patience or no rush to hike further).
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