Gold & Silver Afternoon Update 12/2/2025 | The Bregar Minute
A strange rest of the day for the precious metals, mainly because of an obnoxious 1.3% gold selloff during the 10amET hour. One could argue that platinum’s continued weakness into the London close, and a not-strong-enough bond market, were legitimate reasons for a gold pullback; but suddenly giving up the 55hr moving average, the COMEX opening range, and the overnight lows in the span of one hour without a headline trigger was over the top. A massive 2.7k contract sell-stop run at 10:58amET marked the lows for the day (last of Friday’s breakout bulls likely liquidated), and since then gold’s been trying to right this morning’s “wrongs” by slowly grinding higher with bonds and EURUSD. Trump’s reference to Kevin Hassett as the “potential Fed chair” has helped to this end. Silver feels a tad stretched into the NY close, compared to the mediocre final prints for the S&Ps and platinum. Bonds and gold feel undervalued here, on the other hand, because of yesterday’s yen-carry-trade-unwind fears. Tomorrow’s economic calendar features the November ADP Employment and ISM Services reports.
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.