Gold & Silver Afternoon Update 12/4/2025 | The Bregar Minute
Another disappointing rest of the day for the gold bulls, largely because of choppy to weaker stock & crypto prices. Can’t say there were any headline catalysts to explain the swings; but the fact that US yields and broader USD are now about to finish the day at their post-Initial Jobless Claims highs, while gold continues to struggle to hold gains above its 55hr moving average, warrants caution once again going into the end of the week. Silver continued its underperformance amid the shaky risk vibe, but hung in there in the end thanks to the 10amET hourly defense of its overnight lows. Tomorrow’s busy economic calendar features the November Canadian Employment report, the September US Core PCE numbers, and the December Michigan Consumer Sentiment & Inflation Expectations survey. Hopefully the inflation metrics are brushed off (outdated in the case of PCE and politically skewed in terms of the Michigan survey) so that the bond market can calm down and refocus on next week’s Fed rate cut…because the 2026 Fed funds futures curve didn’t reprice hawkishly at all today after today’s good jobless claims data.
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