Gold & Silver Afternoon Update 12/9/2025 | The Bregar Minute
A very divergent day in precious metals land. Gold viciously chopped around and ultimately struggled with stocks, bonds, copper and foreign currencies following the much better-than-expected JOLTs Job Openings report (headline beat for October + upward revision to September), but silver and the PGMs exploded higher. I couldn’t find a specific headline catalyst for the latter, but an early fade of the hawkish JOLTs reaction in the FX market (brief USD selling) technically triggered a breakout for the December silver futures when prices shot over the prior swing high of 59.90. I heard chatter of silver lease rates rising again, but that narrative didn’t jive with steady spot-March contango pricing. Today’s lackluster NY closing prints for pretty much everything excluded the white metals hints that hawkish Fed anxiety could continue plaguing risk sentiment (and gold) all the way up to the FOMC meeting. We’ll also get the Bank of Canada’s latest policy decision tomorrow at 9:45amET, where a hawkish hold to policy is expected.
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.