Gold & Silver Afternoon Update 9/30/2025 | The Bregar Minute
A strong rest of NY trade for the precious metals, largely because of US yield & USD softness following the weak Chicago PMI, JOLTs, and CB Consumer Confidence data sets. This blasted gold back above yesterday’s highs, and vaulted platinum & silver back above their COMEX opening ranges…good technical developments that helped the metals whether dollar consolidation after the London close. This afternoon’s upside breakouts above the COMEX closing ranges are technically positive for metals going into tomorrow, but I’m a little bit skeptical because of how the 3pmET hourly surge for the stock market into quarter-end (which triggered it) has now evaporated. The US 10yr yield also reversed higher this afternoon and finished near session highs…another correlative negative. Hard to say what the first inflection point will be for the metals tonight because Chinese markets are now closed for the Golden Week holidays (no daily USDCNY fix until next Thursday). Perhaps confirmation of a US government shutdown could be market-moving, but one could argue this is already priced in on Polymarket and the broader markets really don’t care. Idiosyncratic moves in the PGMs might end up leading again. Tomorrow’s calendar features the September reports for flash Eurozone inflation, ADP jobs, and ISM Manufacturing.
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.