Gold & Silver Morning Update 1/5/2026 | The Bregar Minute
A very strong start to the week for gold, as you might expect, following the US strike on Venezuela / capture of President Maduro on Sunday. What’s perhaps a little more surprising is the blistering outperformance of copper, silver, platinum, palladium…but to be fair global stock and oil markets aren’t bothered at all, and so risk sentiment is firmly positive. The USD powered higher overnight, but this move came mainly in Asia following the PBOC’s strong pushback against Chinese yuan strength. A spike higher for US yields at the NY open hit gold, but the market has now largely recovered thanks to a thrust to new session highs for silver and the PGMs. Up next is the December ISM Manufacturing report at 10amET, which I think might need to come in much weaker-than-expected in order to keep this precious metal rally going for the rest of today.
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