Gold & Silver Morning Update 10/1/2025 | The Bregar Minute
A strong overnight session for gold & silver, thanks in large part to a burst higher for the DAX & FTSE at the European open. This felt like new money being put to work for the quarter, lifted all metals (base & precious), and threw cold water on MSM narratives that the well-telegraphed US government shutdown could disrupt markets. This morning’s awful ADP jobs report triggered a sharp decline for the dollar and yields, but the fact that the precious metals have not been able to benefit (and instead saw strong selling out of the COMEX opening ranges) is a warning shot across the bow for the bulls. If the upcoming ISM Manufacturing report at 10amET is not weak enough to help the metals erase these early NY session losses, then I think we could be looking at a short-term market top.
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