Gold & Silver Morning Update 10/14/2025 | The Bregar Minute
A scorching hot start to the week for the precious metals yesterday following Trump’s “don’t worry about China, it will all be fine” comment over the weekend. This was a complete 180 from the President’s new 100% China tariff threat on Friday that hit the stock, copper, PGM and silver futures markets, and so we saw those markets violently reverse higher into NY trade yesterday. Bullish FOMO seemed to trigger multiple new all-time-highs for gold & silver after that and into Asian trade last night (because stock and copper futures didn’t do much), but we’ve now erased a good chunk of that as the S&Ps fall 1.2% from China MOFCOM’s midnight announcement that it is taking countermeasures against five US-linked firms saying “the US cannot have talks while threatening new restrictions”. Aggressive precious metal selling out of this morning’s COMEX opening ranges feels like new bearish flows betting that US cash equities will keep heading lower after their gap-down open. The spot-December silver backwardation has eased back to $1.15 after hitting a high of $3 for a second time since Friday overnight, implying some metal is finally making it to London. Up next is Powell’s 12:20pmET speech at the National Association for Business Economics titled “Economic Outlook and Monetary Policy”. US yields have now effectively retreated back down to their pre-September FOMC meeting levels because of US-China trade war fears.
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.