Gold & Silver Morning Update 10/17/2025 | The Bregar Minute
Another wild overnight session for the precious metals, and it started with more buying as expected following yesterday’s technically strong NY closing prints. However, it occurred right out the gates at the Globex open; a +1% spike in minutes isolated to gold; almost too much too fast enticing some top-pickers to enter. Sellers then got rewarded when USDCNH counterintuitively reversed higher following another supportive CNY fixing, but they had to quickly surrender to buyers into the Asian close / European open when US yields and the S&P futures extended their steep drops from yesterday. All of a sudden US yields began to rebound during the 3amET hour, triggering heavy selling in gold (that in turn hit the PGMs especially hard), and the catalyst seemed to be positive earnings results from some regional banks and some analyst upgrades for the space (alleviating some of Western Alliance Bank and Zions Bank bad loan fears that knocked KRE -6% and US yields down across the curve yesterday). Trump added fuel to the US yield rebound / precious metal selloff during the 7amET this morning when he did a complete 180 on his tough China talk (100% tariff is not sustainable, it will not stand, meeting Xi in two weeks).
The bears are now trying to pile on to the negative intra-day precious metal momentum by selling aggressively at the COMEX open and via a 9amET start-of-hour algo, but they’re not really getting rewarded for it as the advance for the US 10yr yield stalls at yesterday’s breakdown point. If gold’s traditional inverse correlation with bond yields is truly back here, then I think we could actually hang in there and chop around for the rest of the day.
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