Gold & Silver Morning Update 10/2/2025 | The Bregar Minute
Some weakness as expected for the precious metals in the early goings last night following yesterday’s soft NY closing prints, but everything turned higher once a start-of-hour algo stopped out over a thousand December gold futures below Tuesday’s high and the 55hr moving average at 9pmET, and once the Hang Seng Index began a +1.5% surge higher 20mins later. This is now the third example so far this month where exuberant stock market moves have driven risk-taking in the risk-sensitive metals (ie. silver & platinum) and to a lesser extent gold.
Algos are stirring things up again this morning, despite the baren economic calendar…buying the precious metals aggressively at 8amET, stopping themselves out into the COMEX open, and now trying to do it all over again with a push higher to start the 9amET hour…despite a pronounced bounce for US yields and the USD in early NY trade. The spot-December silver contango briefly traded -0.20 amidst this volatility; implying there’s a mad scramble for physical silver in the marketplace. Increasingly hard to tell what’s going on as correlations are breaking down, but the bulls continue to have intra-day momentum on their side so long as we keep trading above the COMEX opening ranges.
Up next is the stock market open following a steady rise for the S&P futures to new all-time-highs overnight, and a test of yesterday’s high for the December silver futures.
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