Gold & Silver Morning Update 10/23/2025 | The Bregar Minute
An impressive overnight session for gold & silver, considering palladium’s unravelling in Asia following news that the US Treasury had only targeted two Russian oil companies with new sanctions (and not this metal’s supply chain) and considering that the Chinese did not enthusiastically step in to buy following USDCNH’s odd upside reversal following another supportive CNY fixing. Copper’s 10pmET hourly breakout above yesterday’s high, and its 1.5% gallop higher during the European AM, seemed to be the biggest positive driver for the precious metals, with some analysts citing the supply-side tightness flagged in Antofasgasta’s Q3 production report (one of Chile’s largest copper producers) as the catalyst.
Early NY trade saw the leveraged funds jump on the upside bandwagon by breaking gold & silver above their COMEX opening ranges, but some buyer hesitation has now crept in as platinum pukes 1% after 7 failed attempts to break above its COMEX opening range, and as copper’s rally takes a breather. Hard to say where we go from here for the rest of the day, given the new copper / platinum correlations and the mild decoupling from US yields, but the gold & silver bulls finally have hourly momentum on their side again so long as they keep prices above the 55hr moving averages.
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