Gold & Silver Morning Update 10/29/2025 | The Bregar Minute
A surprisingly strong overnight session for the precious metals, but not before two more obnoxious attempts to slam prices lower in Asia (first at the Globex open and then again after the PBOC’s daily CNY fix). An upside breakout for LME copper to record highs at the European open, allegedly on increased global supply fears following reports that miner Glencore had trimmed the upper range of its full-year copper output, seemingly came to the rescue and deterred those pesky European precious metal sellers of late…because the industrially-sensitive palladium, platinum, and silver markets all ratcheted higher at the same time with copper. Gold lagged once again, but it finally got back above yesterday’s lows and took out some buy-stops above yesterday’s Asian highs.
Early NY trade featured a buy-stop hunt above the 5amET highs for the precious metals, but there wasn’t any upside follow-through and leveraged fund / algo flows at the COMEX open have been absent. Perhaps this is fair given the event risks that now loom with the Bank of Canada and Fed meetings up next, but the precious metal bulls are looking in better shape here because of how they’ve gotten prices back above the 55hr moving averages.
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