Gold & Silver Morning Update 10/3/2025 | The Bregar Minute
A very strong overnight session for silver. It moved sideways for most of Asian trade as global equity markets sent conflicting signals (S&P futures higher while Hang Seng Index lower), but the December futures then tripped over 400 contracts of buy-stops above yesterday’s closing levels at 1:29amET when the Hang Seng bounced into its close. It’s been up and away since then, with upside breakouts for platinum & copper and some mild USD selling adding fuel to the fire. What’s been notable this morning is silver’s detachment from the S&P futures weakness and dollar strength since the 5amET hour…almost as if the marketplace was dead set on stopping out more traders who bet that yesterday was the top. One could argue that’s what the algos did out of the COMEX opening range…bursting spot silver up into 47.82 (Wed’s highs and the point we broke down from yesterday). I’d argue gold has been the follower today; seeing some weakness in Asia alongside a USDJPY & US yield bounce, but largely tracking silver since its 1amET hourly breakout.
Gold now looks set on doing the same thing silver last hour; stopping out everybody who bet that yesterday was a short-term market top. The S&P cash open is up next, and the ISM Services report follows after that 10amET, where the bulls will want to see weak data to keep this party going.
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