Gold & Silver Morning Update 10/8/2025 | The Bregar Minute
Incredible strength for the precious metals overnight, but it wasn’t “risk-on” or Nikkei / Hang Seng led this time. What felt like an algorithm came in at 8:30pmET; smacking gold, silver, platinum and palladium all at the same (without a headline catalyst). NZDUSD-plunge-driven USD buying following the surprise 50bp rate cut from the RBNZ at 9pmET then seemed to get some bears excited in the precious metals, but as soon as Kiwi-dollar made a double-bottom ahead of 9:30pmET the PGM market violently took out the algorithm’s short positions with a surge above the pre-8:30pmET smackdown highs. Gold followed, taking out this algorithms’ stops above its pre-8:30pmET highs about 15mins later, and silver finally did the same thing around 10:15pmET. At that point a slow and grinding precious metal rally was on, taking no prisoners, repeatedly stopping out anybody who tried to fade the strength. Palladium’s break above yesterday’s high during the 1amET hour finally unleashed the next leg higher during the European AM.
New York trade has been a very volatile affair so far as some gold & silver algos rightfully try to fade sensationalist market chatter and MSM stories about $4000+ gold prices signaling investor panic about currency debasement, but they’re now having a hard time getting anything going as the S&Ps rip +0.25% back above their cash opening range, and as palladium explodes further to a ridiculous +7.5% on the day (+16% in three days)! This is starting to feel like a FOMO-type mania fueled by Wall Street…let’s destroy the traditional dollar & bond yield drivers for the precious metals and instead correlate everything (via algorithms) to an AI-drunk stock market and an illiquid automotive metal market that normally doesn’t see this kind of hot money speculation. What could go wrong.
Up next is a US 10yr note auction at 1pmET, followed by the minutes from the September 17 FOMC meeting at 2pmET.
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