Gold & Silver Morning Update 11/19/2025 | The Bregar Minute
A bit of shaky start as expected for the precious metals in early Asian trade last night following yesterday’s soft NY closing prints. China came in and bought all the metals (base & precious) aggressively during their opening hour of trade, ultimately triggering breakouts above yesterday’s highs. Copper than popped 1% from 4-6amET following a Bloomberg terminal alert titled “China stimulus details leak: $200B infrastructure boost includes copper-heavy grid upgrades”…rocketing silver up as much as +3.5% on the day at one point. Someone obviously doesn’t agree that the industrial-sensitive metals should be rallying on this news, because we’ve seen aggressive algo selling of copper & silver at 8:00amET, 8:33amET, and 8:51amET this morning. Weakness for the S&P futures and EURUSD since the start of NY trade hasn’t helped either. Gold is holding up amazingly well amidst all this though (has not given up today’s COMEX opening range), and I suspect that’s because bonds are bid in the early goings here and December rate cut odds remain above 50%. The stock market could take over shortly once again as the correlative driver for the precious metals, at least until this afternoon’s release of the FOMC Minutes.
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