Gold & Silver Morning Update 11/25/2025 | The Bregar Minute
A choppier and weaker overnight session than I expected for the precious metals after yesterday’s technically strong NY closing prints, with a Bitcoin-driven price smash at the European open erasing roughly half of yesterday’s gold & silver rally. The dollar and G7 bonds yields headed lower though since the 3amET, which seemed to give the bulls the confidence again to re-enter. The dumb trading algorithms then knocked gold almost back down to its overnight lows following this morning’s “Ukraine agrees to peace deal” headlines, but that’s a silly reason to sell (gold does not have a Ukraine / Russia war premium in it and is has not been trading off day-to-day developments for a long time now) and so buyers quickly reappeared. The precious metal bulls are now chickening out however following this morning’s US economic data set (weaker-than-expected September Retail Sales & Core PPI + more ADP job losses for the 4 weeks ending Nov 8), which helped December rate cut odds inch even higher to 85%. Hopefully this is just trepidation about potential stock / crypto market selling at the S&P cash open up next, because these negative economic developments should be bullish for gold.
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