Gold & Silver Morning Update 11/26/2025 | The Bregar Minute
A surprisingly strong Asian session for the precious metals last night. To be fair, the S&P futures and Bitcoin led the way higher initially, but I think it was the PBOC’s lack of meaningful pushback on yuan strength (following yesterday’s new 2025 high vs the dollar) that was unexpected trigger that ultimately helped gold & silver take out yesterday’s highs. European traders were less enthusiastic about buying the precious metals however once the broader USD bounced with a pullback for stocks & crypto, and North American traders are even less inclined to buy now following the better-than-expected US Initial Jobless Claims number for the week ending Nov 22. Hard to say how we’ll finish the day at this point because of conflicting signals at the S&P cash open (stocks bid but crypto weak, US yields bid but USD weak), but continued trade for gold & silver below their COMEX opening ranges argues for consolidation with a downside bias.
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