Gold & Silver Morning Update 11/28/2025 | The Bregar Minute
A wild end to the week for the precious metals. Bitcoin’s strong defense as Wednesday’s highs (as new support) in quiet US Thanksgiving trade yesterday laid the groundwork for silver to finish holiday-shortened Thursday trade more positively (back into Wednesday’s high). A second day in a row of frenzied platinum buying at the China open, following Thursday’s launch of PGM futures at the Guangzhou Exchange, then sparked panicky buying in gold & silver. All of sudden the entire CME and COMEX futures markets then went lights out at 9:48pmET for almost 10hrs, spot precious metal prices began to recede, and rumors began flying that the silver futures market needed to be shuttered to prevent a systemically problematic short squeeze because a large buyer stood for delivery. I reiterate that this is conjecture, but you can now feel the precious metals marketplace now wanting to test the theory by rocketing silver prices +2% since the COMEX re-open at 8amET. Seasonally strong risk sentiment over the holiday-shortened Black Friday session is certainly helping to this end (S&P and Bitcoin trading higher while the broader USD is trading lower). Tread carefully today for the rest of today though as silver’s in uncharted territory and there’s likely a lot of banks not happy about this (might try to hit it). The COMEX will close early again this afternoon, this time at 2:45pmET.
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