Gold & Silver Morning Update 11/5/2025 | The Bregar Minute
A surprising bounce for the precious metals overnight after yesterday’s very poor NY closing prints, but it was mainly because Bitcoin (for whatever reason) recovered its losses from 12pmET yesterday during Asian trade. This is nothing to celebrate in my opinion, as a new correlation with speculative crypto would introduce an unfavorable volatility profile to the precious metals space that is still struggling to get past the PGM-fueled excesses of October. The familiar European sellers were back once again during the 3amET hour this morning, rejecting both gold & silver’s attempt to regain their 55hr moving averages, but Bitcoin’s advance since 6amET has helped limit the pullback. Up next is the October ADP Employment report at 8:15amET, which honestly feels like an NFP report given the lack of job market data of late. The consensus forecast is for 25k new jobs created, after 32k lost in September. The bulls will very much want to see weaker-than-expected data the pressures US yields and the dollar out of their panic bid since Powell’s “pushback on December rate cut” stunt. The October ISM Services report then gets reported at 10amET (50.8 expected for the headline and 47.5 expected for the employment sub-index).
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