Gold & Silver Morning Update 11/7/2025 | The Bregar Minute
A surprisingly strong start to Asian trade for gold & silver last night (6-9pmET), despite yesterday’s technically poor NY closes below the COMEX closing ranges and declines for the Nikkei and S&P futures during the 8pmET hour. Another successful defense of gold’s 55hr moving average seemed to be the catalyst right after the Globex re-open. Chinese gold buyers were absent as expected at their market open, but most Asian equity indices and US stock futures then bounced from 11pmET into 2amET, and all the precious metals followed suit. European equities opened weak and kept heading lower into the NY open, prompting the S&P futures to give up all their Asian session gains, and the fact that gold & silver followed suit again (despite US yield & USD weakness from the European open) suggests that the stock market (which continues to fall) unfortunately continues to be the key correlative driver for the precious metals.
Palladium’s sudden +2% spike during the 8amET hour initially looked like it might steal attention away from equities as the correlative driver, but it merely helped stem broader precious metal selling. With the S&P futures still tracking lower, and with gold, silver and platinum still trading below this morning’s COMEX opening ranges, I feel we’re still at the mercy of the algos who want to follow the stock market bears. Up next at 10amET are the preliminary November Michigan Consumer Sentiment and Inflation Expectation numbers. Well known Fed dove Miran speaks at 3pmET, but this might be too late in the day to have any impact.
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