Gold & Silver Morning Update 12/18/2025 | The Bregar Minute
A rational pullback for gold and oil prices overnight after Trump did not mention Venezuela at all in his televised address last night. Silver outperformed at the margins given the more stable risk environment, but couldn’t really take advantage of another platinum spike higher at the China open or the rebound for the S&P futures. This morning’s expected rate holds from the Bank of England and ECB were non-events for the precious metals despite the GBPUSD & EURUSD volatility; the much softer-than-expected US November CPI data (and the upside reaction for stock and bond futures) initially helped bring back a buy-the-dip vibe in gold, but this is now being seriously put to the test as the gold algos follow the S&P futures lower after the cash open. Silver is all of a sudden underperforming now with the risk-off vibe.
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