Gold And Silver Set Record Highs Followed By Profit-Taking

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	Strong Gains For Gold & Silver On Perceived Bargain Buying
	Gold and silver prices are sharply higher in midday U.S. trading Thursday, on strong corrective rebounds and perceived bargain hunting following recent heavy selling pressure. Daily price volatility remains high, which if sustained generally does not favor the bulls. December gold was last up $90.50 at $4,156.50. December silver prices were up $1.259 at $48.94... Jim Wyckoff
	Silver and Gold Are No Longer Overbought But Still Under-Owned After Steep Selloff
	Gold and silver prices are seeing a long-overdue correction, with silver’s steeper drop highlighting the liquidity gap between the two metals, but both are still under-owned in portfolios, and the structural drivers behind the rally remain intact, according to Ole Hansen, Head of Commodity Strategy at Saxo Bank... Ernest Hoffman
	Panic Selling Pummels Precious Metals Prices
	Gold and silver prices are suffering extreme selling pressure near midday Tuesday. Panic long liquidation and margin-call selling in the futures markets are featured from the shorter-term speculators... Jim Wyckoff
	Silver Sells Off On London Supply Surge But CPI Report And Fed Rate Cut Could Support Prices
	After hitting a record high last week, silver has broken below $50.91 support as the recent liquidity squeeze has eased, raising the risk of a potential drop toward the 50-day moving average near $43.85, according to analyst James Hyerczyk at FX Empire... Ernest Hoffman
	The Golden Reckoning
	The world’s balance sheet is quietly rewriting itself. For decades, the dollar reigned as the unquestioned denominator of wealth — the language through which central banks spoke to one another... Stephen Innes
	Heavy Profit-Taking Hits Gold & Silver What To Watch, Near Term
	Gold and silver futures markets were hit with heavy profit-taking pressure Friday, after overnight posting record highs... Jim Wyckoff

During Gold trading in New York last Tuesday, the price of Gold dropped $250 per ounce, moving from $4,360 to $4,110 per ounce, the highest trading volume seen in years. In early Wednesday morning trading in China, Gold tested the key $4,000 per ounce support level, dropping to $4,003 before seeing massive bargain buying and short-covering. Gold then traded between $4,050 and $4,150 for the remainder of the week, as it builds a firm base for the next move toward $4,500 by year-end. Gold closed Friday at $4,112 per ounce, down $79 for the week.

At this week’s Federal Reserve meetings, scheduled for October 29–30 and December 9–10, the financial markets anticipate that U.S. interest rates will be lowered. A rate cut would likely support Gold’s move toward the $4,500 level by year-end.

Reports continue to indicate heavy demand for physical Gold in Australia, Japan, China, Korea, Turkey, and many Middle Eastern countries, with many dealers sold out and awaiting restocks. Central bank Gold demand remains strong, led by Poland, followed by Azerbaijan, Kazakhstan, China, Turkey, and India. Public demand in the United States has also increased, although not to the panic levels seen in 1980 when Gold hit $852 per ounce.

Key U.S. Economic data to watch this week:
The week of October 27th 2025 to October 31st 2025

• Tuesday, Oct. 28: October Consumer Confidence
• Wednesday, Oct. 29: September Pending Home Sales, Fed Chair Powell’s statement and press conference on interest rates

Today: Gold and Silver prices are significantly lower today, both testing support levels in the wake of news of a trade agreement being negotiated between the U.S. and China. The easing of tensions between the two countries has had a significant impact on the precious metals market as stock indexes rally at the same time, bolstered by traders’ increased risk appetite and decreased safe-haven buying. Gold has seen a 2% drop as a result of this waning safe-haven demand.

Investors await Wednesday when the Federal Reserve is expected to deliver news of another 0.25% interest-rate cut. Economic uncertainty continues to support Gold despite its recent losses, and traders believe the Gold rally could continue after a short correction.

Last week was another wild and volatile one for Silver, marked by extreme price swings and record trading volume. After reaching an all-time high of $54.43 on October 17th, Silver saw exceptional profit-taking and short-selling early last week, driving prices down to a low of $47.48 per ounce. Silver spent most of the latter part of the week trading between $48 and $49 per ounce, closing at $48.55, down $2.05 on record volume. Silver needs to move back above the key $50 level soon to maintain its bullish trend.

The Silver market continues to experience backwardation, with the spot Silver price trading higher than futures contracts. A severe shortage of physical Silver in London and India, which triggered a short squeeze, is now being addressed. Over 15 million ounces of Silver were reported shipped from the United States to the U.K., though many of the world’s largest Silver warehouses and depositories remain at record-low levels.

The Silver-to-Gold ratio is now trading around the 85-to-1 level.

Today: Silver followed Gold lower, slipping past the $47.51 support level this morning on diminished safe-haven buying and a slightly stronger U.S. dollar, as well as the U.S.-China trade deal news. However, the white metal continues to hold around the $47 mark. Silver will need to break through the $49.50 resistance level to reverse its recent bearish trend.

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Barry Stuppler has been a professional numismatist for over 60 years and is considered one the nation’s foremost experts in rare coins and precious metals. Mr. Stuppler is a past President of the American Numismatic Association (ANA) and Professional Numismatists Guild (PNG). He is currently chairman of the Federal and California State Gold & Silver Political Action Committees, and president of the
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