Gold & Silver Trading Above 2026 Lows

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October was a terrible month for precious metal investors, with Gold dropping $304 per ounce (7.2%). The single largest decline in October was last Friday, Oct.30th, with Gold dropping below the key $4,000 support level and closing the day at $3,872 per ounce, down $146 for the day on heavy trading volume. Did I find this decline both surprising and disappointing? Yes, but there are numerous short-term issues that are causing this drop.

Those key issues are:

1. The Iranian war
2. The increase in interest rates
3. A higher inflation rate
4. A higher U.S. Dollar
5. Higher fuel and grocery prices
6. Russia selling massive amounts of Gold to save its economy
7. Geopolitical problems around the world

I have been a long-term believer in Gold since 1970 ($37.44 per oz) and have seen numerous corrections followed by the price reaching a new all-time high shortly thereafter. Right now, I’m not alone with my bullish opinion of Gold. Many of the largest financial corporations (UBS, Goldman Sachs, JP Morgan, HSBC, and BofA) and many more believe, like me, that Gold will rally 28% or more by 2027 from last Friday’s low level.

For years, I have told clients that I believe Crypto and Bitcoin are a 21st-century version of "Tulip Mania" and will be worthless by 2030. Some of my younger clients felt it was a better long-term investment than Gold. They sold their Gold coins and purchased Crypto in one form or another. Friday’s announcement of a $6.3 billion Crypto hack from Binance, the world’s largest cryptocurrency exchange, said a lot. Binance said Blockchain evidence suggests the hack originated in North Korea, according to multiple crypto-tracing firms. Bitcoin dropped $3,700 on the news. Without going into a lot of detail, it’s very easy to just say Gold coins in your possession can’t be hacked or taken by computer entry.

Key Economic data to watch this week:

• November 2nd, Monday: Oct. U.S. Manufacturing
• November 3rd, Tuesday: Sept. Durable Goods
• November 4th, Wednesday: Sept. U.S. Trade Balance
• November 5th, Thursday: Oct. 31st Weekly Jobless Claims
• November 6th, Friday: Oct. Unemployment Rate, Sept. Consumer Credit

Today: This morning in overseas trading, Gold rallied $40 per ounce in the Chinese and Indian precious metal markets. As trading moved to London, Gold saw selling, taking the price below $3,900. When London trading was closing and, U.S. trading started, Gold started moving higher. This morning the oil price dropped, which reduced inflationary concerns and helped increase Gold buying, taking the price above $3,950 per ounce.

October was an uglier month for Silver than Gold, with Silver dropping $11.63 (19.7%), closing the month at $49.10 per ounce. Last Friday’s drop below $50 per ounce was surprising and highly disappointing. Silver closed the month last Friday at $49.10. Down $3.10 for the day. This is the lowest price Silver has been at in 2026, and I believe we will see Silver rally back above $50 per ounce and move higher.

Today: This morning in overseas trading in China and India, Silver quickly moved over $50 per ounce, reaching a high of $50.64 before opening in London. When trading moved to the U.S., Silver buying increased, and the price moved over $51 per ounce.

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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
Anti-Counterfeiting Educational Foundation. Barry Stuppler, the original founder of MintStateGold.com, is proud to say he has helped over 25,000 rare coin and precious metal investors and collectors to build their collections and holdings. For more information about Barry click here.

All statements, opinions, pricing, and ideas herein are believed to be reliable, truthful and accurate to the best of Stuppler & Company’s knowledge at this time. Stuppler & Company disclaims and is not liable for any claims or losses which may be incurred by third parties while relying on information published herein. Individuals should not look at this publication as giving finance or investment advice or information for their individual suitability. All readers are advised to independently verify all representations made herein or by its representatives for your individual suitability before making your investment or collecting decisions.

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