The Gold Bull/Bear War At $4,000 Continues

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At this point, the $4,000 level for Gold is very important. If the Gold bears can keep the price below this level, the next stop is likely to be support above $3,800 per ounce. However, if the Gold bulls can firmly push the price above $4,000 per ounce, we could see $4,500 per ounce by year-end.

The Bull/Bear Gold war raged on last week. Gold reached a weekly high of $4,105 in New York on Monday and a low of $3,886 on Tuesday during London trading. Throughout the week, Gold traded both above and below the key $4,000 level. To confirm that the bulls are winning, Gold needs to close above $4,000 per ounce for three consecutive trading days without falling below that level.

Key factors affecting Gold prices last week included the worsening war between Ukraine and Russia and improving tariff negotiations between the U.S. and China. The Federal Reserve’s interest rate cut was positive for Gold, but comments from Chairman Powell indicating that a December rate cut is not a foregone conclusion offset that benefit. The ongoing U.S. government shutdown has had no significant impact on precious metal prices.

Gold demand remains strong from central banks in Poland, Azerbaijan, Kazakhstan, China, Turkey, and India. Additionally, many governments are making Gold ownership easier and less costly through reduced taxes and fewer restrictions. Several nations are also encouraging a shift away from the U.S. Dollar and toward Gold.

Let’s recap the month of October 2025.
Despite Gold’s $250 decline from the all-time high of $4,380 on October 21st, the metal still gained $123 for the month. Gold closed last Friday at $3,980 per ounce.

Key U.S. Economic data to watch this week:
The week of November 3rd to 7th 2025

• Tuesday, Nov. 3: U.S. Trade Deficit
• Thursday, Nov. 5: September Wholesale Inventories
• Friday, Nov. 6: October U.S. Unemployment Rate

Today: In overnight trading, Gold opened in Australia, reaching a low of $3,962 before moving higher. By the time trading opened in China, Gold was at $3,996 per ounce and trending upward. During London trading, it fluctuated around the $4,000 level. Upon the New York open, Gold moved up to $4,030 and has remained above $4,000 since.

Last week, Silver trading was also very volatile, with excellent trading volume. After reaching an all-time high of $54.43 on October 17th, Silver saw a monthly low of $45.30 on October 27th. For a short time, the market experienced a short-squeeze situation in which spot prices were higher than futures contracts, a rare occurrence known as backwardation. The issue was resolved as millions of ounces of Silver were transferred between trading exchanges. However, many of the world’s largest Silver warehouses and depositories remain at record-low inventory levels.

Following heavy profit-taking and short-selling in October, Silver appears to have found support above $47 per ounce. Between Wednesday and Friday last week, Silver traded in a range of $47 to $49 and closed on Friday at $47.96 per ounce, up $1.52 for the month.

The Silver-to-Gold ratio is currently trading at 83-to-1.

Today: In overnight trading, Silver opened in China at $48.66 per ounce. It found support at $48.06 in London and has remained above $48 throughout trading in both London and New York.

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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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