10/25/2026
๐๐๐๐ค๐ฅ๐ฒ ๐๐๐๐๐ฉ โ ๐
๐๐ฅ๐ฅ๐ข๐ง๐ ๐๐ซ๐ข๐๐๐ฌ, ๐๐ข๐ ๐ ๐๐ซ ๐๐ฎ๐๐ฌ๐ญ๐ข๐จ๐ง๐ฌ
Gold broke below $4,000 this week, silver lost another 5.4%, and the precious-metals markets continued their rough ride.
There's a lot happening beyond the daily spot prices.
๐ง๐๐ ๐ช๐๐๐ ๐๐ก ๐ก๐จ๐ ๐๐๐ฅ๐ฆ
๐๐ข๐๐: $3,996.90/oz
โข Weekly: โ$169.20 (โ4.1%)
โข October: โ3.9%
โข YTD: โ7.5%
โข Year-over-year: โ2.8%
๐ฆ๐๐๐ฉ๐๐ฅ: $54.05/oz
โข Weekly: โ$3.07 (โ5.4%)
โข October: โ10.7%
โข YTD: โ24.6%
โข Year-over-year: +11.1%
๐๐ผ๐น๐ฑ-๐๐ผ-๐ฆ๐ถ๐น๐๐ฒ๐ฟ ๐ฅ๐ฎ๐๐ถ๐ผ: 74
๐ง๐๐๐ฆ ๐ช๐๐๐'๐ฆ ๐๐๐๐๐๐๐๐๐ง๐ฆ
๐๐ค๐ก๐ ๐ฝ๐ง๐๐๐ ๐จ ๐ฝ๐๐ก๐ค๐ฌ $4,000
Gold lost 4.1% this week, while silver fell 5.4%. Both metals remain under pressure as investors weigh stubborn inflation, elevated interest rates, and uncertainty about the economy.
๐๐ฃ๐๐๐ ๐๐ฅ๐๐ฃ๐จ ๐ฉ๐๐ ๐ฟ๐ค๐ค๐ง ๐ฉ๐ค ๐๐ค๐ง๐ ๐๐๐ก๐ซ๐๐ง
Here's one of the more interesting developments of the week.
India has issued permits allowing approximately 6,500 metric tons of silver imports over the next six months.
India is one of the world's largest silver consumers and relies heavily on imported metal. But there's an important distinction: Authorization to import isn't the same as actually purchasing the metal.
Dealers report that Indian demand remains relatively weak following silver's recent price declines.
๐๐๐ก, ๐๐ฃ๐๐ก๐๐ฉ๐๐ค๐ฃ, ๐๐ฃ๐ ๐ฉ๐๐ ๐๐๐
Oil prices climbed again this week amid continuing Middle East supply concerns.
Higher energy costs can push up transportation, manufacturing, and household expenses, adding to inflation pressure.
Friday's University of Michigan survey also showed consumer confidence near historic lows, with Americans expecting prices to rise 4.7% over the next year.
That puts the Federal Reserve in a difficult position. Inflation remains elevated, but higher interest rates can also slow economic activity.
The Fed meets October 27โ28, and many will be watching closely for clues about what comes next.
๐๐๐ก๐ก ๐๐ฉ๐ง๐๐๐ฉ ๐๐๐๐จ ๐๐ค๐ง๐ ๐๐๐๐ฃ ๐๐ฃ๐ ๐๐ค๐จ๐จ๐๐๐ก๐ ๐๐๐ฉ๐
Despite the recent decline, Goldman Sachs reportedly maintains a $5,400 gold-price forecast for the end of 2027, citing continued central-bank diversification.
HSBC has emphasized the pressure that changing interest-rate expectations, a stronger dollar, and investor selling can place on gold.
Both perspectives illustrate something important: A long-term case for gold doesn't eliminate the possibility of substantial short-term declines.
And forecasts, regardless of who makes them, are never guarantees.
๐.๐. ๐ฟ๐๐๐ฉ ๐พ๐ค๐จ๐ฉ๐จ ๐๐๐๐ฅ ๐พ๐ก๐๐ข๐๐๐ฃ๐
New federal figures show the United States finished fiscal 2026 with a deficit of approximately $1.99 trillion.
Even more striking, net interest costs on federal debt reached approximately $1.05 trillion for the year.
The Treasury continues borrowing to finance annual deficits while also refinancing debt as it comes due.
Large deficits and growing interest costs raise longer-term questions about government finances, borrowing costs, and the purchasing power of the dollar.
๐ญ๐ข๐ข๐ ๐ข๐จ๐ง
Remember that young bull at the county fair we talked about last week?
Apparently, he's still not ready to settle down.
Just two weeks ago, gold closed at $4,195.60 and silver at $60.95.
Today, gold is $3,996.90 and silver is $54.05.
That's a decline of approximately 4.7% for gold and 11.3% for silver in just two weeks.
The one-year comparison still tells a different story:
โข Gold: then $4,113.50 โ now $3,996.90 (โ2.8%)
โข Silver: then $48.65 โ now $54.05 (+11.1%)
Here's the interesting part.
Silver's year-over-year gain actually increased from 5.5% last week to 11.1% this week, despite silver losing another 5.4%.
How is that possible?
Because the prices we're comparing against from October 2025 were also moving dramatically.
And while financial markets focus on today's price, countries such as India are making decisions about future physical-metal imports, central banks are evaluating reserve holdings, and governments are grappling with growing debt obligations.
๐ง๐๐ ๐๐ข๐ง๐ง๐ข๐ ๐๐๐ก๐
Gold and silver have taken a beating over the past two weeks, but the bigger picture is far from simple.
Inflation. Interest rates. Oil prices. U.S. debt-servicing costs.
So what happens next?
We wish we had a crystal ball! Where some see anxiety ridden volatility, others see opportunity.
We'll keep watching the markets and sharing the developments that matter to precious metals.
So until next timeโฆstack smart!
๐๐ฐ๐ข๐ง ๐๐ข๐ญ๐ฒ ๐๐จ๐ฅ๐ & ๐๐ข๐ฅ๐ฏ๐๐ซ ๐๐ฑ๐๐ก๐๐ง๐ ๐ in
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Market information is provided for educational purposes only and is not investment advice.
