1. Gold and silver prices are sharply up near midday Monday, with gold hitting a two-week high and silver a three-week peak. Ideas that the U.S. government may be reopening have boosted the precious metals markets. The resumption of U.S. economic data flows sooner would provide better odds of a Federal Reserve interest rate cut in December, as most gold and silver bulls believe. December gold was last up $91.10 at $4,100.70. December silver prices were up $1.707 at $49.85. Multiple daily closes in silver back above the key $50.00 price level would open the door for a run to new record highs in silver, and even in gold, in the coming weeks/months.
2. Bitcoin is struggling to stage a meaningful recovery after last month’s stumble, with signs of fatigue continuing to mount across crypto markets. The token stumbled on Tuesday, underscoring fragile sentiment after a broad selloff that erased billions in market value. The downturn was partly fueled by large holders taking profits near this year’s highs and lingering unease following the early-October liquidations. Momentum has yet to return. Open interest in Bitcoin perpetual futures sits around $68 billion, well below the $94 billion peak seen last month, while funding rates, a measure of leveraged positioning, remain flat. Flows into exchange-traded funds also show little enthusiasm. Bitcoin ETFs drew just $1 million in net inflows on Monday, even as stocks and credit rallied after Washington moved to end the government shutdown. Bitcoin has lost about $340 billion in market value since a surprise tariff announcement triggered record liquidations on Oct. 10. Despite posting gains for the year, Bitcoin has lagged both gold and technology stocks, leaving it vulnerable to rotation by momentum-driven investors.
3. For months, it felt like nothing could knock stocks off their steady ascent, but November has been a rough month on Wall Street. The tech-heavy Nasdaq Composite is down almost 4% this month and on track for its first losing month since March. The Nasdaq has shed roughly $2 trillion in market value in two weeks as investors have dumped tech stocks. Stocks were lower on Friday but bounced off their lows as investors bought the dip: The Nasdaq was down 0.15% after briefly falling more than 1.6%. The S&P 500 fell 0.3%. The Dow was down 390 points, or 0.82%. Wall Street’s fear gauge, the VIX, jumped 10%. The benchmark S&P 500 is down almost 2% this month, while the Dow is down 1.2%. The S&P 500 has shed more than $1.3 trillion in market value in just over two weeks as it has retreated from a record high set in late October. After months of gains, investors have outsized expectations, making them easier to disappoint. Tech stocks have become relatively pricey. Enthusiasm about artificial intelligence carried the market to new record highs this year. But now some investors are hitting pause, taking profits, and reassessing whether those stocks will continue to produce superior returns. Wall Street and the Fed are awaiting a deluge of economic data that was delayed due to the shutdown.
4. The U.S. government has reopened following its longest-ever shutdown, setting the stage for the eventual release of the gold-standard federal data that is crucial in analyzing the health and trajectory of the nation’s economy. However, expect some choppiness when the air starts to clear. The very nature of the 43-day shutdown has created an unprecedented situation: Some datapoints were not gathered when they typically should have been, increasing the potential for big holes in what’s expected to be already messy data. Since the government was dark for the entirety of October and the first dozen days of November, several reports that included data collected in September and scheduled to be released in the ensuing weeks were not delivered. The shutdown lasted through nearly half of November, meaning that this month’s data will not emerge unscathed, economists said. However, they also fully expect all major reports to be released.
5. There was no unemployment report for this week.
6. Oil prices fell sharply on Wednesday after OPEC said it now expects the global market to be balanced in 2026, abandoning its earlier deficit forecast as non-OPEC production rises and inventories recover. The revision, detailed in the group’s Monthly Oil Market Report, triggered a new round of selling, with Brent futures down 3.67% to $62.77 a barrel and WTI off 4.1% at $58.55 by 1:11 p.m. ET.
7. The EUR/USD is now facing increasing selling pressure, abandoning the area of recent daily highs and refocusing on the 1.1600 region amid decent losses for the day. The pair’s correction comes in response to the acceptable bounce in the Dollar, while traders gear up for upcoming key data releases in the U.S.
8. USD/JPY trims early losses on Friday, with the pair rebounding toward nine-month highs as the U.S. Dollar stabilizes. At the time of writing, USD/JPY is trading around 154.60, recovering from an intraday low near 153.62 and remains on track for modest weekly gains. In the United States, market sentiment improved after the federal government reopened, although the underlying tone remains cautious.
The Trump administration is going to potentially revalue gold sometime in 2026. This is not a conspiracy theory; the actual legislation is already in Congress as part of the Bitcoin Act. Specifically, Section 9 of the Act explicitly outlines that the Treasury is going to revalue the Fed’s gold holdings (currently valued at $11 billion at a price of $42.22 per ounce) to market rates of $4,000 per ounce. Why would the government want to do this? Because it sets the stage for a “financial system reset” that will involve gold in some way. As noted, time and again, there is too much debt in the financial system. A gold revaluation could “reset” the U.S.’s financial situation by boosting the asset side of Uncle Sam’s balance sheet by as much as $5 trillion, depending on what price gold is revalued to. And if you think this is impossible, recall that the U.S. already did this once under former President Franklin Roosevelt in 1934 (the Gold Reserve Act revalued gold from $20.67 to $35 per oz). This, in turn, would strengthen the $USD’s standing as global reserve currency as it establishes the U.S. as the first sovereign “gold-backed” balance sheet in 50 years. And don’t forget that Treasury Secretary Scott Bessent has publicly made statements about “monetizing the asset side of the balance sheet,” i.e., boosting the U.S.’s asset holdings by revaluing what it already owns.
Mortgage applications to purchase a home rose 6% last week to their strongest pace since September, according to the Mortgage Bankers Association’s seasonally adjusted index. The volume was 31% higher than the same week one year ago. This came even though the average contract interest rate for 30-year fixed-rate mortgages with conforming loan balances, $806,500 or less, increased to 6.34% from 6.31%, with points rising to 0.62 from 0.58, including the origination fee, for loans with a 20% down payment. That rate is 52 basis points lower than it was one year ago. Demand for refinancing, which had been strong last month, dropped 3% for the week but was still 147% higher than the same week one year ago, thanks to lower rates.
The International Energy Agency’s latest outlook signals that oil demand could keep growing through to the middle of the century, reflecting a sharp tonal shift from the world’s energy watchdog and raising further questions about the future of fossil fuels. In its flagship World Energy Outlook, the Paris-based agency on Wednesday laid out a scenario in which demand for oil climbs to 113 million barrels per day by 2050, up 13% from 2024 levels. The IEA had previously estimated a peak in global fossil fuel demand before the end of this decade and said that, in order to reach net-zero emissions by 2050, there should be no new investments in coal, oil, and gas projects. The concept of peak oil refers to the point at which global crude production reaches its highest point, before subsequently entering an irreversible decline. The agency said increasing oil demand would be primarily driven by demand for petrochemical products and jet fuel, alongside a slowdown in the growth of electric vehicles.
Volatility should be expected to remain high as investors will be closely watching for hints on the upcoming monetary policy direction. Many investors have redoubled their efforts to ensure that their portfolios are sufficiently diversified in the hope that they will be able to withstand corrections in multiple market sectors. Many of these investors have included physical precious metals as part of their diversification plans, given their long history as a hedge against both inflation and during times of economic turmoil. Remember, the key to profitability through the ownership of physical precious metals is to own the physical product and hold it for the long term. Always remember that you should never overextend your ability to maintain ownership of your precious metals over the long run.
Friday to Friday Close (New York Closing Prices)
| Nov. 7, 2025 | Nov. 14, 2025 | Net Change | ||
| Gold | $4,005.38 | $4,099.38 | 94.00 | 2.35% |
| Silver | $48.29 | $51.16 | 2.87 | 5.94% |
| Platinum | $1,543.86 | $1,558.24 | 14.38 | 0.93% |
| Palladium | $1,389.02 | $1,410.32 | 21.30 | 1.53% |
| Dow | 46985.04 | 47147.48 | 162.44 | 0.35% |
Previous Year Comparison
| Nov. 15, 2024 | Nov. 14, 2025 | Net Change | ||
| Gold | $2,562.95 | $4,099.38 | 1536.43 | 59.95% |
| Silver | $30.31 | $51.16 | 20.85 | 68.79% |
| Platinum | $940.73 | $1,558.24 | 617.51 | 65.64% |
| Palladium | $952.60 | $1,410.32 | 457.72 | 48.05% |
| Dow | 43444.86 | 47147.48 | 3702.62 | 8.52% |
Here are your Short-Term Support and Resistance Levels for the upcoming week.
| Gold | Silver | |
| Support | 3942/3884/3839 | 48.11/47.09/45.84 |
| Resistance | 4044/4088/4146 | 50.39/51.64/52.50 |
| Platinum | Palladium | |
| Support | 1504/1457/1401 | 1340/1297/1231 |
| Resistance | 1607/1663/1709 | 1449/1515/1558 |