WEEKLY MARKET WRAP
Monday – 10.20.25
Gold and silver climbed midday Monday on corrective buying after Friday’s pull‑back. December gold rose by $150 to $4,363.90 and December silver added $1.316 to $51.40. A modest improvement in risk sentiment—following easing U.S.–China trade tension and bank‑credit concerns—helped. Meanwhile the potential U.S. government shutdown added bullish uncertainty around metals, even as global equities traded higher.
Tuesday – 10.21.25
Tuesday saw a sharp decline for the metals as panic liquidations and margin‑call selling weighed heavily on short‑term speculators. December gold dropped $215 to $4,143.00 and December silver fell $3.50 to $47.85. The move followed Monday’s surge (gold briefly touched $4,398.00) and raises questions about the durability of the recent rally: elevated single‑day swings often point to a turning phase. Some commodity trades (grains) were influenced as loss‑driven liquidations spread.
Wednesday – 10.22.25
Wednesday midday trading brought further pressure on gold, with December gold down $56 to $4,052.00, while December silver edged up $0.191 to $47.88. The broader risk‑on tone weighed on safe‑havens—but the key technical level remains silver’s $50 threshold. In our view, silver holding above $50 for more than two weeks could signal a higher‑regime breakout; failing that might suggest a longer correction or weaker phase ahead.
Thursday – 10.23.25
Thursday brought a rebound in both metals. December gold rose $90.50 to $4,156.50, and December silver gained $1.259 to $48.94. In London the spot platinum price surged as well—up as much as 6.4% to $1,646.03—with the spot premium widening, a signal that physical tightness is emerging. This supports the view that supply constraints are becoming more relevant in the broader precious‑metals complex.
Friday – 10.24.25
Early U.S. trading Friday showed gold and silver sliding again—December gold down $73 to $4,072; December silver down $1.034 to $47.665—as volatility remains elevated and equities approach records. A U.S.–Canada trade negotiation reversal added to the mix. Meanwhile, September’s CPI showed a 0.3% monthly increase and a 3.0% yearly figure—both slightly below expectations.
Gold and Silver Reset: No Longer Overbought, Still Under‑Owned
The Big Picture
According to Saxo Bank analyst Ole Hansen, the recent sharp pull‑back in precious metals appears to be a long‑overdue reset after an extended, technically stretched rally. Though silver has been hit especially hard due to thinner liquidity, both metals remain structurally under‑owned and retain core bullish drivers.
Driving the News
Hansen points to a confluence of factors that triggered the reversal: a strong risk‑on turn in equities, a firmer dollar, and timing effects around Diwali. Technically, gold’s three failed attempts to break above ~$4,380 flipped trader psychology from greed to caution. Silver’s shallower market depth amplified volatility on both sides.
By the Numbers
- 9 weeks: length of the preceding rally
- +31% / +45%: gold / silver gains during the rally
- ~$4,380: resistance level for gold
- ~$4,000: support zone for gold
- ~$47.80: support for silver
- ~9×: gold’s liquidity vs. silver’s
Why It Matters
The correction reset overly one‑sided positioning and invited longer‑horizon buyers back into the market. With under‑ownership still prevalent, macro drivers like real yields, geopolitical risk, and central‑bank activity could reignite momentum. Silver’s limited liquidity could intensify future moves.
What to Watch
The U.S. Section 232 probe into critical‑mineral imports may influence supply dynamics. Tariffs could strain London inventories and drive U.S. premiums higher. Also monitor potential Trump–Xi and Trump–Putin summits for macro‑level shifts.
The Bottom Line
Gold and silver may have just completed a healthy technical reset. They are no longer stretched and remain strategically positioned for long‑term appreciation—should their structural drivers persist into 2026.
When the Cloud Hiccups: What a Major AWS Outage Revealed
The Big Picture
A major outage at AWS disrupted access across banks, trading platforms, and apps—reinforcing the reality that modern finance is heavily reliant on a single cloud provider. This raises fresh questions around resilience and concentration risk.
Driving the News
Customers at JPMorgan Chase, Capital One, Robinhood, and Coinbase all faced outages. As AWS expands into financial infrastructure, its role magnifies systemic risk. With a U.S. “digital financial framework” expected on Nov. 22, these issues are increasingly relevant.
By the Numbers
- ~50%: estimated share of internet services relying on AWS
- 2: major banks with access issues
- 2: trading platforms affected
- Nov. 22: anticipated digital finance rollout
- $25,000: suggested physical metals starter allocation
Why It Matters
Single‑vendor reliance means one issue can interrupt payments, trading, and communication all at once. Legal fine print often protects institutions, leaving consumers exposed during outages. Tangible assets like gold and silver offer continuity when digital channels go dark.
What to Watch
Expect scrutiny of AWS dominance, calls for multi‑cloud backups, and clearer incident protocols. As digital systems centralize, analog hedges like precious metals become more than just symbolic—they’re practical.
The Bottom Line
This incident exposed a structural vulnerability in the digital economy. While cloud infrastructure delivers convenience, it also demands robust contingency planning. Physical metals remain a viable safeguard.
What the Global Elite Misread About Trumponomics
The Big Picture
Despite early fears, the global economy has shown resilience in the face of tariffs and policy shifts under Trump. Inflation risks remain, but widespread disruption has yet to materialize.
Driving the News
Citigroup’s Nathan Sheets noted slower‑than‑expected tariff pass‑through to prices. IMF head Kristalina Georgieva highlighted global non‑retaliation as a moderating force. Simultaneously, AI investment has provided a buffer.
By the Numbers
- 6 months: since global fears peaked
- 2026: year when tariff effects may emerge more clearly
- 1 major trend: global non‑retaliation
Why It Matters
The economic elite now see the global economy as more adaptable than initially assumed. However, delayed impacts could surface later, especially as firms reassess margins and labor costs.
What to Watch
Key indicators include upcoming pricing resets and labor market trends. The role of AI in productivity and employment also remains an open question.
The Bottom Line
Markets appear more comfortable with Trump’s approach than expected. While adjustment has occurred, the full impact—especially abroad—may still be playing out.
Next Week’s Key Events
Economic Calendar: October 27 – 31, 2025 (ET)
- MONDAY, Oct 27 (None scheduled)
- TUESDAY, Oct 28
- 9:00 am — S&P Case‑Shiller Home Price Index (Aug.)
- 10:00 am — Consumer Confidence (Oct.)
- WEDNESDAY, Oct 29
- 10:00 am — Pending Home Sales (Sept.)
- 2:00 pm — FOMC Interest-Rate Decision
- THURSDAY, Oct 30
- 8:30 am — Initial Jobless Claims (Oct. 25)
- 8:30 am — GDP (Q3)
- 9:55 am — Fed Vice Chair Bowman speaks
- FRIDAY, Oct 31
- 8:30 am — PCE Index (Sept.)
- 9:30 am — Dallas Fed President Logan speaks
- 12:00 pm — Cleveland Fed’s Hammack and Atlanta Fed’s Bostic speak
Note: Government data may be delayed if shutdown continues.
Impact on Precious Metals Markets
- S&P Case-Shiller Index
- ↑ Prices → Risk-on → Bearish metals
- ↓ Prices → Cooling signal → Bullish metals
- Consumer Confidence
- ↑ Confidence → Stronger dollar/yields → Bearish metals
- ↓ Confidence → Risk-off shift → Bullish metals
- Pending Home Sales
- Strong → Growth optimism → Bearish metals
- Weak → Slowdown concerns → Bullish metals
- FOMC Decision
- Hawkish → Higher-for-longer → Bearish metals
- Dovish → Easing bias → Bullish metals
- Initial Jobless Claims
- ↑ Claims → Labor softening → Bullish metals
- ↓ Claims → Tight labor → Bearish metals
- GDP (Q3)
- Strong → Higher rates likely → Bearish metals
- Weak → Easing hopes rise → Bullish metals
- Fed Speakers
- Hawkish → Dollar/yield support → Bearish
- Dovish → Rate cut optimism → Bullish
Take the Next Step Toward Real Asset Strategy
Whether you’re exploring physical gold and silver as a core strategy or evaluating diversification options in uncertain times, we invite you to continue your journey at Prime Asset Group. Explore more resources, speak with our specialists, and discover how physical metals can support your financial goals with clarity and confidence.
