Commentary for Friday, November 13, 2026 (www.golddealer.com) – Today gold closed up $1.30 at $3879.70, and silver closed down $0.94 at $49.03. “Spot gold and silver prices were modestly higher in early U.S. trading Friday, recovering from Thursday’s heavy losses as bargain hunting emerged after gold fell to its lowest level in more than a year. A mixed U.S. producer inflation report offered limited relief from expectations for additional Federal Reserve tightening, while elevated Treasury yields and a strong dollar continued to constrain the recovery.” (Kitco) It is interesting however that some insiders are now talking about bargain hunting. But because of the unsure outcome of strong interest rates, I would be careful. It is not a bad idea to consider taking advantage of current weakness in the metals. There is an adage in this business that when the news is all bad for any length of time, most sellers have already sold. Perhaps suggesting that the initial stages of bargain hunting have begun. Last Friday gold closed at $4064.50, and silver closed $51.80. On the week gold was down $184.80, and silver was down $2.77.
Please note that FedEx is no longer asking for delivery signatures. They are scanning IDs. We have complained to FedEx, but they remain resolute. Scanned identification is safer, but if you have a problem with this decision, please make your feelings known to FedEx. The present delivery time for the USPS alternative is 2-3 weeks. Please note this new change – we can only ship heavy silver orders (over 200 ounces) to your home address – you can no longer use your P.O. box for heavy silver orders. If you are a regular buyer of heavy silver bullion, contact your representative and authorize address changes.
Should you decide to use our Delayed Delivery Program please talk with your service rep and understand how this program works. It is handy if you want to lock in the price “now” and insist on a new product – but is not for everyone. Just like us – you must pay upfront to “lock in” prices and you can’t “change” your mind. So, unless God has blessed you with patience, please ask your rep for other options and thank you for understanding.
On Monday (11/9/26) the price of gold tested support ($4090.00) and overhead resistance ($4128.00). Gold is firm as inflation fears ease on lower crude oil according to Reuters. Ernest Hoffman (Kitco) makes the case that gold and silver prices extend post-election rebound, central banks on pace to beat 2025 purchases. This looks more like a holding pattern than a rally to me. But I’m not sure that we have experienced all the problems created over last week’s blow up in the Republican ranks. The public does not seem too troubled however and are not selling much gold and silver bullion today. I don’t think $5000.00 gold is still an option this year. But there are plenty of reasons investors should be holding gold and silver bullion. I would not be surprised to see most talking about $10,000.00 gold in the next decade. But this ride will be volatile so keep your seat belts fastened. These days it is not fashionable to be talking positively about President Trump. But investors should remember his warning that trusting Iran is dangerous. In my mind the thing Iran wants is control of crude through the Strait of Hormuz. If they achieve this end their religious fanaticism will become apparent and more costly.
Reuters (Anjana Anil) – Gold climbs more than 1% as inflation fears ease on lower crude prices – Gold prices climbed more than 1% on Monday as the dollar eased and inflationary jitters took a back seat due to lower crude oil prices, while markets awaited US inflation data later this week. Spot gold was up 1.5% at $4,126.25 per ounce by 9:26 a.m. ET. US gold futures for December delivery also gained 1.5% to $4,135.50. “We’re seeing lower crude oil prices today that suggest receding inflationary fears – that’s positive for the gold and silver markets, on ideas that lessening inflation fears will allow the central banks to lean easier on their monetary policies.” The US dollar eased, making greenback-priced bullion more affordable for overseas buyers. Oil dropped sharply after US President Donald Trump downplayed the likelihood of renewed strikes on Iran, though attacks on ships near the Strait of Hormuz kept supply concerns in focus. Higher energy prices have fed inflation fears since the onset of the US-Israeli war on Iran in late February. Stronger inflation forces central banks to adopt a higher-for-longer interest rate stance to keep cost pressures under check. Although gold is a traditional safe-haven asset, it loses its appeal to yield-bearing assets in a high interest rate environment. Bullion gained around 5% last week as Democrats won control of both chambers of Congress in the US midterm elections, a result that raised hopes for an end to the war with Iran. However, prices eased after stronger-than-expected US payrolls data on Friday reinforced expectations that the Fed could keep rates higher for longer. Traders currently see an 80.5% chance of a December rate hike, the CME’s FedWatch tool. The market is awaiting US consumer price data on Tuesday and producer price figures due on Friday, which could give more clues on the Fed’s trajectory for rates. Elsewhere, China’s central bank added about 25.8 metric tons of gold to its reserves in October, the largest monthly purchase in three years, according to World Gold Council data.
On the day gold closed up $40.50 at $4105.00, and silver closed up $0.76 at $52.56.
On Tuesday (11/10/26) the price of gold and silver took a nosedive as gold, silver retreat as high core CPI lifts December Fed hike odds according to Kitco AM Report. “Spot gold and silver prices were sharply lower in early U.S. trading Tuesday, pressured by stronger-than-expected U.S. inflation data that reinforced expectations for another Federal Reserve interest rate increase in December. Both headline and core consumer prices rose more than economists had forecast in October, sending Treasury yields higher and adding to pressure on precious metals following Monday’s rally. Spot gold was trading near $4,055.30 an ounce, down $84.10, or 2.03%, while spot silver was trading near $51.700, down $1.600, or 3.01%.” Gold tested overhead resistance around $4116.00 and underlying support around $4032.00 as bearish sentiment grows and the chance of another rate hike before Christmas becomes more certain. I believe investors in both gold and silver are being offered another opportunity as prices trend lower. And as positive sentiment rises relative to the cooling of war in the Middle East. Even Trump says the Iran war “militarily is effectively over”. So, what gives? In my opinion world sentiment and aggression relative to Iran has brightened a great deal. But completely trusting Iran is a bad idea. As soon as they can Iran will move to control the Strait of Hormuz. Iranian Stance: Tehran has claimed operational and administrative control over the strategic waterway, threatening and conducting attacks on commercial shipping while demanding recognition of its control, the lifting of the U.S. naval blockade, and the release of frozen funds. In recent diplomatic proposals mediated through Qatar, Iran has signaled readiness to reopen or ease transit through the strait within days if the U.S. meets specific conditions. U.S. and Allied Stance: The United States, Israel, and allied officials reject Iranian sovereignty claims over the international shipping lane. U.S. leadership and defense officials have maintained that American forces continue to contest or secure the corridor, enforcing a naval blockade and dismissing Iran’s terms as unrealistic.
Reuters (Vedika Thorat) – Gold falls more than 2% as CPI tops forecasts, lifting dollar and yields – Gold prices fell more than 2% on Tuesday after hotter-than-expected US inflation data lifted the dollar and Treasury yields while reinforcing expectations of a bigger interest rate hike from the Federal Reserve this year. Spot gold was down 2.1% at $4,051.50 per ounce by 9:27 a.m. ET (1427 GMT). US gold futures for December delivery fell 1.34% to $4,059.30 per ounce. “Both the overall number CPI and the core CPI came in a shade above estimates. All in all, it wasn’t as great as the markets were hoping for,” said Edward Meir, an analyst at Marex. The Consumer Price Index rose 0.4% last month after advancing 0.6% in September, the Labor Department’s Bureau of Labor Statistics said. Economists polled by Reuters had forecast a 0.3% month-on-month rise. Bets on a 50-basis point Fed rate hike in December started to build after the inflation print and comments by Fed governor Christopher Waller saying he would support more aggressive action in the event of a too-hot Consumer Price Index report. The probability of a 25 bp cut is fully priced in, while the possibility of a 50 bp hike rose to around 13.6%, from 0% before the data, according to CME’s FedWatch Tool. The US dollar index which measures the greenback against a basket of other major currencies, rose and Treasury yields climbed. A stronger dollar makes gold more expensive for holders of other currencies, while higher Treasury yields increase the opportunity cost of holding non-yielding bullion, reducing its appeal to investors. The Monetary Authority of Singapore said on Tuesday it would launch a vaulting service to hold bullion for foreign central banks and lower taxes on some companies in the gold market as it competes for a bigger slice of the precious metals trade. Spot silver fell 2.9% to $51.86 per ounce, and palladium was down 1.0% at $1,031.20.
On the day gold closed down $84.39 at $4020.70, and silver closed down $1.46 at $51.10.
On Wednesday (11/11/26) Golddealer.com was closed for Veterans Day. Banks were closed. Stock and Commodity markets were open.
On the day gold closed down $28.70 at $3992.00, and silver closed up $0.78 at $51.88.
On Thursday 11/12/26 – The price of gold broke down on the open in today’s early trade testing support around $3861.00. This avalanche of bearish news is driven by the expectation of even higher real interest rates by the next Fed meeting in early December. I believe most professionals will avoid this market, waiting for it to settle. For the hard asset optimist, the one year chart suggests that gold’s most recent floor should have held up around $4000.00. Its obvious break below that point this morning may continue to send the bulls to the sidelines. Whether this weakness is a sound long term level to be buying remains to be seen. Some are looking for $3600.00. But I would stand aside and consider adding bullion once this market stabilizes. Being patient might prove rewarding considering Middle East peace remains elusive.
FXEmpire (Christopher Lewis) – Gold Faces Pressure as Real Yields Climb After October CPI Report – Gold faces a potential breakdown below $3,900 as rising U.S. real yields and persistent core inflation reinforce bearish pressure, putting $3,600 support in focus. Gold kicks off the Thursday session with its eyes on U.S. inflation data, a sharp increase in Treasury real yields, and the market holiday yesterday in the United States affecting the interpretation of price action. CPI Effects Still Being Felt – The Bureau of Labor Statistics reported on Tuesday that the October CPI rose 0.4% month over month on a seasonally adjusted basis, down from 0.6% in September. Core CPI, excluding food and energy, advanced 0.3%, matching August and September. Energy prices rose 0.7% during October after a 5.2% jump in September, while gasoline increased 1% on a seasonally adjusted basis. In other words, we had seen some easing in the headline monthly inflation numbers, but not a broad retreat in core pricing. For gold, this is not necessarily a bullish sign. Slower headline inflation can reduce inflation-hedge demand and support expectations of a less restrictive Federal Reserve, yet the steady pace of core CPI gaining 0.3% could keep policymakers cautious. Real Rates – The immediate market concern is the change in expected rates and real yields rather than the CPI release itself. Treasury’s latest daily par real yield curve is for November 10 due to the holiday. The 5-year real yield rose to 2.56%, the 10-year to 2.78%, and the 30-year to 3.17%. These figures were up from 2.35%, 2.63%, and 3.0%, respectively, the previous week. The higher yields, as far as real yields are concerned, increase the opportunity cost of holding a non-yielding asset like gold. The yield curve has also steepened in real terms over the long end, with the 30-year rate above the 5-year. These Treasury figures are derived from TIPS par yields, not tradable security prices, but they can create inverse pressures on gold, with a broad rise in inflation-adjusted yields meaning a significant hurdle for gold. The CPI itself carries a data limitation. The BLS did not collect October 2025 survey data during the lapse in the appropriations bill fight in Congress, so it cannot publish 12-month percentage changes for October 2026 for the series. Can Rates Stabilize? – Gold’s next test will be whether real yields stabilize after the post-CPI increase and whether investors interpret the report as inflation pressure easing or persistent core strength. A sustained decline in real yields, renewed official-sector purchases, or a worsening geopolitical outlook could support the metal. However, higher real rates and stable risk appetite would weigh against it. The Technical Analysis for Gold Looks Horrible – We are threatening a breakdown below the $3,900 level. Ultimately, this is a market that I continue to fade rallies in, and I would not be surprised at all to see gold drift towards the next significant support level on the longer-term charts, closer to the $3,600 level. I have no interest in buying gold at the moment, but I do believe that longer term, it will re-enter a bullish trend, offering a buy-and-hold opportunity.
On the day gold closed down $113.60, and silver closed down $1.91 at $49.97.
On Friday (11/13/26) the price of gold tested overhead resistance around $3920.00 and underlying strength around $3880.00. I feel that generally speaking bearish sentiment is still growing because the Dollar Index has moved almost two full points this past week. Still, as I have noted lately the growing tension in the Middle East promises to support, perhaps even to increase safe haven demand sooner or later. Now consider that the public does not seem to be selling bullion, so this may suggest an early and positive shift in bullish sentiment.
FXEmpire (Christopher Lewis) – Gold Slips as Rising Real Yields Outweigh Cooler October CPI – Gold struggles to recover despite easing headline inflation as persistent core CPI and rising real Treasury yields reinforce bearish pressure. Gold kicks off the Friday session with fresh U.S. inflation data and a sharp rise in Treasury real yields. The Bureau of Labor Statistics reported Tuesday that the October CPI rose 0.4% month-over-month on a seasonally adjusted basis, down from 0.6% in September. Core CPI, excluding food and energy, advanced 0.3%, matching August and September. Energy prices rose 0.7% during October after a 5.2% increase during the month of September, while gasoline increased 1% on a seasonally adjusted basis. Some easing in Headline Inflation Isn’t Enough – For gold, the combination is not necessarily bullish. Despite the fact that the report showed some easing in headline monthly inflation, it wasn’t like it had a broad retreat in core prices. Slower headline inflation can reduce inflation-hedge demand and support expectations of a less restrictive Federal Reserve, yet the steady 0.3% core pace may keep policymakers cautious. The immediate driver of the market is going to be the change in expected rates and real yields rather than the CPI release itself. Real Yields – The Treasury’s latest published daily par real yield curve is through yesterday. The 5-year real yield rose to 2.64%, the 10-year to 2.86%, and the 30-year to 3.25% on November 12. These figures were up from 2.35%, 2.63%, and 3.07%, respectively, on November 6. Higher real yields continue to cause problems as they increase the opportunity cost of holding a non-yielding asset. The yield curve has also steepened in real terms over the long end, with a 30-year rate above the 5-year. These Treasury figures are derived from TIPS par yields, not actual security prices. They do not establish a mechanically inverse relationship with gold by themselves, but a broad rise in inflation-adjusted yields is a meaningful hurdle. The CPI report itself carries data limitations. BLS did not collect October 2025 survey data during the lapse in appropriations via Congress, so it cannot publish a 12-month percentage change for October 2026 for the affected series. Gold’s next test will be whether or not real yields stabilize after the post-CPI increase and whether investors interpret the report as easing inflation pressure or persisting core strength. It appears that the persisting core strength scenario is the one that is winning out, and therefore it’s worth watching that very closely. The Technical Analysis Is Still One of Negativity – Markets tried to rally during the early part of the trading session here on Friday but have given back the gains rather quickly. The size of the candlestick on Thursday suggests that there are plenty of traders out there willing to short, and Friday’s little bit of a whimper of an attempt at recovery shows just how little strength buyers have at the moment.
On the day gold closed up $1.30 at $3879.70, and silver closed down $0.94 at $49.03.
Platinum closed down $29.60 at $1488.50, and palladium closed up $16.30 at $1006.00.
Jim Wycoff (Kitco) – Technically, spot gold bulls’ next upside price objective is to push prices back above the $3,903.00 to $3,934.00 resistance zone, with a sustained move through the upper boundary targeting $3,970.14 and then $4,002.92. Bears’ next near-term downside price objective is a break below $3,852.00, with deeper downside targets at $3,823.00 and then $3,821.99. First resistance is seen at $3,903.00 and then at $3,911.36. First support is seen at $3,852.00 and then at $3,823.00. Spot silver bulls’ next upside price objective is to drive prices back above the $50.592 to $50.720 resistance zone, with a sustained move targeting $51.480 and then $51.950. The next downside price objective for the bears is a break below $49.670, with deeper downside targets at $49.230 and then $48.650. First resistance is seen at $50.592 and then at $50.720. Next support is seen at $49.670 and then at $49.230.
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