The Gold Market Is Changing Fast. Don't Miss This.
November 23, 2025Gold has started to lose altitude. After trading above US$4,100 earlier in the week, it slipped back into the US$4,060 to US$4,070 zone as rate cut expectations softened and the US dollar pushed higher. Stronger US jobs data failed to give gold a lift, while the Dollar Index pushed toward the 100 level. Yet rate cut probabilities now sit at 73%, and that is where the real tension lies. Does December bring a Fed cut after all, or are markets pricing in hope too early? Brian's got you covered.
Silver tried to make a statement but failed to hold the breakout. After pushing toward US$52 midweek, it pulled back to US$49.55 with sharp momentum fading fast. This was not just a silver story. Selling pressure in silver has started to drag sentiment across the mining complex, and the correlation is getting tighter. Oil added another layer of risk. Prices slid to US$57.69 as supply concerns returned and broader commodity sentiment cooled. Meanwhile, the ASX All Ordinaries Gold Index dropped roughly 900 points to 16,225. All major producers were hit. Westgold fell 7%, while other leaders dropped between 4 to 6%. The market is no longer forgiving crowded trades. Are we watching a healthy rotation, or the early signs of a deeper unwind? What is the relationship between silver and mining stocks? Brian breaks it down.
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Brian contributes his insights on precious metals and mining stocks via free and paid newsletters with independent publisher, Fat Tail Investment Research. You can learn about his work by visiting www.daily.fattail.com.au. Fat Tail Investment Research is part of The Agora, a renowned international financial solutions publisher.
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