Podcast: Play in new window
Markets remained mostly quiet this week, with gold up 1.2% and silver up 1.3%. The U.S. dollar made a surprising move when climbing up 1.1% and breaking above 100 on the index. As gold looks to take a breather, the momentum backing its increase continues to mount. Worldwide demand for gold reached its highest ever quarterly total at 1,313 tons as BRICS nations establish their own gold exchanges.
Let’s take a look at where prices stand as of Wednesday, November 5:
The price of gold is up about 1.2%, currently sitting at $3,987 per ounce.
The price of silver is up 1.3% at $48.20 as of recording. It actually got back up to $50 at some point a couple of days ago.
Platinum is down 1% to $1,550.
Palladium is up 1.3% to $1,445. So back to about $100 below sister metal platinum.
Looking over at the paper markets…
The S&P 500 is down 0.8% to 6,820, after coming off a new all-time high.
The US Dollar Index is up 1.1%, rising above 100. It’s a pretty big move for a currency in one week, especially in the wake of a rate cut.
Demand Remains in The East
We’re seeing global gold demand climb 3% year-over-year, reaching 1,313 tons according to the World Gold Council. But most of that buying is still happening outside the US. Asia and the BRICS nations (China, India, and Russia) are driving the train, while many US investors seem content to sit on the sidelines.
Why? Global dynamics are rapidly changing.
The east is building new gold-backed trading hubs in Shanghai and St. Petersburg, providing alternatives to New York and London. We’re watching the outlines of a world that’s less reliant on the dollar, and that’s causing the US to double down with tariffs and industrial policy, hoping to keep capital and manufacturing close to home.
Central Bank Buying
For the first time since 1996, international central banks are holding more gold collectively than the US Treasury. In Q3 2025 alone, central banks snagged another 220 tons of gold—up 28% from the previous quarter. Kazakhstan, Brazil, and India have been especially active, joining China and Russia in both open and unreported gold accumulation. The World Gold Council estimates around two-thirds of central bank purchases aren’t officially reported. When this much activity happens off the record, we have to ask: what do they know that we don’t
The Silver Lining Opportunity
Let’s not overlook silver. There’s credible talk out there about the metal making a real push for $100. India is now treating silver as a collateral asset, which has been pushing up physical demand. We’re finally seeing ETF flows and bar-and-coin buying uptick in Western markets, too. With the gold-silver ratio hovering at 85:1, we see real value in using ratio trades here. Big institutional buyers are moving now, mirroring their eastern counterparts in recognizing the strategic appeal of physical precious metals.
Is the West Waking Up?
While American demand remains relatively soft, we’ve noticed signs of life. Western gold ETFs just set a new record with $407 billion in assets under management, and bar and coin investments jumped 17% year-over-year. Still, far too many in the US seem distracted by political theater.
We’d argue, though, that the real story is the underlying reliability and safety that physical metals provide. Gold isn’t magical—it’s just the safe base when paper money feels shaky, and right now, more global investors are circling the wagons. As former Fed Governor Larry Lindsey has pointed out, unsustainable financial arrangements always end the same way. We don’t get to choose if the system changes, only how prepared we’ll be when it does.
Here to Help
The team at McAlvany Precious Metals is happy to discuss your personal objectives on a no-obligation, complimentary portfolio review. We can help you find opportunities for growing your portfolio as well as adding ounces through strategic ratio trades. Reach out to us at 800-525-9556.
