Here is a look at stunning developments in gold, silver and oil.
Global Gold Rush Continues
November 3 (King World News) – Tracy Schuchart: Central bank gold buying rises 42% in Q3.
Central banks bought 42 per cent more gold in the third quarter of 2026 than a year earlier, while gold-backed exchange-traded funds returned to inflows, the World Gold Council said on Tuesday.
Central banks and other official institutions added an estimated net 321 tonnes to reserves, the strongest quarterly total since the fourth quarter of 2024. Purchases in the first nine months reached 6 the fourth quarter of 2024. Purchases in the first nine months reached 675 tonnes, up 6 per cent from the same period last year. (Bloomberg)
Silver
Graddhy out of Sweden: Silver is now at the wicks line support level on quarterly, below.
And, it is now below the support line on monthly.
At the service, we have been expecting this move towards $48 level.
The possible backtest is now in progress…
Listen to the greatest Egon von Greyerz audio interview ever
by CLICKING HERE OR ON THE IMAGE BELOW.
Gas Market Tightness Extending Into 2027
Tracy Schuchart: IEA Issues Warning on Gas Market Tightness Extending Into 2027
Tightness in the world’s natural gas market could extend well into next year as Europe risks ending this winter with record-low fuel inventories and will need to replenish them, according to the International Energy Agency.
Low gas storage levels across the European Union, coupled with continued supply disruptions in the Middle East, mean that the region will drain its reserves heavily over the cold months, the IEA said in a report Tuesday.
“EU storage sites could close the 2026/27 heating season with record low inventories,” it said. That would “substantially increase the need for injections through summer 2027, potentially extending market tightness into the following year.” (Bloomberg)
The Big Split
Peter Boockvar: The elections are finally here and we’ll get a split government, with extent to be determined but we are not changing our portfolios, not one iota in response. There will be a lot of drama, a lot of noise, a lot of harsh rhetoric but in terms of actual legislation that would matter policy wise, we’re not going to get any over the next two years.
Most relevant for the economy and markets will be the AI buildout and stock trade, the direction of interest rates and the price of oil and direction of inflation.
With regards to the AI trade and its financing, this was a great chart from Bloomberg on how far and wide some of the hyperscalers have gone to raise money:
Gold Rush
Gold has been under pressure over the past few weeks even though real interest rates have rolled over and the US dollar is off its highs. What I’ve been waiting for is the updated Q3 gold data from the World Gold Council to see the extent at which central banks continue to buy. Well, we got it today and they bought a lot.
After buying more than 200 tons per quarter in the 2nd half of 2025, that pace shrunk to just 58 tons in Q1, in part I believe to the onset of the Middle East conflict but central banks rebounded with 296 tons bought in Q2 and now out, 321 tons in Q3. The WGC said this eclipsed “recent typical quarterly buying levels and lifting y-t-d demand to 675 tons (+6% y/y).”
So, while bar/coin investors saw less demand, along with jewelry, central banks continue to be voracious buyers of the yellow metal as they continue to diversify their holdings away from the US dollar. For the price of gold, I don’t know how much longer the corrective phase will last but I’m still positive on the fundamentals and we remain long.
https://www.gold.org/goldhub/research/gold-demand-trends/gold-demand-trends-q3-2026
Meanwhile In Australia
The Reserve Bank of Australia raised rate by 25 bps as expected to 4.85%, a level last seen 18 years ago and that rate is now above where the RBA took it in 2023 but Governor Bullock hinted that they are going to take a pause from here. “I’d not be interpreting this as saying we’re not going up. I wouldn’t be interpreting it as saying we definitely are going up. We’re basically preserving our options.”
As for why they hiked again, “Given the revised inflation outlook and the continuing upside risks, the board judged that a further tightening in financial conditions is warranted to support the return of inflation to target.”
On the hint of a rate hike pause, the 2 yr Aussie yield fell 6.5 bps to 4.82% and the Aussie$ is down a touch. The ASX rallied by .3% in response.
Gold & Silver Takedown
To hear more about the gold and silver takedown from James Turk CLICK HERE OR ON THE IMAGE BELOW.
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