Key Takeaways
- • Gold trades near $3,949 for December delivery, down $51.30 and back below $4,000 after an intraday range of $3,929.50 to $4,005.90, according to Phil Flynn's Manic Metals Report.
- • The gold-silver ratio sits near 77.5 after collapsing to roughly 44-46 in January 2026 and rebounding to about 79 in early November, roughly 30% above the Silver Institute's long-run equilibrium of about 60.
- • Central banks bought 321 tons of gold in Q3 2026, the largest quarterly purchase since Q4 2024 and up 42% year over year, per the World Gold Council, with China buying 63 tons and Poland 40.
- • December copper fell to $6.2150 and December palladium dropped $32.10 to $1,014 as a firmer dollar and Fed rate-hike fears weighed on metals, while January platinum slipped to $1,527.40.
- • Flynn argues the traditional inverse gold-dollar relationship is a tendency rather than a rule, with safe-haven demand and central bank buying able to push both higher together.
Summary
Gold has been under pressure from a stronger US dollar and expectations of Federal Reserve rate hikes, with the 10-year Treasury yield cited near 5%. Phil Flynn's Manic Metals Report, framed around the "Odd Couple" dynamic between gold and the dollar, notes that the two assets usually move in opposite directions but have periodically risen together during periods of fear, crisis or heavy central bank buying.
Physical demand remains firm. According to the World Gold Council's Gold Demand Trends report for Q3 2026, central banks bought 321 tons of gold in the quarter, up 8% from 296 tons in Q2 and 42% from a year earlier, well above the five-year quarterly average of 227 tons. China led with 63 tons and Poland followed with 40, bringing year-to-date central bank purchases to 675 tons. WGC's John Reade suggested central banks may have used recent dollar strength to shift funds from maturing short-term US Treasuries into gold.
Silver has been the most volatile part of the complex. Flynn cites Kitco data showing a gold-silver ratio of 105.8 on April 22, 2025, when gold was $3,460 and silver $32.70. Silver then rallied to an all-time high of about $121.60 on January 29, 2026, compressing the ratio to roughly 44-46. Per an Investing.com analysis cited in the piece, gold gained about 62% and silver about 272% over that period. Silver subsequently fell sharply, briefly dropping below $50 in late October, lifting the ratio to about 79 in early November. Flynn notes that a Silver Institute study places long-run equilibrium near 60.
Other metals were weaker on the day cited. December copper was at $6.2150, down 7.5 cents, as dollar strength and rate-hike concerns offset demand tied to AI data centers, grid expansion and electrification. January platinum traded at $1,527.40, down $11.10; the World Platinum Investment Council expects a 283,000-ounce deficit in the second half of 2026 and continued deficits from 2027, with China having imported a net 1.85 million ounces through August. December palladium fell $32.10 to $1,014. Heraeus forecasts a 345,000-ounce deficit with supply falling about 4% as Nornickel output slips, while Johnson Matthey projects a surplus.
The piece highlights upcoming Producer Price Index data due Friday, November 13, as a potential catalyst for the dollar and metals. The column is an opinion-driven market commentary, and its historical comparisons, including 2005, 2010, 2019, 2022, 2023 and 2024, are offered as context rather than as current developments.
Physical demand remains firm. According to the World Gold Council's Gold Demand Trends report for Q3 2026, central banks bought 321 tons of gold in the quarter, up 8% from 296 tons in Q2 and 42% from a year earlier, well above the five-year quarterly average of 227 tons. China led with 63 tons and Poland followed with 40, bringing year-to-date central bank purchases to 675 tons. WGC's John Reade suggested central banks may have used recent dollar strength to shift funds from maturing short-term US Treasuries into gold.
Silver has been the most volatile part of the complex. Flynn cites Kitco data showing a gold-silver ratio of 105.8 on April 22, 2025, when gold was $3,460 and silver $32.70. Silver then rallied to an all-time high of about $121.60 on January 29, 2026, compressing the ratio to roughly 44-46. Per an Investing.com analysis cited in the piece, gold gained about 62% and silver about 272% over that period. Silver subsequently fell sharply, briefly dropping below $50 in late October, lifting the ratio to about 79 in early November. Flynn notes that a Silver Institute study places long-run equilibrium near 60.
Other metals were weaker on the day cited. December copper was at $6.2150, down 7.5 cents, as dollar strength and rate-hike concerns offset demand tied to AI data centers, grid expansion and electrification. January platinum traded at $1,527.40, down $11.10; the World Platinum Investment Council expects a 283,000-ounce deficit in the second half of 2026 and continued deficits from 2027, with China having imported a net 1.85 million ounces through August. December palladium fell $32.10 to $1,014. Heraeus forecasts a 345,000-ounce deficit with supply falling about 4% as Nornickel output slips, while Johnson Matthey projects a surplus.
The piece highlights upcoming Producer Price Index data due Friday, November 13, as a potential catalyst for the dollar and metals. The column is an opinion-driven market commentary, and its historical comparisons, including 2005, 2010, 2019, 2022, 2023 and 2024, are offered as context rather than as current developments.
Go deeper than the headline
Research every firm in this story, track the ones that matter and get the daily briefing — free for 7 days.