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Weekly Survey of Gold and Silver Prices
Single Ounce Silver Market Price Benchmark
Money Daily has been providing business and financial market news, views, and coverage on a nearly continuous basis since 2006. Complete archives are available at moneydaily.blogspot.com.
PRIOR COVERAGE:
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Sunday, November 1, 2026, 5:00 pm ET Was Friday's stock market washout the beginning of something bigger and more structural or was it just a scramble to cash out profits in advance of the midterms? Either way, tech took the hardest hit, with the NASDAQ falling nearly three percent, something that doesn't happen very often. On a percentage basis, the 2.86% loss was the 304th worst all-time, which when considered in the context of the NASDAQ's long history, is pretty bad. The October 30 drop was the second-largest of the year for both the Composite and Top 100 indices, following June 5ths decline. On a point basis, it was the 7th or 8th worst (Wikipedia has not updated its page). It was a significant event. Investors and traders are becoming more and more stressed as the midterms approach. The latter part of the week, after the votes are counted and the future makeup of the House and Senate are determined, will eiter bring a sigh of relief or a rush for the exits. Monday and Tuesday will likely be nervous sessions with the real fireworks reserved for Wednesday and possibly a delayed reaction Thursday and Friday. Money flows in week ahead will reveal who's swimming upstream and who's been swimming naked. Stocks Market action on Friday turned a positive week into a loser. Happening at the vey end of the month made Friday's erasure of value even more ominous. The week ahead features a solid load of earnings reports making the rounds, including some Mag7 stocks and Dow components: Monday (before open): Napco ((NSSC), Marriott (MAR), Estee Lauder (EL), Tower Semi (TSEM); (after close) Apple (AAPL), Palantir (PLTR), Roku (ROKU), Fabrinet (FN) Tuesday (before open): Fiserv (FISV), Apollo (APO), Shopify (SHOP), Pfizer (PFE), Marathon (MPC), Eaton (ETN); (after close) Advanced Microdevices (AMD), Supermicro (SMCI), Booking Holdings (BKNG), Hecla Mining (HL), Amgen (AMGN) Avis Budget Group (CAR) Wednesday (before open): McDonald's (MCD), Riot (RIOT), Uber (UBER), CVS Health (CVS); (after close): Coherent (COHR), Arm (ARM), Dutch Bros. (BROS), Qualcomm (QCOM) Thursday, (before open): Cardnal Health (CAH), Core Scientific (CORZ), Cigna (CI), Molson Coors (TAP); (after close): Kratos (KTOS, Cloudfare (NET), Air B&B (ABNB) Friday, (before open): Charter Communications (CHTR), Humana (HUM), Bloomin' Brands (BLMN), Under Armour (UAA) It being the first week of November, Election Day is Tuesday and the October Non-Farm Employment figures are out Friday. JOLTS is released on Tuesday along with Foctory Orders for October. ADP releases its proprietaryb Employment Report for the private sector on Wednesday and October ISM Services reading is the same day. On Thursday, Challenger, Gray, and Christmas report on job cuts for October. Relevant data releases can be found at Trading View. Treasury Yield Curve Rates
Yields dropped for a fourth straight week, mostly thanks to stock market turmoil and the resultant flight to safety. The 30-year bond yield dropped to 5.31%, with the 10% breaking below 5.00%, though only by 0.06%. Spreads held fairly steady, with full spectrum at +125 and 2s-10s with a bit of a spike at +38. Since the FOMC chose to hold rates steady at 3.75-4.00%, bond traders took the opportunity to buy in prior to the midterms, after which things may get a bit dicey. Everybody is on pins and needles between inflation concerns, war concerns, and wonder over what happens on Tuesday with the midterm elections. By the end of the week ahead, there may be more clarity in markets, though there's no consensus about anything at this point. Opinions run the gamut. Spreads:
2s-10s
Full Spectrum (30-days - 30-years) Oil/Gas Oil prices moderated with elections and a possible resumption of the war with Iran after the midterms were in focus. Brent closed out the week above $117/barrel and WTI crude futures at $102.95, nearly unmoved from the prior week. The Trump administration's attempts at controlling the price of oil and gas has been hit and miss. Oil prices are higher, but gas prices have come down slightly the past few weeks. Average price for a gallon of unleaded regular gasoline in the U.S. was $4.28 last week and $4.12 this week, though this brief respite is unlikely to last, given the higher price of crude. Gas at the pump has been - by whatever means - generally lower the past four weeks despite the rising price of crude oil. Gas prices in key states:
California (leader): $5.86 (-0.14) On Sunday, November 1, there are thirty (30) states with average prices at or above $4.00, with eighteen (18) below the $4 threshold, not including Hawaii ($5.60) and Alaska ($4.69), with three above $5 (California, Nevada, and Washington). The Southeast has maintained as the lowest region overall over the past 18 weeks, with prices generally below $4.00 ($3.35-3.72) in places like Tennessee, Alabama, Arkansas, Georgia, Texas, and Mississippi, with the Midwest region second, prices slightly higher, from $3.81 to $4.10. Exceptions include Florida in the Southeast and Michigan and Illinois in the Midwest. Northeast states, north of Delaware and Maryland all the way to Maine, continue to average well above $4.00. Bitcoin
This week: $77,712.22 Crypto has been getting beaten down substantially for the past three weeks. Bitcoin simply doesn't have enough penetration into currency markets to matter at all. Precious Metals Gold:Silver Ratio: 78.84 last week: 74.25; Futures, per COMEX continuous contracts:
Gold price 10/2: $4,172.10
Silver price 10/2: $60.71
SPOT: (Kitco)
Silver 10/2: $60.39 Until the midterms are over at the least and the December 9 FOMC policy rate decision is concluded, gold and silver will likely remain under pressure, as they were this week past. This week's declines were particularly brutal, sending both metals to their lowest levels in a year, wiping out much of the gains from 2025. Essentially, precious metals prices controlled by the derivative markets of the LBMA and Comex futures are a public crime, though there's no official policing policy to prevent the continuation of deceptive, price-rigging practices that have become routine in commodities markets, the latest iteration of such underhanded moves being played out in oil prices suppression. With any luck, the midterm results will foment change in attitudes, though nobody's holding their breath awaiting a difference in trading and governance policies. The gold and silver futures markets consist of thievery at its very worst. The eventual unwind is likely to be epic. Futures markets should be abolished as they serve only the purposes of speculators and currency manipulators. Here are the most recent prices for common one ounce gold and silver items sold on eBay (free shipping included, numismatics excluded):
The Single Ounce Silver Market Price Benchmark (SOSMPB) fell again during the week, dropping to $61.89, a loss of $4.15 per troy ounce from the October 18 price of $66.04. WEEKEND WRAP The politics and narrative delivery from the incumbent party has been brutal in this election season. Thankfully, the voting will be concluded on Tuesday and the world can begin unwinding what's left of developed economies. What's ahead is not expected to be very pretty nor appealing to most normal citizens in the U.S. and Europe. This week's tech collapse served notice that there is almost surely hard times ahead and that the politicians and banking interest are clearly not putting the good of various nations - especially the U.S. - first.
At the Close, Friday, October 30, 2026:
For the Week:
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