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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 15, 2026, 1:43 pm ET Dominated by the scandal and resulting resignation of Nvidia CEO, Jensen Huang, markets remained resilient despite the ominous cloud-gathering. High readings for October CPI and PPI failed to deter the rallying spirits on Wall Street while expectations for a Fed rate hike at the December meeting rose other than near-certainty. With the election aftermath now in the rear-view mirror, market participants anticipate a solid retail holiday season as stocks pressed forward after a short-lived stall in the prior week. Looking ahead, there's one full week of trading left before the holiday-shortened pre-and-post Thanksgiving ensues. As stocks made extraordinary gains in the week just passed, some pullback might be expected, though that is by no means certain. Stocks NASDAQ and Dow Transports led the way to a banner week of trading. Dip-buyers shrugged off the implications of change at Nvidia and what that means to the AI bubble. Semi stocks remained on the rebound, but the general market strengthened overall. The NASDAQ, which fell into correction on November 5, remains in that condition until further notice. The rally of the week was marred by three days to the downside only partially blotting out two days of rallies (Monday, Wednesday). Even though stocks were up sharply for the week...
Dow: +1061.82 (+2.07%) ... there seems to be a lack of certitude given the level of uncertainty. The week's gains can best be described as "opportunistic," and, as thus, susceptible to erosion moving forward. The week ahead offers an broad assortment of companies reporting third quarter earnings, led by Nvidia, Disney, and retail, including Home Depot, Lowe's TJX, Target, and Walmart. Monday (before open): Baidu (BIDU), Tyson (TSN, Gamesquare (GAME); (after close): Red Cat (RCAT), Montauk (MNTK) Tuesday (before open): Klarna (KLAR), Home Depot (HD), Disney (DIS), Energizer Holdings (ENR), Viking Holdings (VIK), JD.com (JD), Opera (OPRA); (after close): Nvidia (NVDA), Lazyboy (LZB), Iridex (IRIX) Wednesday (before open): Lowe's (LOW), TJX (TJX, Target (TGT), Tencent (TECHY); (after close): Everpure (P), Paloalto (PANW) Thursday (before open): Bath & Body Works (BBWI), Alibaba (BABA), Walmart (WMT), Williams-Sonoma (WSM); (after close): Ross Stores (ROST), Gap Inc. (GAP), Intuit (INTU) Friday (before open): BJ's Wholesale (BJ) Economic data for the week includes the NY Fed Empire State Manufacturing Index on Monday; October Retail Sales, Capacity Utilization, Industrial Production, Business Inventories, and Exports/Imports on Tuesday; Housing starts and Building Permits, Wednesday; weekly Jobless Claims and the Philly Fed Manufacturing Index, Thursday; and, the Michigan Consumer Poll and the Baker Hughes Rig Count on Friday More relevant data releases can be found at Trading View. Treasury Yield Curve Rates
Bond traders had a "come to Jesus" week as interest rates and yields spiked as bonds suddenly fell out of favor. 10-year note and 30-year bond yields hovered near multi-decade highs as a Fed rate hike in December became a certainty. Yield on the two-year note was explosive, ratcheting 37 basis points higher over the course of the week. Rates were higher across the board, but the biggest moves were in maturities of a year and longer. Spreads diverged, with 2s-10s puckering down to +27, while full spectrum (30 days out to 30 years) hiked higher to +137, reflecting not just a rate hike on December 9, but the potential for more hikes in 2027. The structure of rate increases indicate the Fed's commitment to fighting inflation, though tighter conditions will also contribute to recession fears. At the same time, the Fed continues to fuel the money supply, nearly without interruption, yet aware of the competing circumstances they face. In the long run, the Fed almost unequivocally will choose pumpng the money supply, so, if there is even a hint of recession next year, the Fed will cut it short by reversing itself, allowing inflation to continue eroding the value of the currency. There's no good end to the Fed's play. They are fully in concert with Wall Street and will meet any market downturn with sufficient force. The rest of this year and the first half of 2027 are likely to be exotic and dangerous. The second half of next year may see a renewal or resumption of market chaos. Spreads:
2s-10s
Full Spectrum (30-days - 30-years) Oil/Gas WTI Crude Oil futures dropped from an October 30 high of $104.12 to close Friday, November 13, at $87.61, and traded below $85/barrel on Wednesday for the first time in nearly three-months. With the Trump administration insisting that oil flows out of the Persian Gulf are reaching for pre-war levels, futures markets continue to follow the narrative. Average price for a gallon of unleaded regular gasoline in the U.S. was $4.00 last week and $3.79 this week, the precipitous drop continuing since well before the midterms and approaching mid-July levels, when peace in the Middle East was touted as "near." When peace prospects fell apart this summer, the price of oil and gas took the high road, but the late September peak was short-lived. Whatever the truth is regarding oil flows, U.S. consumers are not complaining about the price at the pum, even though they remain well above the sub-$3 levels from before he war began. Gas prices in key states:
California (leader): $5.55 (-0.17) On Sunday, November 15, there are thirteen (13) states with average prices at or above $4.00, with thirty-five (35) below the $4 threshold, not including Hawaii ($5.64) and Alaska ($4.35), with only California above $5. The Southeast has maintained as the lowest region overall over the past 20 weeks, with prices ranging between $3.08 and 3.45 in places like Tennessee, Alabama, Arkansas, Georgia, Texas, North Carolina, and Mississippi, with the Midwest region second, prices slightly higher, from $3.46 to $3.69. Exceptions include Florida in the Southeast and Michigan and Illinois in the Midwest. Most Northeast states, north of Delaware and Maryland all the way to Maine, continue to average around $4.00, with New Jersey, New Hampshire, Rhode Island, and Massachusetts dropping below $4 this week. Bitcoin
This week: $65,296.03 Crypto face-planted after the election and continues to suffer. Bitcoin bottomed around $62,114 late Saturday night and has since made a massive move higher of more than $3,000. Whales and morons were suspected of the overnight hike, apparently heading to the church of Satoshi for divine intervention. Alternatives to the almighty dollar are being crushed by fiat fanatics. See more below. Precious Metals Gold:Silver Ratio: 79.64; last week: 78.54 Futures, per COMEX continuous contracts:
Gold price 10/16: $4,186.70
Silver price 10/16: $57.13
SPOT: (Stockcharts)
Silver 10/16: $56.87 The question last week was: Have gold and silver finally bottomed? Apparently not. The apparatus of price discovery in the spot market is irreparably broken, purposely done so on the LBMA and COMEX derivative platforms. Central banks continue to scoop up tonnes of gold for what appear to be bargain-basement prices. At the same time, silver has become the poor cousin once more, with the GSR rising to nearly $80 this week, a level not seen in roughly one year, when silver and gold were both making record highs. The gold:silver ratio bottomed around 45 in January, but quickly ramped back above 60, when the silver price was shattered by naked shorts on the COMEX, which took the metal down from a high of 115 back to 85 in a single day and continued to pressure the price ever since. While the gold price has also taken a severe blow the past year, silver has lost more than half its value since the January peak, down roughly 57%. Gold, supported by central bank purchases, has continued to fare batter than silver during this period, but the psychological effect on silver stackers has been devastating to many who thought silver was precious in 2025 and in January of this year. At this juncture, with the LBMA and COMEX clearly holding sway of the world market price - just as COMEX derivatives (futures) dictate the price of nearly all commodities, including oil, foodstuffs, metals, and minerals - it's nearly impossible to tell what is purely driven by speculation and what is real. A true price for just about anything, especially considering the inflation double-whammy over the past three years, has to be weighed against the US$, which has continued to run hot since the start of the Iran war in March of this year. On the dollar index, the US$ stands at 103.41 as of this morning, close to halfway between the February, 2026 low of 96.92 and the January 2025 high of 109.65. Dollar strength is normally measured against competing currencies, such as the yen, pound, and euro, and clearly it is in better shape than those, but, the dollar index fails to measure against gold or silver, since the fiat fanatics don't consider them currency (they're right, gold and silver are money). The temporary condition of gold and silver devaluing against the US$ which is losing purchasing power domestically but gaining in international markets, may well continue for a longer period than precious metals holders have anticipated. The powers behind the international banking cabal that controls the price of currencies and their flows will no doubt go to extremes to protect their most valuable asset, the mighty dollar. As the extraordinary privilege of being the world's reserve currency persists, the dollar will reign supreme, even though precious metals proponents are acutely aware of the coming endgame to dollar dominance and fiat currency overall. The eventual end to the fiat regime seems to have been forestalled for the time being. It may take a few more years or even a decade or longer of red-hot inflation to completely destroy fiat currencies. To that end, gold and silver will continue to provide safe haven for long-term investors and generational holders. The spectacular rise in price in 2025 put the fiat central bankers on notice. The continued collapse in precious metals is their unsubtle way of reminding everybody of who's in control. Even as they tighten their grip, the longer term outlook portends a severe slippage. For now, gold, and especially, silver, appear close to becoming true bargains once more. Patience will prevail as the bottoms are not yet in and a clear signal toward a turnaround has not been forthcoming, though it seems to be close at hand. 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 to its lowest level in nearly a year, at $60.97, a loss of $2.80 per troy ounce from the November 8 price of $63.77. WEEKEND WRAP Markets may seem a little strange and difficult to assess, a condition that doesn't seem to be relenting. With the holidays and the FOMC meeting on December 9 colliding, market volatility - both up and down - may persist through to the New Year. It's a dangerous set-up that could go in either direction for a day, a week, even a month. So long as the NASDAQ fails to return to all-time highs, the condition is fraught with traps for bulls and bears alike. While it may be difficult to remain cautious over long periods of time, but the downtrend - despite this week's heroics by dip-buyers - is surely well-anchored. Expecting violent moves in both directions without any resolution has to be a consideration in any endeavor into stocks, bonds, commodities, etc. For regular traders, a holiday break may be in order.
At the Close, Friday, November 13, 2026:
For the Week:
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