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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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Tuesday, December 2, 2025, 9:20 am ET
As stocks entered the home stretch, they began to fade with the finish line in sight... story to be continued. There are just 20 trading days left in 2025, and all indications suggest that it will go down as a solid, though unspectacular, year for equities. The Dow is up 11%; S&P up 16% and the NASDAQ ahead by 20% as of Monday's close. Those are pretty good returns, if they hold, which is why many fund managers have already closed their books and will resume buying or switching out in January. Life is good spending December in the Bahamas or Caymans. The Dow took the worst of Monday's selloff, losing nearly one percent. As usual, it could have been worse... or better. The major indices erased most of the steep, early losses by midday, but all faded into the close. This is the kind of volatility that can be expected in an uncertain environment. Thank the government for that, at least partially, by delaying the usual economic reports - NFP and GDP in particular - and blaming their own shutdown for the lack of data. Silver, after Friday's big run, cooled off a bit on Monday, especially after Arcadia Economics' Chris Marcus posted a note about it hitting 59 (and keeping going) in the futures market. Silver lost a bit of its mojo, but that's probably to be expected from an asset that's up 99% year-to-date. Silver won't stop rising, though there may be a few pullbacks, stutters, and surprises on its way to triple digits, where it belongs. Considering that the price of an ounce of silver would be $128 if the gold:silver ratio were a realistic 25:1 and even higher by historical standards of anywhere from 8:1 to 16:1. Silver will be triple digits within 24 months, possibly within six. Meanwhile, be on the lookout for the Santa Claus Rally, which usually occurs in the week between Christmas and New Year. Considering current valuations and the levels of naked greed and avarice on Wall Street, it may kick off sooner. Then again, December remains a great time to lock in gains and impress your friends. Keep your stop losses close.
At the Close, Monday, December 1, 2025:
Sunday, November 30, 2025, 4:11 pm ET Without a doubt, though the mainstream media won't readily admit it, the biggest story of the week was the shutdown of the CME and COMEX late on Thanksgiving night (Thursday) and into Friday morning. With that in mind, the usual sections in this week's WEEKEND WRAP will be shortened versions, focusing on the big story in gold and silver. Detail can be found in the Precious Metals section below. Stocks Stocks had one of the best weeks of the year, as the major averages advanced every day of the holiday-shortened week. Adding in the Friday prior, the majors have finished on the upside five consecutive sessions. Treasury Yield Curve Rates
Spreads remain wide. Fed speakers are in "quiet mode" prior to the next FOMC meeting, so there will be no Fed speakers in the week ahead. Otherwise, the treasury market is functioning, though there is crowding out due to excessive issuance by the U.S. Treasury, with more than $1 trillion in refunding ongoing. Spreads:
2s-10s
Full Spectrum (30-days - 30-years) Oil/Gas WTI crude closed out the week at $58.48, which was very close to the high of the week on Friday, though numbers were skewed everywhere due to the "cooling" issue with the CME's computer banks. WTI hit a low of $57.23 on the Tuesday, November 25th, and continues to manifest weakness due to dwindling demand and a glut on world markets, the laughable sanctions against Russia's largest crude producers, Lukoil and Rosneft, not withstanding. The U.S. national average for gas at the pump fell to $2.98, the lowest price in nearly five years, according to Gasbuddy.com. Gas prices should continue to decline over the near term and through winter. California remains the highest in the lower 48 states, at $4.55 per gallon, down 11 cents over the past two weeks, followed by Washington ($4.15), the two constituting the $4+ club. Oregon ($3.75), was down two cents. The lowest prices remain in the Southeast, with Oklahoma checking in near the lowest price in about a year, $2.45. Louisiana ($2.50) and Mississippi ($2.51) were next. Texas ($2.52) and Arkansas ($2.54) follow. The remaining Southeast states are all below $2.80 with the exception of Florida ($3.01) down 10 cents from last week. In the Northeast, prices remained elevated. Only New Hampshire ($2.94), Delaware ($2.98) and Maryland ($2.99) posted under $3.00, with Pennsylvania ($3.22) easily the highest. Vermont ($3.11) and New York ($3.12) were the next. In the midwest region, where the price relief was felt the most, Illinois ($3.13) was the only state above $3.00. At the low end were Colorado ($2.49) and Kentucky ($2.61). Sub-$3.00 gas was reported in 31 states, a gain of three from last week and five over the past two weeks. Bitcoin
This week: $91,709.19 Bitcoin has recovered from a low of around $81,000 on November 22. It remains 26% below its all-time high of October 7 ($124.310.60). Gold:Silver Ratio: 74.80; last week: 81.33 Futures, per COMEX continuous contracts:
Gold price 10/31: $4,013.40
Silver price 10/31: $48.25
SPOT:
Silver 10/31: $48.65 What happened late-night on Thanksgiving (Thursday, November 27) was nothing less than pure panic in international markets. While the official story of the nearly 12-hour "dark" period of the Chicago Mercantile Exchange (CME), which includes COMEX trading, halted all futures and options trading due to a cooling failure at the CyrusOne CHI1 data center in Chicago. The technical issue forced the CME to shut down its Globex electronic trading platform, crucial for price discovery in commodities such as wheat, corn, oil, gold, silver, and U.S. equity futures. The outage affected trading in global markets, leading to volatility and disruptions in pricing. Traders faced challenges as they reverted to traditional methods of contacting brokers due to the lack of live trading. Following the shutdown, there was a notable surge in silver prices, which increased by more than $3.00. CyrusOne's engineering teams were actively working to restore full cooling capacity at the affected data center throughout the night and early morning. CME officials indicated that they were working to stabilize the data center and provided updates on the resumption of trading. Finally, at 8:00 am ET, CME announced that trading on its platform would resume at 8:30 am ET, in time for stock futures to price before the cash market open. That was the official story from market operators, which almost nobody believes. The reason for the CME "pulling the plug" on its entire network run the gamut from wild conspiracy theories to more mundane explanations, such as the sheer volume of paper contracts - which are usually magnitudes higher than actual commodities available for delivery, especially gold and silver - overwhelmed the system. Among the more assiduous claims was Vince Lanci's of Arcadia Economics on youtube.com. Lanci spoke from personal experience, outlining three scenarios: 1) The failure was technical. CMEs software or hardware malfunctioned. Lanci points out that the last two CME outages - in 2014 and 2019 - were at a time when they had no competition, but notes that the global condition has changed and the Shanghai Futures Exchange and the Shanghai Gold Exchange now compete with the CME "to define the price the world references." The outage exposes CME vulnerability. 2) Lanci observed the speculation of some traders and analysts, that at the time of the outage, silver was at an all-time high, platinum was surging and China had, on that day, launched its platinum contract. The concerns of traders put on display the erosion of confidence in Western systems as opposed to the emergence of China's platforms. 3) Lanci then looked at actual silver and gold trading during the outage, which included spiking prices at highs just as the platform shut down, then, in the "darkness" a drop in both prices, due to a lack of corresponding prices, or, counterparty affirmation. The fragmentation in these markets points up the need for comparison pricing platforms to be in continuous operation, lest price discovery becomes a one-sided affair, which does not work for global pricing. Lanci also pointed out that the Thanksgiving event should not have happened, relating that CME has built data centers with multiple levels of redundancy and fail-safes. Elijah K. Johnson at Miles Franklin's Liberty and Finance interviewed analyst Mario Innecco, who pointed out various efforts in Dubai, India, South Korea and elsewhere to bring silver into the global monetary universe. Central banks have begun buying silver alongside gold. Innecco cites examples from November 1979 to January 1980 when silver tripled, and 2004-05 when silver experienced $5 gains in single sessions. Innecco called the shutdown "suspicious," and thought that CME not having backups was "far-fetched", especially on a relatively quiet post-holiday trading session. He believes premiums will go higher on Monday and thereafter, advising small investors to focus on pre-1965 "junk" silver and American Silver Eagles (ASE). He also believes silver will provide more liquidity than gold in day-to-day transactions. He called the recent moves in silver "historic", citing the bimetallic period in the U.S. prior to 1873 and the fact that silver was used as money as lately as the 1960s. Perhaps the most emotionally-charged and circumspect analysis was that of Daivd Morgan in his weekly Morgan Report, titled "Silver’s Breakout, CME’s Breakdown, and the Quiet Hands Behind the Curtain", which is featured below. Morgan described the outage as improbable, citing, as did Vince Lanci, the redundancy and fragility in and of CME's systems. Morgan cited Nobody Special Finance and Bob Coleman as sources backing the rumor that none other than Paul Tudor Jones made multiple market moves in silver just prior to the CME shutdown and may have been instrumental in the events of Thanksgiving evening and Friday morning. Morgan said the story is that "paper price discovery broke" and that silver is entering what he has long-called the "recognition phase, when the world finally realizes that the metal is industrial, indispensable, and monetarily irreplaceable." Nearing the end of his report, Morgan pointed out, "above all, understand, this is not a spike but a signal. You're watching the early stages of a historic transition, the slow, grinding collapse of paper promises and the rise of real assets that cannot be printed, erased or defaulted upon. Silver just sent its warning shot. Now the real game begins."
Mike Maloney of goldsilver.com does not believe that the shutdown was necessarily tied to silver in particular, but he doesn't rule it out, saying such speculation is reasonable considering the market conditions. In his video presentation, Maloney offers examples of posts on the social platform X, which point up what othe analysts have expressed, that regardless of the cause, the system broke. William Middlekoop, who notably has signaled a global monetary reset is imminent, posted: "'A cooling issue' Translation: We need to cool off the silver market, reposition, to avoid silver exploding higher. Markets will re-open (gold and silver) when we know we can hammer prices lower..." The X personality known as "Ben Rickert" (played by Brad Pitt in the film, "The Big Short") (@Ben_Rickert) was highlighted in Maloney's piece. Rickert's post included the ominous message: "Money is unraveling. Confidence is eroding. Price signals are returning. And silver - the underestimated monetary metal - is leading the revolt. The bull run didn't pause. The exchange did. And that tells you everything you need to know about where this cycle is going." Due to temporal limitations - it's now 2:30 on Sunday afternoon - it would be impossible to cite all the experts, so Money Daily will hopefully be featuring opinions from the likes of Luke Gromen, Ronald Stoeferle, Andy Schectman, Andrew Maguire, Craig Hemke, and others as events unfold beginning Monday December 1. Money Daily's take on the issue remains the same as when first reported Friday morning. The CME shutdown is part of a larger pattern that's been developing over decades. Ordinary Americans are relentlessly cheated, conned, swindled, hustled, and lied-to by the government and its vassals in the mainstream media because, in their simple minds, "they" know what's good for "us." Lately, the con game has gone deeper, with technology strings attached, from the LGBTQ gaslighting and Covid mandates from the Biden administration to Trump's campaign promises of the tariff golden age, ending the Ukraine conflict in 24 hours, and releasing the Epstein files to the U.S. being the "hottest" country in the world, according to Trump. Now, it's been ramped up to shutting down the government for 42 days, "losing" all the data for the October Non-farm payrolls and CPI, and delaying the release of 3rd quarter GDP figures until just before Christmas, so, it shouldn't surprise anybody when the CME goes dark, a story, by the way, that didn't even receive a headline on the Sunday talk shows. Not important, apparently. The CME shutdown, whatever the cause, did show just how broken and untrustworthy the system has become. It's somewhat of a miracle that mail keeps being delivered. The government is bankrupt, $38 trillion in debt, China and Russia are running circles around Europe and America militarily, politically, economically, and socially. Anybody giving the government anything more than a casual shrug in anything they do or say is simply not reading the tea leaves correctly. The US government is nothing more than a massive skimming operation and the American citizens are the marks. In specific terms as pertains to silver, the pricing on the evening of November 27 suggests that it was about to do with nickel did back in March, 2022. The March 2022 nickel spike was one of the most dramatic market events in modern commodity trading. Prices briefly soared above $100,000 per ton, forcing the London Metal Exchange (LME) to suspend trading and cancel billions of dollars’ worth of contracts. Between March 4–8, 2022, nickel prices on the LME nearly quadrupled in three trading days, rising from around $25,000/ton to over $100,000/ton, the proximate cause a short squeeze. This could tie into the massive positions in options rumored to be the work of Paul Tudor Jones. Silver, which has been massively suppressed by the COMEX, LBMA, CME, and others, could have been spooked by huge contracts and options being placed, putting all the shorts and bullion banks at severe risk. It would explain the panic in terms of shutting down the market if silver was about to go parabolic. Consider that if silver merely tripled in price to $150 an ounce, the gold:silver ratio would still be 28, roughly double the historic level. Back when gold first broke out in 1979-1980, above $800, silver pushed near $50 before the exchanges put the kibosh on both, by changing the rules, limiting silver trades to "sell only", which trapped the Hunt Brothers in their leveraged positions and made them the scapegoat for the collapse in gold and silver prices. Back then, between November, 1979 and February, 1980, the gold:silver ratio was in the teens, as in 15-19, closer to historic levels. If something like that, triggered by aggressive traders - not necessarily Paul Tudor Jones, but, traders in Singapore, Dubai, Shanghai, Moscow perhaps, was about to unfold, the CME, Globex, and COMEX would be sure to hit the panic button. China and Russia have been well ahead of this trend. They've been stockpiling silver for years. Russia made it official policy in 2023. The analysts are correct when they say the system broke down. When the truth is revealed - and it always is, eventually - it is likely that silver was about to spike to $100 an ounce all at once, wiping out the short, the specs, and maybe a couple of bullion banks with one swat. We will keep watching... and stacking. 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) showed an incredible gain for the week, to $62.94, up $4.89 cents from the November 23 price of $58.05 per troy ounce. The small-denomination, physical market continues to add high premia over spot and derivative market pricing. WEEKEND WRAP The markets are quiet, for now. Silver on Kitko is quoted at 56.33, +3.09 (+5.80%). That's a pretty big move. Monday will either be a day of reckoning for the CME and COMEX (which would be a liberating day for silver stackers), or more of what everybody's become used to over the past 40 years, more suppression in price. But, ebay prices tell a different story, as do dealers, who have one-ounce coins and bars priced from $58-$65 depending on quantity and payment method. The silver breakout is real. The story behind the CME "blackout" is probably not.
At the Close, Friday, November 28, 2025:
For the Week:
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