Gold & Precious Metals Corner

Monday, 2026-10-26 · covering the last 72h (weekend included)

Market signal

Gold claws back toward $4,000 as oil's retreat eases the rate-hike squeeze, with the Fed a day away. Spot gold slipped to a three-month low near $3,986/oz in Friday's US afternoon — extending the oil-driven slide covered here through last week — then steadied over the quiet weekend session and into Monday, trackers putting it anywhere from roughly $4,000 to $4,020/oz depending on timestamp (CNBC had it near $4,015 at 9am ET, Fortune around $4,016). Silver kept easing, per USAGold's Monday note, stretching the gold/silver ratio further above its recent low-to-mid-70s range; platinum and palladium stayed without a catalyst of their own. The shift from last week's script: crude backed off its Houthi-driven push toward the $100–112/bbl area, loosening the inflation-expectations channel that had been dragging bullion down, even as rate markets still lean toward a Fed hold or hike rather than a cut when the two-day meeting concludes Wednesday. CNBC · Fortune · USAGold

Upstream — miners, streamers & supply

A calm stretch upstream: no new production, cost, M&A or mining-policy development surfaced over the weekend or Monday. The next catalyst is Wednesday's Agnico Eagle and Kinross reports, with AngloGold Ashanti and Barrick to follow.

Physical & official flows — central banks, ETFs & bullion

Nothing fresh on the official or ETF side this window — the World Gold Council's central-bank tally still runs only through August, and no sponsor disclosed an unusual creation or redemption print over the weekend.

Silver & PGMs — the industrial complex

Silver's weekend softness was the positioning move covered above, not a new industrial story; no fresh South African PGM labour action, recycling data or hedging disclosure cleared the bar.

The Chatter

A fourth straight quiet window for the regular roster: another pass turned up nothing newer and freely accessible from Lyn Alden, Luke Gromen, Tavi Costa, Jan Nieuwenhuijs, GoldFix's Vince Lanci, Ross Norman or the World Gold Council's own analysts, and Incrementum has published nothing beyond its spring report. The two arguments retired from this slot on Friday — Stöferle's remonetization thesis and Alden's hold-without-adding call — stay out until something genuinely new replaces them.