Gold & Precious Metals Corner

Tuesday, 2026-11-03 · covering the last 24h

Market signal

Gold gives back part of Monday's bounce as the US goes to the polls. Spot gold opened Election Day firmer — USAGOLD had it rebounding to roughly $3,962/oz as voting began — then faded through the session with the midterm outcome still unclear: Reuters had it down 0.5% to $3,926.52 by the European morning, Trading Economics marked a steeper 0.95% slide to about $3,909, and a late-New York read put it near $3,929. Silver drifted lower with it and the gold/silver ratio ticked up to roughly 78.8 at the open, little changed from Monday's high-70s/low-80s range. Platinum and palladium again had no catalyst of their own. USAGOLD · MarketScreener (Reuters) · CNBC

Upstream — miners, streamers & supply

Ten sessions running with nothing fresh from the majors, the silver/PGM producers or the royalty trio. Pan American Silver has confirmed it will report Q3 after Wednesday's close with a Thursday-morning call, the first of the week's reporting cluster; Wheaton Precious Metals follows Thursday, AngloGold Ashanti around November 6, Barrick on November 9 and Franco-Nevada on November 11. Pan American Silver (SEC 6-K)

Physical & official flows — central banks, ETFs & bullion

The official side stays quiet for a tenth straight session: the World Gold Council's September central-bank tally is still pending, neither GLD nor SLV flagged an unusual creation or redemption overnight, and Shanghai and Indian premiums were off the wires again.

Silver & PGMs — the industrial complex

Nothing new on the industrial side this window: no fresh South African PGM labour or power disruption, and no update on Northam Platinum's sale process beyond its December 1 deadline for expressions of interest, now four weeks out with no bids disclosed. Silver's move today was the same ratio drift covered in the market signal, not a fresh demand story.

The Chatter

Ten straight sessions now without anything new and freely accessible from the regular roster — Lyn Alden, Luke Gromen, Tavi Costa, Jan Nieuwenhuijs, GoldFix's Vince Lanci, Ross Norman or the World Gold Council's analyst team — and Incrementum's next report still isn't due until next spring. Better an honest gap than a forced item.