Gold & Precious Metals Corner

Wednesday, 2026-11-04 · covering the last 24h

Market signal

Gold reclaims $4,000-plus as Democrats sweep the midterms and the dollar slides. Spot gold jumped roughly 3% to about $3,970–$4,054/oz through Wednesday's session — USAGOLD's daily report had it at $4,053.68, Fortune's mid-morning snapshot showed $4,046 — after Tuesday's vote handed Democrats control of both chambers, a result traders read as reviving deficit-spending risk and pressuring the dollar and Treasury yields lower. Silver outran gold, up about 4–4.6% to roughly $52.50, pulling the gold/silver ratio down from Tuesday's 78.8 into the high-70s. Platinum and palladium stayed out of the story, with no catalyst of their own. USAGOLD · Fortune

Upstream — miners, streamers & supply

Nothing fresh from the majors, the silver/PGM producers or the royalty trio today. The week's reporting cluster moves forward on schedule: Pan American Silver's Q3 numbers are due after tonight's close, with Wheaton Precious Metals, AngloGold Ashanti, Barrick and Franco-Nevada still to come through November 11.

Physical & official flows — central banks, ETFs & bullion

An eleventh straight quiet window on the official side: the World Gold Council's September central-bank tally still hasn't posted, no GLD or SLV sponsor flagged an unusual creation or redemption around today's rally, and Shanghai and Indian premiums were off the wires again.

Silver & PGMs — the industrial complex

No fresh South African PGM labour or power disruption, and nothing new on Northam Platinum's sale process beyond its December 1 expressions-of-interest deadline, now four weeks out with no bids disclosed. Silver's jump today was the market-signal move above, not a fresh industrial-demand story.

The Chatter

An eleventh straight session with nothing 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 — even with gold's biggest one-day move in weeks. Better an honest gap than a forced take.