AGE Daily Gold Update

AGE Daily Gold Update presents a recap on today's action in the precious metals markets. View archives.

10/8/2025: Gold pierces $4,000, silver tests all-time highs

Source: Dana Samuelson, American Gold Exchange

Austin — After pausing briefly yesterday, the relentless precious metals rally resumed with gusto today. All four precious metals moved sharply higher, gaining again first in overnight trading, with upward momentum carrying into and through the New York session.

Since yesterday’s NY close gold gained another 1.5%, firmly piercing the $4,000 mark. Silver rose almost 3% to an intra-day high of $49.56 before easing back a bit. Platinum gained 2.75% or a little over $50 while palladium rocketed over $100 or 7% higher.

Precious metals have been moving higher of their own volition over the last two weeks, driven by relentless bids, with little regard to their traditional inverse correlation to the US dollar, interest rates, or other normal market drivers such as changing geopolitical events.

While gold continues to set daily, new all-time highs, silver is finally testing its previous highs of $49.45 in January of 1980 and $49.80 in April of 2011. Lease rates, the amount of money one can borrow silver at, are currently sky high with the one-week rate currently quoted at 24%. In addition, the November silver futures contract on the Comex exchange is in backwardation, which means it is trading at a discount to the spot silver price. Both suggest demand for physical silver for immediate delivery exceeds supply, creating a fundamental imbalance for physical silver in the immediate delivery market.

Meanwhile, refineries in the US and elsewhere are backed up for 3-4 weeks processing incoming silver. The soaring silver price has resulted in large amounts of over the counter buying by dealers who in turn sell to refineries, the buyer of last resort. While physical silver is plentiful, there apparently are not enough 1,000 oz silver bars available in the immediate delivery market to satisfy demand for industrial buyers like ETF’s or bullion banks.

The release of the Fed minutes from the most recent Fed meeting Sept. 17-18, where the Fed cut rates 25 basis points and indicated two more 25-point rate cuts were likely this year, had little effect on precious metals prices. While most Fed participants voiced concern over a deteriorating US employment as justification for further rate cuts, several board members indicated that a stall in falling rate of inflation might justify the Fed standing pat.

At the New York spot close: gold climbed $66.70 to $4,043.30; silver charged $1.47 higher to $48.65; platinum rose $51.40 to $1,678.00; and palladium rocketed 106.60 higher to $1,454.20.