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Alasdair Macleod: Game on for gold and silver
By Alasdair Macleod
GoldMoney, Toronto
Friday, October 31, 2025
Despite recent weakness in gold and silver, the early indications are that the current consolidation phase is unlikely to last long before prices resume their uptrend.
It may be too early to conclude that after the shakeout of the last two weeks we have seen the bottom in gold and silver prices. But current physical liquidity constraints and the reasons for buying gold and silver have not gone away, suggesting that prices are being set up for another run higher.
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Hero Bullion: Gold and silver simply delivered
Gold and silver steadied this week after retreating from all-time highs the previous week. In London trading this morning gold was $4,010 after a low of $3,887 on Tuesday, to close a net $100 lower from last Friday's close. Silver was more resilient at $48.80 after a low of $45.60, for a net gain of 20 cents.
Referring to relative strength indicators, technical analysts told us that gold and silver had become massively overbought, so have formed a major top. If that was the case, then it would be reflected in open interest on Comex at all-time highs, because overbought conditions by definition exist when speculation becomes excessive. But that is not the case. as the next charts for gold and silver clearly show ...
... For the remainder of the analysis:
https://www.goldmoney.com/research/game-on
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