Advisor Metals Precious Metals Market Update for November 1, 2026
FOMC, GDP, PCE………
This week saw the interest rate announcement from the Federal Open Market Committee (FOMC), the third quarter Gross Domestic Product (GDP) number, and the Fed’s favorite inflation gauge the Personal Consumption Expenditures Price Index (PCE) released.
The FED kept interest rates unchanged though indicated inflation was a concern, the GDP came in at 3.4% which was stronger than expected, and the core PCE less food and energy came in at 3.1% for September above the FED’s 2% inflation target.
For the week, gold and silver both declined with gold down 2.86%, silver down 8.59%, and the Dow Jones Industrial Average (DJIA) down .85%.
As I wrote in my last blog post, “What is the good part?” I am correcting that to “What was the good part?” Both gold and silver were at support levels though those did not hold. The flight to quality of Treasury bills, notes, and bonds, did not give support to metals prices.
The primary indicators that I look at are the 50-day and 200-day moving averages which show the intermediate and longer-term trends, respectively. Both gold and silver are below these moving averages and the averages are sloping down.
We’ll have to see how this plays out.
Until next time…