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Both Gold and Silver close October 2026 below long held thresholds.

Saturday, October 31, 2026 16:04

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Both Gold and Silver plunged in October 2026, making this the worst month since 2008.

Gold plunged below $4000 to $3874 by the Nymex close. The yellow metal is now down 10.5% since the first trading day when it closed at $4330. It is down over 30% since its intra day all time high. Meanwhile silver dove to $49, at par with its 1980 and 2011 top and about 60% down from its January all time high. Silver closed at $72.77 on 2nd of Jan 2026 which implies a year-to-date loss of 32.66%.

Whereas rising rates for US treasuries may have initiated the pressure on gold earlier in October, easing rates during the last few days ought to have fueled a new rally. There never is a one-to-one relationship with any macro-economic parameter we might use in a benchmark. Gold rose before last presidential election but now is plunging before the mid-term. Don’t look for political anxieity either, it is a too hazardous factor.

Following video depicts a few possible scenarios going forward, emphasizing on possible explanations for the precious metals plunge.

Direct Youtube link

“Gold just closed a month below $4,000. Silver just closed a month below $50. Both happened on a day when yields fell and oil rose, so who was really selling? I walk through the evidence for forced selling versus a changed view on gold, how the record Binance theft may connect to metals, why the days after Tuesday’s midterms may matter more than the result, the levels that matter now, and three ways November can go.”

Chapters:

0:00 Both lines broke

0:55 How Friday unfolded

2:01 Answer one: a changed view

3:01 Answer two: people who needed cash

4:52 The biggest crypto theft

6:30 What history says

7:39 My call

7:56 Gold’s levels

8:34 Silver’s 45-year line

9:45 The midterms and the war

11:09 The week ahead

11:55 Three ways November can go

12:51 Your plan and the close

Which precious metals upheld?

Both platinum and palladium plunged along gold and silver. Though both markets are tiny compared to gold and even to silver, some other platinum group metals upheld better. ‘Platinum group metals’ are two triads of successive metals in the good old Mendelejev table.

The two triads are:

Ruthenium, Rhodium and Palladium (those are the precious metals preceding Silver)
Osmium, Iridium and Platinum (those are the precious metals preceding Gold)

First the illustration of how both Platinum and Palladium have been sliding along gold and silver, with a monthly loss between 15% and 20% for both, and precipitating lower towards the end of the month.

Daily Platinum and Palladium price in USD during October 2026

Next: let us compare Ruthenium to Platinum.

Daily Platinum and Palladium price in USD during October 2026

Ruthenium shows a remarable resilience as compared to Platinum

And finally, we add a little benchmark of the two rarest metals: Rhodium and Iridium.

Daily Platinum and Palladium price in USD during October 2026

Rhodium upheld a lot better than either Platinum or Palladium. It ends October almost flat. But remarkably, the very rare Iridium rallied over last October finishing close to $10 000 /Oz.

Not tradable …

Unlike Platinum and Palladium for which there are even ETF products, the rare metals are not tradable. With some persistence, you may purchase them in physical form. They are also then hard to sell.

Source: https://gwyde.blogspot.com/2026/10/both-gold-and-silver-close-october-2026.html

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