This Week:
Silver’s Pullback: Opportunity or Warning?
With silver pulling back sharply after recent highs, many are asking: is the bull market over, or is this just a breather before the next leg higher? In our featured article this week, we unpack why 2025 could still be a breakout year for silver — and what the mainstream might be missing.
Weekly Price Overview – 29 October 2025
After several strong weeks, precious metals pulled back — a healthy reset after recent gains. Both gold and silver remain in long-term uptrends, with prices now back at key support zones.
🟡 NZD gold fell $359 (–5%) to $6,811.73, dropping back below its uptrend channel and 50-day moving average near $6,500. RSI is now neutral, suggesting a likely consolidation between $6,800 and $6,250. USD gold slipped $182 (–4.4%) to $3,937, with next support near $3,800 — a level that could offer a new accumulation zone.
⚪ NZD silver declined $3.02 (–3.6%) to $81.24, pulling back to the green uptrend line. The RSI has reset from overbought to neutral, offering a good entry zone for long-term holders. The 50-day moving average sits near $77. USD silver dropped $1.44 (–3%) to $46.95, after a sharp midweek dip; the next horizontal support is around $44.
💱 NZD/USD rose 36 basis points to 0.5779 (+0.63%), but remains in a long-term downtrend. While the Kiwi has bounced slightly, its weakness continues to support higher local precious metals prices.📈 Takeaway: This week’s pullback looks more like a pause than a reversal. With prices back near trendline support and momentum indicators reset, it may prove another opportunity to accumulate on dips.
A Pause That Strengthens the Bull
If you’ve bought recently, you might feel like the beast on the right in our meme of the week.
Source: Lobo Tiggre
As Ronald-Peter Stöferle notes, this pullback looks like a healthy pause in a larger trend.
Every bull market needs to breathe — and the fundamentals haven’t changed:
- Debt and fiscal imbalances keep growing
- Central banks remain steady gold buyers
- Inflation pressures haven’t gone away
This isn’t the peak — just a well-overdue pause.
Read “The Big Long: The Pause That Strengthens” on Sound Money Report
History Rhymes
Tavi Costa’s updated History of Gold Cycles chart puts things in context.
Gold’s been consolidating, but the move is “far from over,” he says.
“Gold bull cycles don’t typically peak with the gold-to-silver ratio up near 85.
In 1980 it fell below 20, and in 2011 it dropped to 30 before gold peaked.”
That suggests silver still has room to run, though the path won’t be straight. After the recent FOMO, we’re now in “FOFF” — Fear of Further Falls — which often marks good buying zones (and when most people don’t).
Source: Tavi Costa
Institutions Still on the Sidelines
Despite higher prices this year, U.S. gold ETF holdings remain below 2022 levels (Peter Berezen).
Retail and central banks are buying, but institutions haven’t joined in — another sign this bull market may have further to run.
Source: Peter Berezen
Volatility can shake confidence, but it’s part of every long-term trend.
For now, the major forces behind gold and silver haven’t weakened — if anything, they’re building.
So, as Stöferle puts it, this is not the end — just the pause that strengthens the bull.
What’s Going On in London’s Bullion Markets?
It’s been an extraordinary few weeks in London’s precious-metals trade — especially for silver.
Bloomberg’s Sybilla Gross reports that London silver liquidity “vanished” this month after a perfect storm: Indian buying ahead of Diwali, earlier U.S. shipments, and heavy “debasement-trade” demand drained supply.
By mid-October, London — where 250 million mostly paper ounces trade daily — had effectively run out of metal, with major banks stepping back from quoting prices.
Source: Bruce Ikemizu
Silver’s earlier backwardation — where spot traded above futures — has now eased.As Bruce Ikemizu of the Japan Bullion Market Association notes, one-month silver has flipped back to contango as metal moved from New York to London.
But he warns the deficit remains and “upward price pressure stays for the long term.”
London’s Grip on Gold May Be Slipping
A separate chart from GoldChartsRUs highlights another long-term shift — the gradual loss of pricing power in London’s gold market.
Source: Brad Moseley
For decades, most of gold’s gains have come overnight, between the London PM and AM fixes (the blue line), rather than during London’s own trading hours (the black line).
Analyst Brad Moseley notes this may be another sign that London’s role in setting bullion prices is weakening, as trading influence migrates eastward and to futures exchanges.
“The price for gold bullion is rerating toward the blue line.
As London fails and fiat further degenerates,
five-figure gold becomes inevitable.” — Brad Moseley
The Takeaway
Both stories show the same trend: physical supply is tightening and trust in paper markets fading. Volatility aside, the long-term winners remain those holding real money — gold and silver in hand.
At Gold Survival Guide, we help clients hold that real wealth — gold and silver you can see, touch, and securely store outside the system.
When the world’s financial plumbing rattles, tangible assets offer peace of mind.