The prices of most precious metals gave up previous gains on Thursday, with gold coming off its recent all-time high and going below the $4,000 mark. The appetite for safe havens likely faded due to the ceasefire deal between Israel and Hamas. In addition, today’s speech by United States Federal Reserve Chair Jerome Powell didn’t give any insights into further potential interest rate cuts in 2025. Meanwhile, Fed Governor Michael Barr called for a “cautious” approach to policy adjustment, underlining that “considerable uncertainty” is still present. Gold slid 2.35% to $3,946.92.01 per ounce at 1:16 pm ET. A minute later, silver lost 0.64% to sell for $48.56 per ounce. At 1:17 pm ET, platinum declined 1.43% to $1,646.05 per ounce. Meanwhile, palladium increased 1.72%, selling at $1,434.49 per ounce at the same time.
US hits Iran oil network with new sanctions
The United States Treasury’s Office of Foreign Assets Control (OFAC) sanctioned on Thursday more than 50 individuals, companies, and vessels linked to Iran’s petroleum and petrochemical exports, aiming to dismantle what it called key elements of Tehran’s “energy export machine.” Secretary of the Treasury Scott Bessent said the move disrupts “the regime’s ability to fund terrorist groups that threaten the United States,” primarily “billions of dollars” in oil and liquefied petroleum gas (LPG) sales. The action hits firms and networks in China, the United Arab Emirates, India, Turkey, and Hong Kong involved in transporting or processing Iranian crude.The measures also marked Washington’s fourth round of penalties on China-based refineries purchasing Iranian oil, as part of the Trump administration’s maximum economic pressure campaign.
JPMorgan CEO Dimon warns of US stock market correction risk
JPMorgan Chase (JPM.N), opens new tab CEO Jamie Dimon warned of a heightened risk of a significant correction in the U.S. stock market within the next six months to two years, the BBC reported. “I am far more worried about that than others,” Dimon said, adding there were a “lot of things out there” creating an atmosphere of uncertainty, pointing to risk factors including geopolitical tensions, fiscal spending, and global remilitarization. “All these things cause a lot of issues that we don’t know how to answer,” he told the BBC in an interview on Wednesday, highlighting that the U.S. stock market faces increased risks of being overheated.
Dimon also expressed mild concern about inflation but remained confident in the Federal Reserve’s independence despite criticism from the Trump administration of Fed Chair Jerome Powell. Dimon expressed caution about the U.S. economic outlook last month, warning that the full impact of tariffs, immigration, geopolitics, and President Donald Trump’s tax and spending policies remains uncertain due to their long-term cycles.
NN; I can’t wait
Trump Opens Door to Talks GOP Has Resisted as Shutdown Extends
With the US government shutdown closing in on the one week mark, President Donald Trump showed signs of cracking Monday, sending mixed messages about the state of talks with Democrats on their biggest demand.Trump, who had remained on the sidelines of negotiations for days, on Monday said he was open to negotiating with Democrats over health care subsidies to bring an end to the funding stalemate, at one point suggesting those talks had already begun. The remarks appeared to mark a shift after days of Republicans maintaining they’d only consider a possible extension of Obamacare subsidies after Democrats first passed legislation to fund the government. Senate Democratic Leader Chuck Schumer swiftly issued a statement saying that while no talks were ongoing, “if he’s finally ready to work with Democrats, we’ll be at the table.” Lawmakers on both sides, however, ended Monday unsure if Trump’s remarks represented a genuine breakthrough that could give negotiations momentum, or merely added up to more bluster that leaves things largely as they were. In the short term, nothing shifted on Capitol Hill. Late in the day Monday, the Senate convened and took their fifth vote on a bill to keep the government open through Nov. 21. As with the four times before, it failed.
NN: This nothing more than political theater. The will soon end this
Silver hits new all-time high, breaks $50 mark
The prices of precious metals rallied on Thursday, with silver reaching a new record high and passing the $50 mark. The prices likely continued to be affected by the United States government shutdown, which has put many economic data releases on hold, raising even more concerns about the state of the economy and leaving investors without clear guidance.
Silver surged 2.35%, selling for $50.03 per ounce, at 8:30 am ET. A minute later, gold was flat, going for $4,041.23 per ounce. At 8:33 am ET, platinum was up 0.22% to sell at $1,673.51 per ounce, and palladium soared 3.75%, going for $1,461.47 per ounce.
NN: This will end in tears
Israel-Hamas Gaza ceasefire deal takes effect
The Gaza ceasefire between Israel and Hamas formally came into force, Egypt’s Al Qahera News reported on Thursday. Egyptian President Abdel Fattah al-Sisi confirmed it minutes later by saying that “an agreement has been reached to implement a ceasefire and end the war in Gaza.” The ceasefire was formally signed in Sharm el-Sheikh and went into effect at 12:00 pm Cairo time. In order to facilitate the movement of civilians and the delivery of aid, five humanitarian crossings into Gaza will open. The deal’s first prisoner swap is tentatively set for Saturday or Sunday, the media added. The first phase of US President Donald Trump’s ceasefire agreement, which Israel and Hamas had previously agreed to, calls for the release of 20 live hostages in exchange for 2,000 Palestinian detainees during the first 72 hours of the truce.
NN: This is not how this will end up
Erdogan: Unfair to put entire peace burden on Hamas…… Two more Palestinian factions to join Egypt peace talks
Turkish President Recep Tayyip Erdogan said on Wednesday that it’s “neither just, nor correct, nor realistic” to put the entire burden of peace on Hamas in the Palestinians, amid the ongoing peace talks in Egypt. He noted that “the Palestinian resistance organization Hamas has responded very well to [United States President Donald] Trump’s peace plan” and thus showed its commitment to peace. “Peace is not a single-winged bird,” he observed. Speaking at the ruling AK Party’s group meeting, Erdogan reaffirmed Turkey’s support for the cessation of the Gaza crisis and emphasized that Turkey is engaged in “intensive efforts in every area,” from humanitarian aid to diplomatic moves.
Two more Palestinian factions to join Egypt peace talks
Delegations from the Popular Front for the Liberation of Palestine (PFLP) and the Islamic Jihad terror group will join the hostage-truce talks in Gaza today in Sharm el-Sheikh, Egypt, the Saudi channel Al-Hadath reported on Wednesday. The prime minister of Qatar is expected to attend the third day of negotiations, as well as the head of Turkey’s intelligence. According to a person familiar with the negotiations, Israel and Hamas had made “progress,” CNN said. US envoy Steve Witkoff and Trump’s son-in-law and former adviser Jared Kushner are scheduled to arrive in Egypt today to also join the discussions.
NN: At some point this deal will fall apart
Oil climbs again on modest OPEC+ output hike
Crude oil prices continued to advance, rising by more than 1% on Wednesday, with traders still digesting the decision by the Organization of the Petroleum Exporting Countries and its partners (OPEC+) to increase its oil production by 137,000 barrels per day in November, signifying a smaller output hike than expected.
The West Texas Intermediate (WTI) for deliveries in November grew by 1.43% at 7:50 am ET, going for $62.61 per barrel. Meanwhile, Brent for December’s settlements climbed by 1.28% to $66.29 per barrel at 7:52 am ET.
EIA: Brent’s likely 2026 price $52 per barrel
The price of Brent will decline to an average $62 per barrel in the fourth quarter of 2025 and $52 per barrel in 2026, the United States Energy Information Administration (EIA) forecast in its report published on Tuesday. In the prediction, the EIA tied the expected drop to an expected rise in oil inventories. The agency further predicted that crude oil production in the United States will average 13.5 million barrels per day (bpd) in both 2025 and 2026, increasing its forecast for the latter year by 200,000 bpd. The Organization of the Petroleum Exporting Countries and its partners’ (OPEC+) production will remain below announced targets, the EIA projected. The agency also anticipated that non-OPEC countries’ manufacturing capacities will rise by 2 million bpd in 225 and 700,000 bpd in 2026.
Gold futures top $4,000 for the first time
Gold futures climbed to a new all-time high on Tuesday, topping $4,000 per ounce for the first time in history, as investors continued to turn to safe-haven assets amid the ongoing government shutdown, with both the Republican and Democratic senators failing to reach the sufficient votes to pass their respective funding bills to reopen the federal government.
Gold futures for contracts in December rose by 0.67% at 8:56 am ET to go for $4,0012.8 per ounce. Meanwhile, spot gold also traded at record highs, advancing by 0.58% at 9:13 am ET to go for 3,983.65 per ounce. At the same time, silver declined by 0.17% and went for $48.44 per ounce, while platinum dipped by 0.60% at 9:14 am ET, going for $1,628.67 per ounce. Palladium grew by 0.91% a minute later and went for $1,318.88 per ounce.