Gold & Precious Metals Corner

Friday, 2026-11-06 · covering the last 48h

Market signal

Gold logs its best week in two months before a payrolls-driven pullback. Spot gold eased 0.3% to $4,076.91/oz on Friday as a stronger-than-expected, delayed October payrolls report bolstered the dollar and dented hopes for a near-term Fed rate cut — but the metal still closes the week up roughly 5%, its strongest weekly gain since early September, after extending Wednesday's post-election rally through Thursday. Silver kept outpacing gold through the window, pulling the gold/silver ratio down further from Tuesday's high. Platinum and palladium again had no catalyst of their own. CNBC

Upstream — miners, streamers & supply

AngloGold Ashanti's costs run hot even as earnings rise. Q3 group gold production fell 9% y/y to 696,000oz and all-in sustaining cost jumped to $2,170/oz from $1,720/oz a year earlier, as capital spending climbed 45% to $563m; headline earnings still rose 18% to $790m (155¢/share) on higher gold prices, though free cash flow fell 22% to $722m. The board approved funding for the North Bullfrog project's execution phase on November 3, subject to permits, and full-year guidance of 2.8–3.17Moz was reaffirmed unchanged. AngloGold Ashanti (SEC 6-K)

Wheaton Precious Metals posts record nine-month results. Q3 revenue rose 62% y/y to $772m and net earnings 12% to $410m ($0.903/share), extending year-to-date records of $2.6bn revenue, $1.5bn net earnings and $2.1bn operating cash flow; the board declared a $0.195/share quarterly dividend. CEO Haytham Hodaly pointed to two growth milestones reached this quarter — Montage Gold's Kéné project's first gold pour on September 26, running above 90% of nameplate capacity in October, and Hudbay's October 21 construction approval for Copper World. Wheaton Precious Metals (SEC 6-K)

Pan American Silver returns $300m to shareholders in the quarter. Q3 attributable free cash flow was $377m; the CEO said silver-segment all-in sustaining cost has come in better than expected and year-to-date production is within guidance, though full-year silver output is now tracking the low end of the 25–27Moz range. The company returned $300m to shareholders in the quarter (a $0.185/share dividend) and holds $3.4bn of total liquidity. Pan American Silver (SEC 6-K)

Barrick (due November 9) and Franco-Nevada (due November 11) round out the week's reporting cluster.

Physical & official flows — central banks, ETFs & bullion

Central banks post their biggest quarterly gold buy since late 2024. The World Gold Council's Q3 2026 Gold Demand Trends report, published November 3, put official-sector net buying at an estimated 321 tonnes, up 42% y/y; only 120 tonnes was attributed to named buyers — China's PBoC (+63t) and Poland (+40t) accounted for most of that — leaving roughly 201 tonnes unreported. Year-to-date buying stands at 675 tonnes (+6% y/y), and the WGC now expects full-year 2026 to at least match 2025. Total Q3 gold demand was 1,369 tonnes (-1% y/y) as retail bar-and-coin demand fell 19% to 268 tonnes even as gold-backed ETFs added 211 tonnes. World Gold Council · Kitco

Global gold ETFs set a fresh holdings record in October. The WGC's monthly ETF tracker showed global gold ETFs taking in $2.7bn and adding 19 tonnes to reach a month-end record 4,275 tonnes, even as total AUM slipped 6% to $542bn on the month's lower average price; Europe-listed funds drove the gains while North America was the only region with net outflows. World Gold Council

Silver & PGMs — the industrial complex

The industrial side stayed quiet again this window: no update on Northam Platinum's sale process ahead of its December 1 bid deadline, no fresh South African PGM labour or power disruption, and no new data on the silver deficit or PV demand.

The Chatter

Nothing fresh and freely accessible turned up this window from the regular roster — Lyn Alden, Luke Gromen, Tavi Costa, Jan Nieuwenhuijs, GoldFix's Vince Lanci, Ross Norman or the World Gold Council's analyst team — even with gold notching its best week in two months and the WGC's central-bank buying report landing mid-week. Better an honest gap than a forced item.