Did Gold and Silver Top Out?

October 9, 2025

Mish's Daily

By Mish Schneider

I read today that a lot of the future of higher gold prices rests on whether China can seduce other nations to store gold in China’s bonded warehouses.

Furthermore, China wants nations to trade gold on the Shanghai Exchange.

China has been accumulating gold for a decade.

Today, Brazil began buying gold for the first time since 2021.

Moreover, there has been a lot of buzz about debasement, where gold gains favor over the dollar and other currencies.

Dollars priced in gold are worth 50% less than they were a year ago.

On a more tangible level, margins rose a lot to hold gold and silver in trading accounts.

Plus, a report came out that millennials hold the most gold, leading boomers and Gen X’ers.

Could gold go to $5000 or even $7000?

I always say until peace breaks out, US debt decreases, and inflation falls significantly, the answer is yes.

Add that the US and China must play nice-not likely anytime soon.

As for now, gold rose to an all-time high of $4080 in the December contract and then fell by around $100 later in the trading session.

Was this the top?

Certainly, the overall market selling off (note I gave you fair warning with Granny Retail and Regional Banks dropping to caution phases), did not help gold today.

Today felt more like the start of a bigger liquidation.

The technical pattern you see is a classic reversal top.

Generally, we can see a 5-10% correction from the highs.

Also, no secret is that we were focused on silver even more than gold lately as we believed silver could go to $50 quickly. It did.

The gold to silver ratio bounced from a low of 79 (generally inflationary) up to 81 with today’s sell off.

A break under 79 (gold trades 79 times the price of silver) should be a catalyst for higher prices and more inflation.

For now, a correction in both gold and silver would be considered a gift.

Gold could head to $3800, and a 10% correction would be $3600 though I doubt it gets there.

Silver could go $45.00 and worst case, $42.00.

Regardless, the longer-term trend remains bullish. It is a matter of timing and risk.

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