Silver Rises Over 120% YTD 
Daily News Nuggets | Today’s top stories for gold and silver investors
December 2nd, 2025
Copper Joins Gold and Silver at Record Highs
For the first time in decades, copper, gold, and silver are all hitting record territory at once. Copper touched $11,295 per tonne on the London Metal Exchange yesterday, while silver reached $58.83 per ounce and gold continues trading north of $4,100. The synchronized rally reflects a perfect storm of tight supply and surging demand — particularly from green energy and AI infrastructure.
Copper’s climb comes as major mines face disruptions, while silver’s industrial demand (solar panels, EVs) collides with limited inventory in London vaults. Gold, meanwhile, continues its run on central bank buying and safe-haven demand. The message is clear: investors are rotating into hard assets as concerns about inflation, geopolitical risk, and dollar weakness intensify.
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Central Banks Ramp Up Gold Buying Despite Record Prices
Central banks added 53 tonnes of gold to their reserves in October — a 36% jump from September — signaling that institutional demand remains robust even with gold trading above $4,000 per ounce. Poland led with 16 tonnes, returning to the market after a summer pause and raising its target gold allocation to 30% of reserves. Brazil bought 16 tonnes, its first purchase since 2021.
Year-to-date, central banks have accumulated 254 tonnes, a slower pace than recent years but still well above historical averages. The World Gold Council notes this buying appears strategic rather than opportunistic, with 95% of surveyed central banks expecting gold reserves to grow in the year ahead. It’s another vote of confidence in gold’s role as a hedge against currency debasement and geopolitical uncertainty — the same forces now complicating the Fed’s policy decisions.
Euro Holds Steady as Mixed PMI Data Keeps Dollar Under Pressure
The euro steadied near two-week highs Monday as traders digested conflicting economic signals from both sides of the Atlantic. U.S. manufacturing contracted for the ninth straight month in November, with the ISM Manufacturing PMI falling to 48.2 — its lowest level in four months. Markets are now pricing in an 87% chance the Federal Reserve will cut rates at its December 9-10 meeting.
The Eurozone showed mixed results: services activity remains firm, but manufacturing slipped back into contraction at 49.7. The dollar index dropped to two-week lows around 99.01, giving support to gold, which briefly touched $4,260. That persistent manufacturing weakness sits at the heart of the Fed’s rate dilemma.
Fed Officials Divided Over December Rate Cut
Federal Reserve policymakers are openly split heading into their final 2025 meeting. Minutes from October revealed “strongly differing views” on whether to cut rates in December, with some officials warning that no further cuts may be needed through year-end. The disagreement centers on competing risks: a weakening labor market versus stubbornly high inflation.
Market expectations have whipsawed — from near-certainty of a December cut a month ago to just 32% odds last week, before rebounding to 87% today. Adding to the uncertainty: the recent government shutdown disrupted key data releases, leaving policymakers flying partially blind. The Fed meets December 9-10, and Chair Jerome Powell has made clear that nothing is a “foregone conclusion.”
Trump’s Approval on Inflation Collapses to Biden-Level Lows
President Trump’s honeymoon with voters on economic issues is officially over. Recent polling shows his net approval rating on handling inflation has plummeted to -28 percentage points — matching the dismal numbers Joe Biden posted during the 2022-2023 inflation surge.
A Fox News poll found 62% of voters now blame Trump more than Biden for current economic conditions, with 76% viewing the economy negatively. The shift is stark: Trump won the 2024 election on promises to fix affordability, but his tariff policies appear to be backfiring. Consumer brands report middle-class shoppers are closing their wallets. With 61% disapproving of his inflation handling, Trump now faces the same political reality that haunted his predecessor.
