Gold Hits 3-Week High as JPMorgan Forecasts $5,000 by 2026

Daily News Nuggets | Today’s top stories for gold and silver investors
November 11th, 2025 

Government Shutdown Nears End After 42 Days 

A record 42-day government shutdown appears headed for resolution after the Senate passed a temporary funding measure backed by centrist Democrats. The House is expected to vote as soon as Wednesday, bringing an end to the longest shutdown in U.S. history. 

The deal averts further disruption to federal services and removes a major source of uncertainty hanging over markets. But the broader fiscal picture remains messy. Political gridlock delayed essential functions for over a month, and there’s no guarantee the next funding deadline won’t trigger another standoff.  

With one source of uncertainty potentially lifting, attention is turning back to the economic data — and the picture isn’t pretty. 

Private Sector Sheds Jobs in Late October 

The U.S. private sector lost jobs in the final week of October, according to new weekly data from ADP. The reading adds to growing concerns that the labor market is cooling faster than expected, even as official monthly payroll reports have painted a more mixed picture. 

The timing matters. Job losses during what’s typically a stable period of the year suggest underlying weakness, not seasonal noise. If this trend continues, it could force the Fed’s hand on rate cuts—and quickly. For investors, a weakening jobs market raises questions about consumer spending, corporate earnings, and whether the economy can avoid a harder landing. The labor market weakness isn’t just showing up in the data — it’s hitting consumers where it hurts most. 

The Chipotle Bowl Indicator Flashes Red 

Chipotle’s struggles are about more than burritos. The chain, whose stock is down roughly 50% this year, recently blamed slowing sales on cash-strapped consumers. It’s part of a broader trend: eating out, even at fast-casual spots, has shifted from a workday routine to a weekly luxury. 

Young people are feeling the squeeze most acutely. Rising housing costs, a frozen jobs market, and slower wage growth are forcing cutbacks on discretionary spending. When consumers pull back on $12 bowls, it’s a signal that financial pressure is real — and spreading. For markets, weakening consumer demand raises recession risks and puts more pressure on the Fed to act.  

As the economic situation for millions worsens, more investors are shifting into defensive positions. 

Precious Metals Climb as Rate Cut Bets Grow 

Gold pushed to a near three-week high on Tuesday, rising 0.5% while silver jumped 1.5% as traders bet on Fed rate cuts amid signs of economic weakness. The rally came as government funding uncertainty began to ease, lifting risk appetite across markets. 

The gains reflect a broader shift in sentiment. With job losses mounting and consumer spending under pressure, investors are pricing in a greater likelihood the Fed will need to cut rates sooner than expected. That’s bullish for non-yielding assets like gold and silver, which tend to benefit when real interest rates fall. Silver’s outperformance also suggests some industrial demand optimism, or at least a belief that it won’t collapse further. 

Some on Wall Street think the precious metals rally is just getting started. 

JPMorgan Sees Gold Reaching $5,000 in 2026 

JPMorgan’s private bank is forecasting gold could top $5,000 per ounce by 2026, citing persistent inflation concerns, geopolitical uncertainty, and central bank buying as key drivers. The call represents a significant vote of confidence in the metal’s long-term trajectory, especially as it trades near record highs today. 

What’s notable here is the source. JPMorgan isn’t a perma-bull on gold—it’s a major Wall Street institution with clients who demand rigor. Their forecast reflects a view that the conditions supporting gold’s rally aren’t temporary: sticky inflation, fiscal imbalances, and a multipolar world where central banks are diversifying away from dollar reserves. If they’re right, current prices may look like a bargain in hindsight. For investors, it’s a reminder that even traditional finance is taking precious metals seriously as a portfolio anchor, not just a crisis hedge. 

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