International Metals Group

Tonnes, Not Dollars.   Dear investor.   Gold at $ 4,035 today. Silver at $ 51.47 . Tuesday brought another round of pressure as hotter October inflation raised the odds of a larger December rate hike, with the Fed's next meeting set for December 8 and 9 .   Last Saturday brought a different kind of data. China's central bank reported that it added 25.8 tonnes of gold in October, its 24 th consecutive month of purchases, and that its holdings now stand at about 2,435 tonnes. In dollar terms, the value of those reserves was reduced by roughly $ 17 billion during the month because of the correction in the price of gold. Its response was to buy more: it was the largest monthly addition since it resumed purchases in November 2024 .   That is the difference between measuring in dollars and measuring in tonnes. For an institution building a reserve for decades, the quantity is the objective and the price is simply the cost of reaching it.   China has added about 129 to...

Remove the Pressure. See What Remains.   Dear investor.   Gold at $ 4,046 today. Silver at $ 51.99 . October applied three kinds of pressure to precious metals: rising yields, oil related inflation fears and forced selling tied to losses in technology stocks. This morning, after Democrats won control of both chambers of Congress in the November 3 midterm elections, the dollar slipped to a one month low and yields fell. Gold gained nearly 3 % and silver more than 4 % in a single morning.   Speed like that says something. When pressure lifts, even briefly, the metal responds immediately, which suggests the demand underneath is still there.   The data supports that reading. Central banks bought 321 tonnes in the third quarter, according to the World Gold Council, the highest quarterly total since late 2024 . Physical bar and coin investment for the first nine months of the year is the strongest since 2013 , with China setting a record for the period. Commerzbank summari...

Retire la Presión. Observe Qué Permanece.   Estimado Inversionista. El oro en $ 4,046 dólares hoy. La plata en $ 51.99 dólares. Octubre aplicó tres tipos de presión sobre los metales preciosos: rendimientos en alza, temores de inflación ligados al petróleo y ventas forzadas vinculadas a pérdidas en acciones tecnológicas. Esta mañana, tras ganar los demócratas el control de ambas cámaras del Congreso en las elecciones de medio término del 3 de Noviembre, el dólar cayó a su nivel más bajo en un mes y los rendimientos bajaron. El oro ganó cerca de 3 % y la plata más de 4 % en una sola mañana.   Una velocidad así dice algo. Cuando la presión cede, aunque sea brevemente, el metal responde de inmediato, lo que sugiere que la demanda de fondo sigue ahí.   Los datos respaldan esa lectura. Los bancos centrales compraron 321 toneladas en el tercer trimestre, según el Consejo Mundial del Oro, el total trimestral más alto desde finales de 2024 . La inversión física en barras y moneda...

El Piso Se Está Construyendo. No Todos lo Ven Todavía.   Estimado Inversionista.   El oro en $ 4,053 dólares hoy. La plata en $ 53.72 dólares. La Reserva Federal mantuvo las tasas esta tarde en un voto de 10 a 2 . Dos oficiales disentaron a favor de una subida. El dólar se fortaleció. Un ataque a una refinería saudí elevó el crudo. El oro y la plata absorbieron la presión y se mantuvieron.   Esa resiliencia merece más atención que el conteo de votos.   Standard Chartered dijo esta semana que el oro necesita construir un piso en los niveles actuales. State Street confirmó que a pesar de los riesgos a la baja, el camino hacia los $ 5,000 dólares permanece intacto. Lo que ambas instituciones están describiendo es un mercado que está haciendo exactamente lo que los mercados hacen antes de un movimiento direccional sostenido: consolida, prueba el soporte, elimina a los indecisos y recompensa a quienes permanecen.   Natixis dijo esta semana que la reunión de diciemb...

The Floor Is Being Built. Not Everyone Sees It Yet.   Dear investor.   Gold at $ 4,053 today. Silver at $ 53.72 . The Federal Reserve held rates this afternoon in a 10 to 2 vote. Two officials dissented in favor of a hike. The dollar strengthened. A Saudi refinery attack sent crude higher. Gold and silver absorbed the pressure and held.   That resilience deserves more attention than the vote count.   Standard Chartered said this week that gold needs to build a floor at current levels. State Street confirmed that despite downside risks, the path to $ 5,000 remains intact. What both institutions are describing is a market that is doing exactly what markets do before a sustained directional move: it consolidates, it tests support, it shakes out the uncertain and it rewards those who remain.   Natixis said this week that December's meeting will be the one that defines the rate path for all of 2027 . Between now and December, every inflation print, every jobs number...

27 % Below the High. The Buyers Who Know Most Bought More.   Dear investor.   Gold at $ 4,127 today. Silver at $ 57.38 . Gold is 27 % below its January all-time high of $ 5,608 . Silver is more than 50 % below its January peak of $ 121 .   That correction produced one of the most revealing data points of the entire year. As prices fell, the buyers with the deepest knowledge of the gold market did not exit. They accelerated. Central banks collectively increased their purchases during the drawdown. China bought 23 tonnes in September alone, its largest single month in three years. The institutions that understand gold's role in the monetary system bought more of it as it became cheaper. That behavior has a name. It is called conviction.   CIBC said this week that gold will recover to $ 5,200 in 2027 . Christopher Whalen, who spent years at the Federal Reserve Bank of New York, called precious metals an asymmetric trade this week and moved his own money in. Housing star...