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Phil Flynn

Phil Flynn is writer of The Energy Report, a daily market commentary discussing oil, the Middle East, American government, economics, and their effects on the world's energies markets, as well as other commodity markets. Contact Mr. Flynn at (888) 264-5665

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Just What the Metals Were Waiting For. Manic Metals Report 11/04/2026

By On November 4, 2026 - 9:21 AM · In Manic Metals Report, Market Commentaries
Metals are charging higher this morning after the Democrats pulled off a genuine blue wave in the midterms, flipping both the House and Senate. Markets are treating the result exactly as they often do after a big midterm shift: gridlock is good. With neither side able to ram through big new spending or regulatory surprises, the path is clearer for risk assets and for the metals complex that had been waiting for a catalyst.
Silver is leading the way, jumping roughly 4–6% and pushing back above $52 an ounce. After a wild run that shattered records earlier this year, the metal had spent recent weeks consolidating. Today’s move looks like the start of the next leg higher. The gold/silver ratio has eased back toward the mid-to-high 70s (around 77.5–78), a level that historically has left room for silver to outperform. Gold itself is solidly higher, trading in the $4,040–4,050 zone, up better than 2.5%.
Stocks have already erased overnight losses and turned positive. The much-hyped “death of AI” looks greatly exaggerated. Copper, which had been weighed down by worries that the AI build-out might stall, is holding near $6.40–6.45 a pound and finding support from the same structural story that has been in place all year: data centers, grid expansion, and electrification still need a lot of metal. Other fundamentals (mine supply tightness, Chinese restocking, and the broader industrial recovery) remain intact underneath the short-term AI noise.
The dollar is cooperating. The DXY is down about 0.4–0.5% this morning, trading near 101.4 after the election results. A softer greenback is classic fuel for dollar-denominated metals, and today it is doing its job.
Palladium and platinum are flashing big green signals as well. Palladium is up 5–6% near $990–1,000, and platinum is up more than 2% around $1,460. Strength across the platinum-group metals is usually a healthy sign for both the industrial and precious complexes. When the PGMs rally alongside gold and silver, it tends to confirm that the move is broader than just safe-haven buying.
 So It Looks Like the metals complex got exactly the political outcome it wanted—divided government, a weaker dollar, and a reminder that the AI and industrial demand stories are still very much alive. Silver is out front, the ratio looks constructive, and the industrial metals are participating. This is the kind of setup that has powered rallies before, and it feels like the market is finally ready to run with it.
So make sure you take advantage of it there are some really wonderful options strategies that you can look at as well as trying to trade the futures if you need help with it you should definitely call me at 888-264-5665 or e-mail me at pflynn@pricegroup.com make sure that you stay tuned to the Fox Business Network invested in you and also make sure that you sign up for the PhillFlynn Energy Report.

 

Thanks,

Phil Flynn

Senior Market Analyst & Author of The Energy Report and Manic Metals Report

Contributor to FOX Business Network

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