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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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In Search Of. Manic Metals Report 11/09/2026

By On November 9, 2026 - 9:53 AM · In Manic Metals Report, Market Commentaries
Leonard Nimoy used to go In Search Of the mysteries that have stirred mankind’s curiosities. He covered the gold quest—the Lost Dutchman Mine and other legends of buried treasure. Now metals traders are in Search Of Bottom, and today they hope they have finally found one.
Gold rose Monday as lower oil prices eased inflation concerns while investors waited for this week’s U.S. price data that could shape the Federal Reserve’s rate outlook. Strong jobs data, a resilient economy, and easing inflation fears from the oil sell-off are all in the mix.
Spot gold traded around the $4,110–$4,130 area, up roughly 1% on the day after bouncing from late-October lows near $3,875–$3,900. Silver joined the party, trading near $52.70–$53, also higher. Platinum and copper were firmer as well. The complex is trying to build on last week’s recovery after the midterm results and the sharp oil drop.
The big driver is oil. Crude extended its steepest weekly drop since 2020 on rumors and talk of progress toward some kind of U.S.-Iran arrangement. President Trump has sounded less inclined to order further strikes as long as talks continue.
Qatar is mediating. Iran has floated a shortened timeline (as little as two days) to restart talks, demanding an end to hostilities, lifting of the naval blockade, and sanctions relief before nuclear issues are addressed. Secretary of State Marco Rubio called some of those conditions “outrageous and ridiculous.” Markets are pricing in reduced risk of a wider Hormuz disruption anyway, and that has knocked oil lower (WTI near $88, Brent in the mid-$90s after last week’s big slide). Lower oil reduces near-term inflation pressure, which is gold-friendly even if the longer-term rate path stays restrictive.
Friday’s jobs report was strong: October nonfarm payrolls rose 165,000 (well above the ~65k consensus), with upward revisions to prior months, and the unemployment rate dipped to 4.1%. That is a “strong hire, low fire” print. It keeps the Fed on track for another hike (markets now see high odds for December) and limits how far gold can run on pure rate-cut hopes. Yet the combination of solid growth and cooling oil-driven inflation fears is giving metals a bid rather than a pure risk-off collapse.
This week’s CPI (Tuesday) and PPI (Friday) will be the next test. A downside surprise could fuel more rebound; sticky inflation would reinforce higher-for-longer rates and keep non-yielding metals under pressure. Gold has already retraced a good portion of its earlier 2026 losses and sits well below its January peak above $5,400, but it is no longer in free-fall. Silver’s structural deficit story (per the Silver Institute and Metals Focus) has not gone away even after the big pullback from earlier highs. Copper remains tied to data-center and AI electricity demand plus any supply tightness.
Are metals finally in search of a real bottom, or is this just another relief bounce on oil and geopolitics? The Nimoy-style quest continues. Traders are probing support after the late-October washout. Hold above the recent lows and the path of least resistance can stay higher into the data. Break those levels and the search for the bottom resumes.
Still old is the leader again. December COMEX last traded 4137.2, up 62.3 on the day after a high of 4143.3. February is 4170.8, up 63.3. That’s a solid bounce off the late-October washout. The market is treating that 3,875–3,900 area like it might actually matter.
Silver is finally showing some life too. December is 52.720, up 0.778. March is 53.375, up 0.805. After getting crushed for weeks, the white metal is starting to move with gold instead of lagging it. The structural deficit story hasn’t gone away. It was just waiting for the dollar and real yields to stop rising every day.
Copper is doing what copper does when the economy doesn’t look like it’s falling apart. December last 6.3180, up 0.0805. March 6.4195, up 0.0815. Nothing explosive, but it’s firm. AI data centers and electricity demand are still the longer-term bid. Near-term, a little risk-on and a softer dollar are enough to keep the red metal from rolling over. And no matter how bad the Democrats want to kill the artificial intelligence revolution that’s going to happen with or without us.
Platinum is rocking with a strong seasonal in play. January is 1555.7, up 18.8. That’s a nice move after October’s beat-down. Palladium is the quiet one — December 1023, up about 6. At least it’s back above 1,000 and holding.
And from the supply side situation a strong economy means more artificial intelligence growth it means more demand for metals.
Super El Niño is here and flooding risks are real for copper mining in places like Chile and Peru. Extreme weather can slow operations, transport, and supply — something we’re watching closely for metals markets.
Make sure you stay tuned to the Fox Business Network for market updates and the Fox Weather Network for the weather side, because flooding can slow mining and transportation.

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Phil Flynn

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

Contributor to FOX Business Network

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