Gold pulled back to $3,928 and silver to $49.57 while ETFs added 70 tonnes in a month. Stephen Flood, Jan Skoyles and I break down paper selling vs physical buying and what the volatility signals for long-term holders.
Recorded November 3, 2026 as U.S. midterm results landed, this GoldCore webinar places the pullback in structural context: gold remains up 66% in dollar terms in 2025 and down 7-8% so far this year, silver trades 59% below the January peak after a 170% run in 2025, ETFs added 70 tonnes in the last month with strong UK demand, and central banks have bought more gold year-to-date than at the same point in 2025.
Covered in this session:
- Gold at $3,928 and silver at $49.57: paper price action vs physical demand
- ETF and central bank flows: 70-tonne ETF build and continued official-sector buying
- Silver structure: 46-million-ounce deficit forecast, industrial demand at a 4-year low, solar use down 19%
- Macro backdrop: inflation at 3.7%, December rate expectations, record 6.3% credit default, election holding pattern
- Positioning framework: dollar-cost averaging in tranches, 25% silver allocation guideline, physical custody outside the banking system, confiscation Q&A
Buy Gold Coins
Buy gold coins and bars and store them in the safest vaults in Switzerland, London or Singapore with GoldCore.
Learn why Switzerland remains a safe-haven jurisdiction for owning precious metals. Access Our Most Popular Guide, the Essential Guide to Storing Gold in Switzerland here.
Receive Our Award Winning Market Updates In Your Inbox – Sign Up Here
