Gold and Silver Cool off After Record Highs — But Metal Bulls Say the Shine Isn’t Gone Yet

As the weekend winds down, fine gold is lounging at $4,111 per ounce while silver glides at $48.53—both catching their breath after a long stretch of heavy profit-taking this past week that followed an earlier rally this month.

Gold Prices Hold the Line as Prices Retreat From Record $4,377 Peak

The week after bitcoin ( BTC) vaulted past the $126,000 mark, both metals climbed in tandem, fueled by the debasement trade and a dash of safe-haven appetite amid U.S.-China trade jitters and a softening dollar.

Gold hit a classy high of $4,377 per troy ounce, while silver flaunted its shine at $54.55 per ounce on the same day (Oct. 20). As mentioned above, gold is resting at $4,111 per ounce as of Sunday afternoon at 12 p.m.—down 6.08% from its record peak.

Silver, meanwhile, took a sharper tumble, slipping about 11.04% below its all-time high. The gold-to-silver ratio stretched from roughly 80.8 on Oct. 19 to about 85.1 by Oct. 26, spotlighting silver’s lag as an industrial metal while broader economic optimism hit the brakes.

Silver showed its high-beta personality loud and clear, swinging wider than gold with sharper daily moves—like last week’s -5.99% drop compared to gold’s milder -2.12% dip during the initial pullback. Still, as several analysts told Kitco’s Neils Christensen, the correction looks healthy after a nine-week rally. Even so, a few strategists kept their guard up, with one admitting he was in “no hurry to get back in.”

Pepperstone senior market analyst Michael Brown told Christensen he expects gold to hover between $4,000 and $4,400 for now. He added that the golden bull run is far from finished. “The bull market is far from dead; instead, it’s just taking a bit of a breather,” Brown remarked. That sentiment is spreading fast across social media, with gold enthusiasts on platforms like X calling the pullback a prime dip-buying opportunity.

“Gold gets dumped, time to buy the dip with a grin,” one X user stated on Friday. Some users went further, insisting that demand for physical metals is so intense that dealers can’t even restock—hinting it’s now or never to grab gold and silver. “WHAT IF… WE CAN’T BUY THE DIP?” the X account @makegoldgreat posted.

Unlike bitcoin, for retail investors, though, the spot price for physical metals can be a bit of a mirage. Buying physical gold or silver often comes with a 3–8% dealer markup—think $4,350 for a 1 oz coin when spot sits at $4,137—and selling usually means taking a 1–10% discount, around $4,000–$4,050. All told, that’s a 5–12% (or more) round-trip loss just for stepping in and out of the physical market.

Whether this dip turns out to be a golden opportunity or just a glittery head fake remains to be seen. For now, gold and silver are cooling off after their record-setting sprint, and the bulls are watching closely for the next spark.

Between the chatter on X, bullish whispers from analysts, and a growing frenzy for physical metals, one thing’s clear—metal bulls believe this market is catching its breath, but it hasn’t lost its shine.

FAQ 🧠

• **Why did gold and silver prices fall this week?**Both metals dipped as traders took profits after a strong multi-week rally.
• **What is the current price of gold and silver?**Gold trades around $4,111 per ounce, while silver sits near $48.53.
• **Are analysts still bullish on gold?**Yes, many analysts, including Pepperstone’s Michael Brown, see the bull market as merely pausing.
• **Why are investors talking about buying the dip?**Gold enthusiasts on X believe the pullback offers a fresh entry before the next leg higher.