Metalstacks Brief: December 3, 2025 – SILVER PUSHES $60: White Metal Holds Historic Highs; Gold Seeks Catalyst

The sensational silver rally continues! After shattering its all-time high earlier this week, the price of silver is holding firmly near the psychologically critical $60 per ounce level today, Wednesday, December 3, 2025. This remarkable strength confirms the structural tightness in the physical silver market.

Gold is trading mostly flat, consolidating its position just above the $4,200 mark, as the market awaits fresh guidance from upcoming US economic data and next week's highly anticipated Federal Reserve meeting.

Today’s Spot Prices (USD per Troy Ounce)

(Prices are approximate, reflecting movement as of mid-afternoon EST on Dec 3, 2025.)

Key Market Drivers: Silver's Scarcity vs. Gold's Patience

1. Silver's Unprecedented Strength

The silver story remains one of scarcity and structural demand. Its price is currently being propelled by:

• Supply Crisis: Physical inventories in major vaults are at multi-year lows. Heavy buying by ETFs and large-scale industrial users (solar, EVs) is depleting the available supply, forcing the price higher.
• Next Target: $60: Having broken the 45-year-old $54 ceiling, silver traders are now focused on the next major psychological benchmark: $60 per ounce. A clean break above this could trigger another parabolic move.

2. Gold Awaits Fed Clarity

Gold's muted action today is a reflection of market focus shifting to the upcoming Federal Open Market Committee (FOMC) meeting next week.

• Dovish ADP Report: This morning's weaker-than-expected ADP private payrolls report fueled expectations for a dovish tilt by the Fed, with market probability for a December rate cut soaring to nearly 90%. This is the core driver supporting gold prices above $4,200.
• Technical Check: Gold is patiently consolidating. For the rally to accelerate towards the $4,300–$4,400 range, it needs sustained momentum above its current level, which is likely to come only after the Fed decision.

3. Key Data Ahead

The market will be laser-focused on the remaining economic releases this week, which will either cement or challenge the current rate cut expectations:

• November ADP Report (Today): Already released, showing weakness, supporting rate cut hopes.
• ISM Services PMI (Today): A sign of economic strength or weakness in the service sector.
• Delayed September PCE Index (Friday): The Fed’s preferred inflation gauge; a soft reading would strongly support the dovish view.

Metalstacks Strategy

The divergence in today's market—silver's aggressive ascent versus gold's consolidation offers clear strategy points:

• Silver: The bullish case is overwhelming. The tightness in physical supply means premiums on coins and bars are unlikely to decrease. Collectors should prioritize securing desired silver pieces while the spot price is consolidating just under the $60 barrier.
• Gold: Today offers a crucial opportunity for Dollar-Cost Averaging (DCA). Long-term buyers should view any minor dip as a chance to buy at a discounted price before the expected rate cut announcement gives the yellow metal its next surge.

Metalstacks is a private club focused on the study and discussion of the precious metals industry. The views, opinions, and forecasts expressed herein are solely those of the author(s) and are not intended to be a recommendation to buy, sell, or hold any specific metal, security, or investment product. The authors and the Metalstacks Precious Metals Club are not registered financial advisors, brokers, or dealers. Always consult with a qualified financial, investment, tax, or legal professional before making any investment decisions. Your personal financial situation and goals are unique. Investing in precious metals and related assets involves significant risk. The value of investments can fluctuate, and you may lose some or all of your principal investment. Past performance of any asset, including gold and silver, is not indicative of future results. By reading this article, you acknowledge and agree that you are solely responsible for your own investment decisions.