Gold and silver continued their recovery Thursday morning, Nov. 5, following the U.S. midterm elections on Tuesday, as precious-metals markets rebounded from a turbulent October marked by sharp price swings.
Gold was trading at US$4,119.50 (C$5,748.54) per troy ounce at 7:33 a.m. Eastern, according to Kitco, while silver stood at US$52.39 (C$73.10). Earlier Thursday, gold reached US$4,146.63 (approximately C$5,785.90), its highest level since Oct. 20.
The rebound followed Tuesday’s U.S. midterm elections, with a weakening American dollar and declining Treasury yields helping support precious-metal prices. The gains also followed a difficult end to October, when gold slipped below US$3,900 (approximately C$5,430) and silver experienced even steeper percentage declines.
Gold closed Oct. 30 at approximately US$3,875.65 (C$5,402), before recovering to US$4,060.36 (C$5,665) on Nov. 4, a gain of nearly five per cent. Silver also strengthened after slipping below US$50 (approximately C$68) earlier this week. Despite the recovery, both metals remained substantially below their January highs, when gold reached approximately US$5,405 (C$7,360) and silver climbed to US$118.45 (C$161.30) per ounce.
The latest movements illustrate the extraordinary volatility affecting precious metals in 2026. Gold continues to attract interest during periods of economic and geopolitical uncertainty, while silver is influenced by both investment demand and industrial consumption. Thursday morning’s gold-to-silver ratio stood at approximately 78.6:1, meaning one ounce of gold could purchase nearly 79 ounces of silver.
For Canadian coin collectors, the fluctuations have implications beyond bullion bars and modern investment coins. The intrinsic metal value of Canadian silver dollars, half dollars, quarters and dimes changes alongside silver prices, while gold coins containing substantial precious-metal content are similarly affected. At Thursday morning’s Canadian-dollar spot price, the approximately 0.6 troy ounce of silver in a Canadian 1966 silver dollar was worth about $43.86, before dealer premiums or discounts.
Collectors should also distinguish between coins purchased primarily for their precious-metal content and those carrying additional numismatic premiums based on condition, scarcity and collector demand. Rapid bullion-price movements do not necessarily translate into comparable changes in the value of collectible coins. Canadian buyers must also consider exchange rates, as a weaker Canadian dollar can increase domestic precious-metal prices even when U.S.-dollar quotations remain relatively stable.
The latest recovery provides some relief following October’s sharp declines, although the substantial differences between current prices and January’s highs demonstrate how quickly market conditions can change. For additional perspective, Canadian Coin News Trends Editor Michael Findlay regularly examines market conditions and their impact on Canadian decimal coins and bullion, drawing on his extensive experience attending shows across Canada, the United States and abroad.