Morning Briefing: Morning Briefing: Gold and Silver Slide as Oil Surges; Canagold and Minaurum Report High-Grade Drill Results

Rate expectations and an oil-driven geopolitical shock pulled gold and silver lower even as juniors like Canagold and Minaurum posted high-grade drill hits.

• Macro pressures on gold: Gold fell over 1% to $4,090/oz and silver dropped ~3% to $55.60/oz as Strait of Hormuz attacks pushed Brent oil above $112, a four-month high, while jobless claims fell to 194,000, reinforcing Fed pause expectations next week with a possible December hike.
• BHP comments on policy and uranium: BHP's McEwen urged Australia to match Canadian immediate capital-expensing tax incentives, declined a 2040 emissions target, and called uranium too small a market for BHP to treat as core.

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