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An ounce of gold that closed at $5,318 on January 29th now closes at $3,920. A year ago, on November 3, 2025, gold closed at $4,014, a little above the current price. To a long-term holder of gold, what looks like fear to the short-term investor is the opportunity to buy more for the same dollars.
On January 29, 2026, COMEX gold closed at $5,318 per ounce, but by November 2, 2026, it had tumbled 26% to $3,920 per ounce. The pullback's low was reached on October 30 at $3,899 per ounce. After a small bounce, the November 2 close was $3,920. On November 3, 2025, gold closed at $4,014 per ounce, a little above the current price.
This represents an excellent buying opportunity for long-term holders. They can buy more gold for the same dollars as they would have paid at the higher price.
We help clients who wish to hold physical metals in safe custody as well as clients who are transferring retirement accounts into metals. Cash purchases start at $2,000. Retirement account rollovers start at $10,000. See full details here: cdm.press/metals.
We are not calling a bottom. A decline of this magnitude from the January high is a better start than $5,318. A price of $3,920 buys a lot more metal than $5,300 did. A position in physical gold is a long-term position, not a trade.
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