As of November 21, 2025, by Florian Grummes
While the stock markets and especially the crypto sector have come under increasing pressure since mid-October, gold and silver have held up comparatively well as part of a healthy consolidation.
Gold has so far easily defended the round mark of USD 4,000. Silver, on the other hand, recently fell back below USD 50, but remains in sight. In an extremely volatile and challenging market environment, precious metals are once again proving to be a reliable rock in turbulent times.
Nvidia in US dollars, daily chart from November 21, 2025. © GOLD.DE
After the mainstream darling Nvidia presented its figures for the third quarter of 2025 on November 19, 2025, and exceeded analyst expectations with strong sales and profit growth, the share initially rose further. However, algorithms soon discovered serious inconsistencies: Nvidia reported $33.4 billion in unpaid bills – an increase of 89% within one year – while payment deadlines have been extended to 53 days.
At the same time, Nvidia is storing unsold chips worth $19.8 billion. Despite the allegedly high demand, payments are not being made, and cash flow is lagging behind reported profits. Complex flows of money between Nvidia, xAI, Microsoft, OpenAI, and Oracle lead to sales being counted multiple times without any actual money flowing.
Prominent investors such as Peter Thiel and SoftBank have already sold their positions, while at the same time Bitcoin, which often serves as collateral for many AI start-ups, is losing massive value. The development could intensify further in view of the price losses at Bitcoin and Strategy.
Bitcoin in US dollars, daily chart from November 21, 2025. © GOLD.DE
In the last ten days, there has been a massive Bitcoin crash, triggered primarily by the collapse of leveraged bets. For every real dollar that was sold, ten borrowed dollars evaporated in forced liquidations, as 90% of the Bitcoin market is supported by credit leverage and only 10% represents real capital. Triggered by the largest financial aid package since the Corona pandemic worth approximately 21.3 trillion yen (around 135 billion US dollars), there was a global loss of confidence in Japanese government bonds, which triggered a chain reaction. Bitcoin, the S&P 500, and the Nasdaq all fell to their knees.
This shows how strongly Bitcoin has now become dependent on the traditional financial markets and their global liquidity movements, as well as on central bank measures. In view of the dramatic price declines and the stress in the crypto sector, it would not surprise us if the crypto world will soon be crying out for a bail-out.
In the longer term, the volatility of Bitcoin is likely to decrease thanks to government intervention, but the originally decentralized concept would be undermined in favor of established financial institutions. The revolution has thus effectively ended, and the mathematics of debt makes another major collapse inevitable.
The global financial markets are already at a historic turning point, as the credit cycle inflated by zero interest rates and liquidity floods has reached its natural end. The ever-widening cracks are evident in the leading stock indices, in US tech stocks, and in the crypto market, where euphoria is turning into nervousness and increasing panic, and capital is increasingly flowing into gold as a safe haven.
The extreme expansion of margin loans in the USA and nervous fluctuations in the US repo markets have been signaling a dangerous credit bubble and liquidity bottlenecks for many weeks. While the
In the international context, emerging countries such as China, India, and Russia are using gold to emancipate themselves from the US dollar, thereby promoting a multipolar financial world. Investors are increasingly returning to tangible assets, as gold is the only asset that offers finality and independence from payment defaults. The growing danger of a deflationary spiral with faltering credit expansion, as well as the challenge for central banks between inflation and systemic collapse, continue to strengthen gold and silver as indispensable insurance. Ultimately, the markets seem to want to force a further interest rate cut and new money floods a few weeks before the last FED meeting of the year.
Gold and Silver Consolidate Sideways
Silver in US dollars, daily chart from November 21, 2025. © GOLD.DE
After the silver price was able to recover almost to its new all-time high of 54.14 US dollars by November 17, a cold shower followed again for all silver fans, starting from this double top. The prices have fallen gradually since the end of last week to 48.63 US dollars. Shortly before the weekend, however, silver can at least stabilize above the important support at around 49.20 US dollars and in the vicinity of 50 US dollars.
In any case, the silver price has been in a correction or consolidation since October 17, which has been taking place sideways at a high level and with large fluctuations. The rising 50-day line (48.30 US dollars) has not yet been reached, but represents the logical target, also against the background that the trend reversal in precious metals should typically only occur from mid-December.
The daily stochastic continues to indicate a return to the oversold zone, which can happen either through a sideways movement or lower prices. The “worst-case scenario” is between 45 and 47 US dollars, where the silver price finds extremely strong support. However, a trend reversal just below the 50-day line, i.e. between about 47 and 48 US dollars, seems more likely. At the same time, the gold price could ideally hold above the 4,000 US dollar mark, thus underpinning the still positive basic trend of precious metals.
Conclusion: Gold and Silver Defy the Crisis
Despite considerable turbulence in the stock and crypto markets since mid-October 2025, gold and silver are proving to be stable anchors in an extremely challenging market environment. Gold has so far confidently defended the important mark of USD 4,000, while silver is struggling with fluctuations around USD 50.
The latest reports on Nvidia fuel doubts about the sustainability of the reported developments and have increased uncertainty in the market. At the same time, the Bitcoin crash, triggered by global financial market distortions, is leading to further tensions. The global financial markets are at a turning point, characterized by an ending credit bubble, rising inflation, and growing distrust of government intervention.
In this context, precious metals as safe and tangible assets are becoming increasingly important, supported by strategic purchases by emerging countries and an expected monetary easing by the Federal Reserve. Investors must continue to expand gold and silver as long-term safety anchors in their portfolios. Every price setback in the coming three weeks is another buying opportunity.
