By Ben McGregor | November 1, 2026
Edward Dowd, founding partner of Finance Technologies and a former BlackRock managing director, joined Resource Talks for the weekly news roundup covering the week ending November 1, 2026. He discussed the silver drop below $50, the Fed’s rate hold, strong GDP numbers, and the outlook for gold and copper. Dowd publishes on Substack and through his firm; those are commercial outlets.
What happened in markets this week?
Silver fell below $50 an ounce for the first time since November 2025. The Fed held rates at 3.75 to 4 percent, though two policymakers wanted another hike. Alphabet shares fell 12 percent as investors questioned AI spending. US GDP grew at a 3.4 percent annual rate in the third quarter, driven by a 4.9 percent rise in household and business spending. These are the facts reported in the roundup. The silver price level and the Fed decision are independently verifiable market and policy facts.
How does Dowd view the GDP growth?
Dowd said the numbers are tricky. “A lot of the spending has been at the gas station. Gas prices are up. So the spending is up on that. But the actual gallons sold has dropped. So there’s demand destruction going on.” He sees AI-related capital spending peaking and semiconductors acting like a digital commodity where price itself ends the bull market. He also linked earlier growth to immigration-related spending that has now faded and described the US housing market as effectively dead. These statements are Dowd’s opinion and analysis.
Will more Fed hikes hurt gold and silver?
Dowd believes further hikes are unlikely and that a December hike would be a disaster if equities keep struggling. “I think the Fed is on pause. If they do hike, it’ll be a disaster.” He views the September hike as a policy error made into a supply-shock oil price rise rather than classic demand-driven inflation. He expects bond markets may be signaling a growth slowdown. These are his forecasts and cycle-based views, not verified facts.
What does Dowd say about copper and AI spending?
If AI capital spending has peaked, Dowd expects data-center construction to slow and copper demand to feel the impact. “Absolutely.” He also notes that China has been hoarding copper and holds a large share of global money supply, which has supported prices on the margin. “Prices are always on the margin.” The observation that copper fell about 1 percent on Friday and was set for an October loss is a reported market fact; the hoarding and demand conclusions are Dowd’s analysis.
How could gold reach $10,000?
In a separate interview uploaded October 30, Dowd said he is neutral on gold at current prices but expects $10,000 by 2030. He told Resource Talks that a deflationary scare and global slowdown would lead central banks to print again. “Long term it’s going to be an asset that is going to be needed to protect you against the coming inflation during the deflationary scare because we know they’re going to print gobs and gobs of money.” He also cited Basel rules that allow banks to treat gold as tier-one capital and ongoing central-bank accumulation. The $10,000 figure and the printing path are Dowd’s opinion. Gold’s recent close near $3,875 is a market fact.
Why is silver selling off sharply?
Silver fell 5.8 percent on Friday and is now below $50, down about 18 percent in October. Dowd said silver’s industrial uses make it more volatile than gold and that it could underperform in an economic downturn. He does not expect further rate hikes, so if hike fears drove the recent drop, he thinks that pressure will reverse in the next three to four months. The price declines are reported facts; the reasons and outlook are Dowd’s views.
What is Dowd buying?
For the model portfolio, Dowd recommended selling a smattering of equity holdings and buying the TLT ETF of 20-year Treasury securities. He has held a long-TLT, underweight-equities stance since January. “If I’m right and there is a global growth slowdown, I think this trade’s going to be epic.” He described the US as having the cleanest shirt in a dirty laundry in a risk-off scenario. This is his portfolio preference and opinion.
Why does this matter to investors?
The combination of a silver break below $50, a gold test of yearly lows, and questions over AI-driven demand for copper and power affects both physical metals and mining equities. Dowd’s view that a growth slowdown could trigger more money printing supports a longer-term gold case even if near-term prices stay volatile. For retirement-age readers, the distinction between short-term rate fears and longer-term fiscal and monetary responses matters for portfolio hedges. Past price moves do not predict future results.
What to watch next
- November 3, 2026: US midterm elections. Dowd expects heightened geopolitical tensions afterward.
- November 6, 2026: US payroll report. Dowd flagged housing weakness and the jobs data as relevant to growth.
- December 9, 2026: FOMC decision. Markets are pricing hike odds that Dowd believes will fall if equities struggle.
- Copper import premiums and China demand data that test the hoarding thesis.
- Semiconductor and hyperscaler capital-spending updates that could confirm or refute an AI peak.
A dated risk is the October 30–31 metals decline itself. Silver’s break below $50 and gold’s move near $3,875 occurred amid rising hike odds and equity weakness. Whether those levels hold depends on the data and policy signals ahead.
This article is for educational purposes only and does not constitute investment advice, a recommendation, or an offer to buy or sell any security. Past performance is not indicative of future results. Readers should conduct their own research and consult a qualified financial advisor before making any investment decisions. Canadian Mining Report and its authors may hold positions in securities mentioned.
Sources
- Resource Talks weekly news roundup, week ending November 1, 2026 (interview with Edward Dowd of Finance Technologies)
- GoldPrice.com and related price services for October 30 closes (gold near $3,875, silver near $49)
- Fed statement on the October rate hold at 3.75–4.00 percent
