In this presentation, Jeffrey Christian of CPM Group provides a precious metals update following an extremely volatile morning in gold, silver, platinum, and palladium. Gold fell as low as $3,990 before rebounding after the June Consumer Price Index was released. Jeff explains why financial markets interpreted the inflation report through the lens of Federal Reserve interest rates. He also discusses why the relationship between rates and precious metals prices is not as simple as many investors assume.
Jeff reviews CPM Group’s short-term gold target of $3,975 and the possibility that gold could remain in a broad $3,800 to $4,800 consolidation range through August. CPM expects continued volatility before investment demand may strengthen again in September and October. Silver fell as low as $57.16, and CPM Group continues to see the possibility of a move toward $54 before prices begin to recover later in the year.
The presentation also examines the CME Group’s decision to remind traders that October is an active gold futures contract month. Jeffrey explains how rolling an August position into October can reduce current spread costs compared with rolling directly into December. He also revisits the dramatic 1999 gold rally, providing details and explaining why that is not what is happening this year.
Jeff explains why the 1999 central bank gold agreement did not cause that price surge. He then discusses why political conflict, weaker economic conditions, persistent inflation, and the U.S. election could support stronger gold and silver investment demand during the final four months of 2026.
The presentation concludes with an inflation update, rising oil prices, and information about CPM Group’s upcoming 2026 Platinum Group Metals Yearbook briefing.
