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CPM Trade Signal - October 3, 2022

Commentaries & Views

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Time Stamp
Prices as of 12:34 p.m. EDT Comex 3 October 2022 $1,698.10 (Basis the December 2022 Comex Contract).

Recommendation: Stand Aside

Initial Target Price / Range: $1,665 - $1,710

Initial Timeframe: 3 October 2022 to 14 October 2022

Gold prices rallied today following the release of weaker than expected manufacturing data from the U.S. It had been expected that economic activity would slow, but a softer than anticipated ISM manufacturing index figure suggests a U.S. economy that is slowing at a faster rate than could be wanted by markets in general. Gold reached $1,702.90 before backing off thus far today. Increased price volatility is expected to continue. Later this week, the release of U.S. employment data should provide more into U.S. economic conditions. Gold prices could head higher should this data disappoint markets.

In addition to economic data incoming, there continues to be a potential escalation of the Russian-Ukrainian conflict. Russia appears to be losing its grip on its held territories in Ukraine, in essence losing the war. There has been increased talk of potential desperate moves on the part of Russia to keep territories it has annexed from Ukraine. This has the potential to sharply increase volatility across markets, something to keep note of and watch for.

CPM has one-month, three-month ranges and eight-quarter quarterly price projections with greater discussion of the factors behind CPM’s analyses provided in CPM’s monthly subscription service, the Precious Metals Advisory.

While short-term trade recommendations provide high risk – high reward opportunities for investors, it is difficult to capture the complex web of factors affecting precious metals prices and the nuanced CPM analyses of these factors that goes into our firm’s price projections. In addition to these short-term outlooks, CPM Group provides clients enhanced trade recommendations that include one and three month price projections, as part of our Retail Investor Program. Contact CPM at for details.


Initial Target Prices and Timeframes are just that: Initial. If CPM does not issue a new Recommendation during or after that time it indicates that CPM maintains the posture in the most recent Trade Recommendation.

Position may be closed out once target price is reached, within the noted discretion or until CPM provides new trade recommendation. CPM may have reported to have closed out of prior trade recommendation at its discretion before publicly publishing new trade recommendation due to processing time.

Discretion should be allowed at +/- 0.20% of the price at the time each TR is issued from the target.

CPM’s preferred investment strategies use physical, futures, forwards, and options.

Disclaimer - Past performance is no indication or guarantee of anticipated future profits, and neither Kitco Metals Inc. nor CPM Group can accept any liability or responsibility for any loss suffered as a result of gold price fluctuations. Gold as a commodity is not a specified investment for the purpose of giving advice under the Financial Services and Markets Act 2000. Therefore this trade recommendation does not give rise to rights to claim compensation under the Financial Services Compensation Scheme. CPM Group is a registered CTA with the U.S. NFA and CFTC. At times the principals and associates of CPM Group may have positions in the precious metals, commodity, and equities markets. CPM Group also manages investment and industrial positions in markets for its clients.

Disclaimer: The views expressed in this article are those of the author and may not reflect those of Kitco Metals Inc. The author has made every effort to ensure accuracy of information provided; however, neither Kitco Metals Inc. nor the author can guarantee such accuracy. This article is strictly for informational purposes only. It is not a solicitation to make any exchange in commodities, securities or other financial instruments. Kitco Metals Inc. and the author of this article do not accept culpability for losses and/ or damages arising from the use of this publication.