In this market update, Jeffrey Christian of CPM Group looks at the state of the U.S. and global economies, focusing on long-term gold and silver projections and what the impact of a potential recession would mean for prices. He discusses economic risks tied to tariffs, immigration policies, government spending, and global political instability, all of which may continue to support investment demand for gold and silver.
Jeff also discusses overseas holdings of U.S. Treasuries, which have actually increased year-over-year, countering claims that foreign governments are “dumping” Treasuries.
The presentation concludes with a look at the recent hype around Saudi Arabia “buying silver.” In reality, the Saudi Arabian Monetary Authority purchased on behalf of a separate government investment fund shares of silver-related ETFs, not physical silver for reserves. Jeff explains why this distinction matters, why silver is not considered a reserve monetary asset, and how Saudi investors have historically engaged in gold and silver markets for decades.
