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Gold and silver market update: 2025 review and 2026 outlook

Kitco Media
By CPM Group
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Gold and silver market update: 2025 review and 2026 outlook teaser image

In this presentation, Jeffrey Christian of CPM Group delivers the final market update video of the year. He reviews the extraordinary 2025 moves in precious metals and what may drive prices in 2026.

With gold trading near $4,400 and silver is at a new record near $67, Jeff explains why CPM Group expects  hostile economic and political conditions to keep investment demand elevated, even as the markets remains vulnerable to short-term pullbacks.

Jeffrey also discusses what drove this year’s gains, including investor buying, realistic information on central bank purchases, and fabrication demand. He explains why “system collapse” narratives are not required to justify owning gold and silver, and why claims that “silver is vanishing” from the Comex are misleading.

The presentation also reviews key U.S. data released this week (jobs, earnings, CPI) and longer-term policy risk tied to the Genius Act stablecoin.

Kitco Media

CPM Group

CPM Group is a commodities research, consulting, financialadvisory and commodities management firm providing independent research,analysis and advisory services related to commodities markets, corporate andproject finance, and the financial management of exposure to commodity orientedinvestments.

We started our business in 1986 predicated on the idea that commoditiesresearch and advice is best delivered by independent experts who do not work forbanks, brokers, mining companies, or any other entity that has interests thatcould conflict with the best interests of the clients receiving the research,analysis, and advice.

All of our work is driven by fundamental commodities research and economicanalysis. As we undertake our research into individual commodities markets wegather a tremendous amount of information and develop an enormous body ofextremely high quality, unbiased analysis of the markets and the companies thatare involved with individual commodities. The outputs of our research andanalysis take the form of research reports, specialized and targeted consultingrelated to these markets, financial advisory services ranging from corporate andproject finance structuring to equity introductions, and managing specificcommodities and investment positions for clients.

CPM Group continues to demonstrate the economic value and financial worth ofsuperior research, information, and analysis. Our research is based onmicro-economic analysis of the individual components of each commodity market,wedded with a top-down macro-economic analysis of the global trends affectingthese markets. We apply the results of that analysis to our research,consulting, and advisory services.

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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.