Gold and silver jump: Why prices are still climbing

In this presentation Jeffrey Christian of CPM Group reviews the latest move in precious metals, with gold trading near $4,500, silver pushing higher, and platinum and palladium remaining volatile.

He explains how December’s U.S. employment report is shaping interest rate expectations and investor behavior, and why that matters for prices in 2026.

Jeffrey also covers the idea of a “backwardation,” what it actually means, and why silver is not in one. He breaks down eligible vs. registered stocks, the role of open interest and deliveries, and why futures markets function the way they do. He also discusses the difference between Comex eligible and registered inventories, deliveries relative to inventories, and registered stocks compared to open interest.

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.

opinion

Gold and silver jump: Why prices are still climbing

By CPM Group

Kitco Commentaries
Opinions, Ideas and Markets Talk

CPM Group

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Gold will be the primary hedge and performance driver in 2026, silver could top out between $135 and $309 – Bank of America’s Widmer

Gold’s rally has not run its course — and miners are sitting on a capital allocation moment - Gabelli’s Mancini

More price gains in gold, silver; charts turn more bullish

Gold will reach $5,000/oz by Q1 2026 amid broader commodities rally – UBS

Strong price gains in gold, silver, on safe-haven demand

opinion

Gold and silver jump: Why prices are still climbing

By CPM Group

Kitco CommentariesOpinions, Ideas and Markets Talk

CPM Group

Tags:

Kitco Commentaries
Opinions, Ideas and Markets Talk