In this presentation, Jeffrey Christian of CPM Group discusses the relationship between interest rates, gold prices, silver prices, and investor demand. He begins with a precious metals market update, explaining why gold broke below $4,000 overnight before recovering near $4,040, why the $4,000 level may continue to be tested, and why CPM Group would not be surprised to see gold move toward $3,800 during the current summer consolidation period.
Jeff also reviews the silver market, including silver’s move below $60, the possibility of further short-term weakness toward $55 or $50, and the continued selling pressure from ETF investors and secondary coin flows. He explains why CPM Group remains short-term cautious but longer term bullish on gold and silver, based on the expectation that economic and political conditions may become more hostile later in the year and into 2027.
The presentation also covers platinum and palladium weakness, auto demand risks, and why platinum group metals are more industrial in nature than gold and silver.
Jeff then turns to real interest rates, explaining why they do not automatically mean higher or lower gold and silver prices. He shows why the relationship is complicated, why gold and silver sometimes move with interest rates, and why investors need to understand what is driving rates instead of blindly using them as an indicator.
CPM thanks Monetary Metals for making this paid CPM research available to our viewers.
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