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Gold and silver price update: Is this a repeat of 2025?

Kitco Media
By CPM Group
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Gold and silver price update: Is this a repeat of 2025? teaser image

In this presentation, Jeffrey Christian of CPM Group gives a precious metals update focused on the second half of 2026, including the gold price outlook, silver market update, platinum and palladium weakness. He also focuses on oil prices, interest rates, India, China, base metals, sodium ion batteries, and the growing problem of misinformation in the precious metals market.

Jeff discusses gold’s move back toward the low $4,000s, silver trading near the low $60s, and CPM Group’s expectation that gold and silver could remain under pressure or consolidate over the next two months before moving higher later in 2026 and into 2027. He compares the current setup to the 2025 pattern, when gold consolidated for several months before rising sharply as economic and political risks intensified.

The presentation also explains why simple market ratios can mislead investors, including the relationship between gold and oil prices, gold and interest rates, gold and money supply, and gold and silver. Jeff clarifies his comments on real interest rates and gold, discusses why correlation is not causality, and explains why investors need to understand the underlying economic and political drivers behind price movements.

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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.