opinion

CPM market commentary: Gold and silver investments

Kitco Media
By CPM Group
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(Kitco Commentary) - Gold and silver prices have been on an incredible, historic ride over the past two years, and indeed the past eight years.

Prices have risen sharply, with a massive rise in prices starting right after the Kansas City Fed’s annual Jackson Hole, Wyoming, conference in August 2025 through January 2026. This rise in prices was followed by a partial retracement through July. Prices rose sharply once again in August 2026, typically a quiet period in precious metals prices, followed once again by a partial retracement.

Gold rose 57% from a $3,390.20 settlement price on 25 August 2025 (the first trading day after the 2025 KC Fed conference) to a peak settlement price of $5,318.40 on 29 January 2026. Gold then fell 25% to as low as $3,992.10 on 16 July. Prices recovered some of this decline and were trading around $4,200 as of 19 October.

Silver prices similarly rose from a low of $36.71 on 31 July 2025 to a peak of $115.50 on 26 January on a Comex settlement price basis, only to drop back as low as $56.19 on 16 July.

The sharp increases and declines in gold and silver prices have been reflecting equally large . . . 

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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.