opinion

Gold and silver ALERT: Can the rebound survive another dip?

Kitco Media
By CPM Group
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Gold and silver ALERT: Can the rebound survive another dip? teaser image

(Kitco Commentary) - In this presentation, Jeffrey Christian of CPM Group discusses the rebound in gold and silver after the U.S. midterm elections and what could bring more buyers back into the market. Gold is trading around the $4,000 area, while silver recovered to roughly $52 after breaking below $50. CPM sees signs that a bottom may be forming, although prices could still dip over the next few days.

Jeff explains why CPM views investment demand as the primary driver of precious metals prices. Gold investment demand could exceed 60 million ounces in 2026, potentially setting a record. Silver investment demand could reach roughly 180 million ounces, about double its 2025 level.

Jeff then discusses September central bank gold activity, including sales by Russia and purchases by Poland and China. Jeff explains how record holdings in London vaults challenge claims that all of London’s gold has moved to Asia. He also discusses weakness in platinum and palladium, the outlook for automotive demand, and whether renewed investment buying across precious metals could support both markets.

The presentation closes with CPM’s view of the political and economic risks that remain after the midterms and why they could support gold and silver investment demand over the next two months and into 2027.

We would like to thank Silvercorp for making this CPM research available free of charge.

Silvercorp offers investors exposure to silver production through its enhanced leverage to the metal. The Company’s mines have been consistently growing and profitable, further bolstered by rising silver prices.

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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goldsilverJeffrey ChristianU.S. midterm electionsRussiaPolandChinaCentral bank
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.