In this presentation, Jeffrey Christian of CPM Group provides a precious metals update after gold broke below $4,000. Gold reached CPM Group’s $3,975 ultra-short-term downside target and fell as low as $3,963. Jeff explains why prices may remain weak through August. He also discusses support near $3,800 and why CPM is not convinced that gold will fall to $3,500.

The gold price outlook includes the remaining open interest in the August COMEX futures contract. Roughly 23 million ounces remained open as of the previous day. Many short positions will need to be closed or rolled into October and December. That buying could temporarily support gold. It could even push prices toward $4,200 or $4,300 before another test lower during August.

Economic conditions are weakening in parts of the United States, China, Europe, and other markets. Political risks also remain high. CPM expects these pressures to support investment demand during the final four months of the year. Gold could move back toward $5,000 during that period and into 2027.

The silver market update covers the move into the mid-$50s and CPM Group’s new short-term sell signal. Silver may weaken further over the next six weeks before recovering later in the year. Jeff also discusses platinum and palladium. Both metals have lost much of their earlier gains, and CPM continues to see short-term downside risk.

Courtesy of the CPM Group