In this presentation, Jeffrey Christian of CPM Group addresses the rise of magical thinking in precious metals markets, the belief that prices will only ever rise, regardless of economic fundamentals. He explains why gold has pushed past $3,900 an ounce and why silver is approaching its $50 historical ceiling, but also warns that ignoring supply, demand, and cost realities could negatively impact investors.

Jeff discusses what the data actually show about investor behavior, central bank activity, and industrial demand. He compares today’s record levels with past cycles in gold and silver, explains why platinum and palladium have been caught up in speculative narratives, and offers perspective on how long-term investors can separate long-term market drivers from short-lived speculation.

Courtesy of the CPM Group