In this presentation, Jeffrey Christian of CPM Group reviews recent market volatility and provides a detailed update on central bank gold activity following heightened speculation and several high-profile media reports.

He begins by discussing the sharp pullback in gold and silver prices noting that both markets remain vulnerable to further downside in the near term even as longer term fundamentals continue to point toward higher prices.

Jeff then looks at central bank gold transactions, and the renewed discussion over purported unreported purchases. He explains why many of these claims are inconsistent with actual international central bank accounting and reporting practices.

Jeff then discusses the latest data on central bank buying and selling, highlighting which countries have added to their reserves, which have reduced holdings, and how total net purchases compare with prior years. He also provides broader historical context, describing how transparency rules have evolved over the past several decades and relating a couple anecdotes about Soviet, Russian, and British central bank gold.

Courtesy of the CPM Group