In this presentation, Jeffrey Christian of CPM Group discusses the gold price outlook, silver’s repeated tests of $60, gold ETF buying, central bank gold purchases, and why CPM expects gold and silver prices to rise over the next several months despite continued short-term downward pressure.

Gold futures have been testing $4,100, while silver has repeatedly tested $60. Both metals remain in broad trading ranges, with sharp declines followed by strong rebounds. Some silver bears see prices falling toward $50 or lower, but CPM expects silver to break out of its range to the upside over the next two to three months.

Jeff explains why gold investment demand remains important even as prices struggle. Gold ETFs added approximately 3 million ounces in August as prices rose, followed by another 2 million ounces in September as prices fell. He also discusses stronger physical gold demand and an increase in investors’ net long positions in COMEX gold futures.

The presentation also discusses the economic and political factors affecting markets, including bond market concerns, rising debt, wars in Iran and Ukraine, international trade problems, weaker economic growth, and the upcoming congressional elections.

Jeff also reviews central bank gold buying, including purchases by China and Poland; the importance of separating investment demand from fabrication demand; and updates in the platinum and palladium markets.

Courtesy of the CPM Group