In this presentation, Jeffrey Christian of CPM Group discusses the gold price outlook, silver’s weakness below $60, and why stronger precious metals prices do not require a collapse of the U.S. dollar. He points out the currently historically high investment demand and explains why investors often buy gold, silver, dollars, and U.S. Treasuries at the same time when economic and political risks are high or increase.

Gold is trading around $4,160, remaining largely within its recent $4,050–$4,200 range. Jeff explains why a longer period without a decisive move higher increases the possibility of an initial drop toward $4,000 or below over the coming days or weeks. Despite that near-term risk, CPM expects investors to increase their gold purchases and support higher prices over the next several months, with that strength potentially extending into 2028.

Silver was trading around $58.25 as this was recorded and continued to show greater weakness than gold. Jeff discusses how prices might fall further as the U.S. congressional elections approach and explains why CPM sees important political and economic risks pushing prices higher after the vote. He also reviews platinum near $1,661 and palladium near $1,119, following palladium’s earlier decline below $1,100.

Jeff then presents data showing the dollar’s strength and the increases in central banks and international investors’ holdings of dollars and U.S. Treasuries.

He explains the difference between diversifying a portfolio and reducing total dollar holdings, and why a stronger dollar does not automatically mean lower gold and silver prices.

Courtesy of the CPM Group