In this presentation, Jeffrey Christian of CPM Group puts the latest gold and silver pullback in context after four trading days of gains. By Monday’s close, gold had gained roughly $165 and silver about $3 from November 3. Silver reached the $52–$53 area during the rebound and remained well above the previous week’s lows. Jeffrey explains why CPM still sees signs that gold and silver are building a base.

The presentation then looks at the market’s reaction to the U.S. midterm elections and the economic, financial, and political risks that remain. Jeff discusses how concerns about AI stock valuations are contributing to equity market volatility. He also reviews the rebounds in platinum and palladium. CPM is more cautious about those two metals given weaker fundamentals and investment demand, although both could participate in a broader precious metals rally.

Jeff then reviews the October U.S. Consumer Price Index, which rose 0.4% from the previous month after a 0.6% increase in September. He also discusses the decline in oil prices and what the midterm election results mean for the war in Iran.

Courtesy of the CPM Group