In this presentation, Jeffrey Christian of CPM Group discusses the latest surge in gold and silver prices, with gold rising above $4,100 and silver breaking the $50 barrier for the first time in history. Jeff looks at what’s driving this move and explains what these factors mean for long-term market prices.

Despite claims of a “Comex backwardation,” Jeff shows that forward spreads remain positive and that much of the current price behavior reflects speculative buying rather than a fundamental supply crisis. He shows how silver flows between London, New York, and India and can create temporary arbitrage opportunities that are often misread as structural deficits.

The discussion moves to platinum and palladium, which have also spiked sharply since June, and the role of short-term futures trading in driving those gains. Jeff places these movements in a historical context and discusses CPM Group’s shifting views on the PGMs.

Courtesy of the CPM Group