In this presentation Jeffrey Christian of CPM Group reviews the latest move in precious metals, with gold trading near $4,500, silver pushing higher, and platinum and palladium remaining volatile.

He explains how December’s U.S. employment report is shaping interest rate expectations and investor behavior, and why that matters for prices in 2026.

Jeffrey also covers the idea of a “backwardation,” what it actually means,  and why silver is not in one.  He breaks down eligible vs. registered stocks, the role of open interest and deliveries, and why futures markets function the way they do.  He also discusses the difference between Comex eligible and registered inventories, deliveries relative to inventories, and registered stocks compared to open interest.

Courtesy of the CPM Group