In this presentation, Jeffrey Christian of CPM Group delivers the final market update video of the year. He reviews the extraordinary 2025 moves in precious metals and what may drive prices in 2026.

With gold trading near $4,400 and silver is at a new record near $67, Jeff explains why CPM Group expects hostile economic and political conditions to keep investment demand elevated, even as the markets remains vulnerable to short-term pullbacks.

Jeffrey also discusses what drove this year’s gains, including investor buying, realistic information on central bank purchases, and fabrication demand. He explains why “system collapse” narratives are not required to justify owning gold and silver, and why claims that “silver is vanishing” from the Comex are misleading.

The presentation also reviews key U.S. data released this week (jobs, earnings, CPI) and longer-term policy risk tied to the Genius Act stablecoin.

Courtesy of the CPM Group