In this presentation, Jeffrey Christian of CPM Group discusses what comes next for gold, silver, platinum, and palladium following last week’s sharp selloff, and explains why the pullback was not surprising after the rapid, surge in prices.

Jeff begins by looking at the U.S. dollar, showing why claims of a “collapsing dollar” do not hold up.

He emphasizes the importance of time horizons in market analysis, explaining how prices can be unsustainably high or low in the long run while remaining volatile for months or even years in the short run.

Jeff then looks at the role of COMEX contract rolls and positioning, including how large open interest can affect price moves without implying any shortage of metal.

He also reviews ETF activity across gold, silver, platinum, and palladium, explaining how gold ETF investors were net buyers through January, while silver ETF investors were net sellers, even as prices spiked.

Courtesy of the CPM Group