In this presentation, Jeffrey Christian of CPM Group provides a precious metals update covering the sharp August rally in gold and silver, the Federal Reserve’s Jackson Hole meeting, slowing economic conditions, persistent inflation, physical bullion selling, and global debt.

Gold had risen to over $4,600, while silver is trading near $71.38. CPM Group had expected gold to remain relatively subdued through much of August before strengthening around the time of Jackson Hole. Instead, investor buying began earlier. Jeff explains why CPM continues to expect political, economic, fiscal, and financial risks to support another wave of gold and silver investment demand during the final four months of 2026 and potentially into 2027.

The presentation also looks at an unusual development in the physical precious metals market. Gold and silver prices are rising, but some investors selling smaller physical quantities are being offered discounted prices to spot. Jeff explains why this is happening, and whether it is should be of concern to investors.

Jeff also discusses the Federal Reserve Interest Rate outlook following Jackson Hole. U.S. economic growth is slowing, job creation has weakened, consumers are becoming more cautious, and inflation remains above the Federal Reserve’s preferred level. These conflicting pressures complicate monetary policy.

Silver has begun participating more strongly in the precious metals rally, although global investor interest remains greater in gold.

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Courtesy of the CPM Group