In this presentation, Jeffrey Christian of CPM Group explains why gold prices fell after the United States and Israel attacked Iran, and why that reaction was not as contradictory as many investors assume. He discusses the major drivers behind gold’s move lower, including the Federal Reserve’s decision to keep interest rates higher for longer, profit-taking after a massive rally, and disruptions to physical bullion flows through Dubai.

Jeff also discusses the larger implications of the war for gold and silver prices over the short, medium, and long term. He explains why the immediate market response was more muted than many expected, how the eventual reopening of bullion trade routes could affect demand, and why the longer-term consequences of the conflict may remain supportive for precious metals.

The presentation ends with some data and analyses from CPM’s 2026 Gold Yearbook, released Tuesday 24 March. The data includes information on the billions of ounces of proven and probable gold mining reserves, the 41 gold mining development projects listed in the Yearbook, information on the recent increases in U.S. dollar gold holdings at central banks and central bank gold purchases.

Courtesy of the CPM Group