In this presentation, Jeffrey Christian of CPM Group looks at the latest surge in precious metals prices, with gold trading near $4,350 and silver around $64. He places these moves in a longer term historical context using charts that extend back to the 1970s.

He explains why CPM Group continues to view the market through the lens of a long-running gold and silver renaissance, a sustained upward shift in global investment demand, and why these conditions remain supported by a hostile economic and political environment.

Jeff also looks at Comex December silver deliveries and the latest Comex depository inventory levels. Delivery activity remains in line with other active months while inventories have declined only marginally since the end of November.

He also discusses the U.S. November employment report and how it may impact metals prices. He points to continued evidence of weakening job growth and a gradually rising unemployment rate and what it means for what comes next.

Courtesy of the CPM Group