In this presentation, Jeffrey Christian of CPM Group explains what is really driving the latest surge in silver prices, and why so many popular explanations circulating online don’t hold up when you look at how the market actually works.

Jeff starts with a market update of where gold, silver, platinum, and palladium are trading, then focuses on the silver market, including why large moves often come with sharp pullbacks as short-term investors take profits. He explains how today’s market is being influenced by momentum traders, and why those same buyers can quickly become sellers once prices spike.

He also addresses several misconceptions, including the “paper vs. physical” narrative, claims of backwardation based on mismatched price references, and the confusion created by comparing different products and markets. Jeff also looks at what higher prices tend to mean in real world conditions: more scrap coming to market, more supply development, and more substitution by manufacturers.

Courtesy of the CPM Group