In this presentation, Jeffrey Christian discusses why gold, silver, platinum, and palladium are trading at or near record levels. He also explains the importance of understanding different timeframes and the difference between daily prices and monthly, quarterly and annual average prices when using projections of future prices of precious metals. Jeff explains how CPM Group looks at ultra-short-term moves, monthly averages, and long-term annual averages, and why saying “silver can’t stay above $50 on a long-term sustained basis” can still be consistent with saying that CPM expects prices will rise in the long run from 2025’s annual $40 silver price.

He also discusses some other happenings in Precious Metals markets, including gold and silver ETF demand, what open interest in the active Comex contracts does (and does not) imply for price risk, misconceptions around Comex vs Shanghai pricing, VAT and market structure differences, and why India’s physical market dynamics can ripple through London and New York.

The presentation concludes with a discussion about the JP Morgan fine by clarifying the difference between spoofing, manipulation, and failures of supervision and compliance, and the long-term effect of spoofing on a market.