In this presentation, Jeffrey Christian of CPM Group reviews current conditions in gold and silver markets, beginning with the latest U.S. inflation data and what it implies for interest rate expectations. He explains the January CPI and PCE readings, why inflation has remained structurally higher than in the past, and discusses how this environment continues to influence investor behavior toward gold and silver.

Jeff then focuses on silver market realities, addressing widespread misinformation surrounding Comex inventories, deliveries, and so-called “shortages.” He explains how Comex silver actually functions, including good delivery standards, the difference between eligible and registered inventories, why metal moves in and out of depositories.

He also provides historical context, showing how large contract rolls and speculative positioning can drive sharp price moves without implying market failure or physical scarcity.

Courtesy of the CPM Group