In this presentation, Jeffrey Christian of CPM Group explains why gold above $5,000 and silver over $100 are not isolated events, but part of a broader move across metals. He discusses the real factors driving the surge, including political risks, macro uncertainty, and momentum-driven investments. He discusses the difference between long-term structural forces and short-term surges, including ETF activity and short-term investors entering and exiting the market.

Jeff also walks through the consequences of high silver prices including stronger incentives for mine supply growth, a surge in scrap recovery, refinery bottlenecks, and intensifying efforts by manufacturers to reduce per-unit silver use or substitute to other metals when possible. The discussion puts today’s volatility into historical context, clarifies why large price pullbacks can still occur inside a longer-term bull market.

Courtesy of the CPM Group