In this presentation, Jeffrey Christian of CPM Group gives a precious metals update focused on the second half of 2026, including the gold price outlook, silver market update, platinum and palladium weakness. He also focuses on oil prices, interest rates, India, China, base metals, sodium ion batteries, and the growing problem of misinformation in the precious metals market.

Jeff discusses gold’s move back toward the low $4,000s, silver trading near the low $60s, and CPM Group’s expectation that gold and silver could remain under pressure or consolidate over the next two months before moving higher later in 2026 and into 2027. He compares the current setup to the 2025 pattern, when gold consolidated for several months before rising sharply as economic and political risks intensified.

The presentation also explains why simple market ratios can mislead investors, including the relationship between gold and oil prices, gold and interest rates, gold and money supply, and gold and silver. Jeff clarifies his comments on real interest rates and gold, discusses why correlation is not causality, and explains why investors need to understand the underlying economic and political drivers behind price movements.

Courtesy of the CPM Group