In this presentation, Jeffrey Christian of CPM Group gives a precious metals analysis covering the gold price outlook, silver market update, platinum and palladium weakness, ETF selling, Comex silver inventory levels, inflation data, and next week’s Federal Reserve interest rate decision. He explains why gold, silver, platinum, and palladium prices have fallen in recent weeks, pointing to investor selling, profit-taking, short selling, and heavy flows of metal back into refineries.

Jeff discusses gold’s recent test of the $4,100 area and the possibility that prices could spike toward $3,800 during a volatile price consolidation phase before moving higher later in the year. He also reviews silver’s pullback toward the mid-$60s, the risk of a break below $50, and CPM Group’s expectation that silver will continue to consolidate over the next several months.

Jeff also addresses claims that Comex is running out of silver. He reviews registered and eligible Comex inventory levels, July silver open interest, and the futures roll, explaining why depositary receipts can change hands without creating the panic some silver squeeze narratives suggest.

He also discusses the Federal Reserve interest rates and why they are expected to remain unchanged at the upcoming FOMC meeting.

Courtesy of the CPM Group