In this presentation, Jeffrey Christian of the CPM Group provides an overview of the current market situation for gold, silver, platinum and palladium, focusing on short-term price developments and the market mechanisms influencing volatility.
Jeff explains the CPM Group’s assessment that prices will rise through the end of the week, may ease in early March, and could then strengthen again in the second half of March.
Jeff also reviews ETF activity in January and discusses the March Comex silver contract ahead of delivery. He highlights open interest, the ongoing roll into May, and changes in registered and eligible inventories. He explains why the decline in Comex inventories does not indicate a physical shortage and shows how arbitrage flows between New York and London have played an important role in inventory movements.
00:00 – Gold above $5,000: What CPM expects next
02:10 – Why seasonality could be broken in 2026
03:00 – ETFs: gold buying vs. profit-taking in silver
05:25 – Silver near $88: Explanation of the March delivery terms
09:35 – London vs. New York: The arbitrage that moved inventories
13:15 – Platinum & palladium: ETFs rise, futures position more cautiously