In this presentation, Jeffrey Christian of the CPM Group provides an overview of recent developments in precious metals, with gold trading near $4,500, silver continuing to rise, and platinum and palladium remaining volatile.

He explains how the U.S. jobs report from December is influencing interest rate expectations and investor behavior, and why this is significant for prices in 2026.

Jeffrey Christian also addresses the concept of “backwardation,” what it actually means, and why silver is not affected by it. He explains the difference between eligible and registered inventories, the role of open interest and deliveries, and why futures markets function the way they do. He also discusses the difference between eligible and registered inventories on the Comex, deliveries in relation to inventories, and registered inventories compared to open interest.

00:00 Market update: Gold near $4,500, silver and platinum metals strong
00:35 Why the employment report is important for interest rates and metals
01:20 Gold price development and change in investor behavior since the end of 2025
03:10 Retail investor flows: from selling on price increases to buying on price increases
05:05 Silver update: Volatility, strong demand factors in the first quarter
06:10 “Backwardation” claims vs. what the curve actually shows
08:35 Platinum: Investment demand, tight market situation, surplus risk 2026
10:25 Palladium: Volatility and investor flows
11:05 Breakdown of labor market data: Job creation, unemployment, labor force exits
14:10 Stablecoins and discussion of the risk of bond “pegging”
17:00 COMEX inventories: Context and reasons for the persistently high level
18:10 Eligible vs. registered: What is available and what is misunderstood?
22:20 Open positions, deliveries, and how futures markets really work