In this presentation, Jeffrey Christian of the CPM Group provides an overview of the current situation in the gold and silver markets, beginning with the latest U.S. inflation data and its impact on interest rate expectations. He explains the CPI and PCE figures for January, why inflation has remained structurally higher than in the past, and discusses how this environment continues to influence investor behavior toward gold and silver.
Jeff then focuses on the realities of the silver market, addressing widespread misinformation about Comex inventories, deliveries, and so-called “shortages.” He explains how Comex silver actually works, including good delivery standards, the difference between eligible and registered inventories, and why metal moves in and out of warehouses.
He also provides historical context, showing how large contract rolls and speculative positioning can lead to sharp price movements without indicating market failure or physical scarcity.
00:00 CPI and Inflation: What Has Changed (and What Hasn’t)
04:00 CPI vs. PCE: Why the Fed Watches Both
05:50 Comex Silver: Good Delivery, Eligible vs. Registered
11:05 What “Eligible” Actually Includes (and What It Doesn’t)
13:45 Daily Inventory Movements: How Stocks Change
18:05 Deliveries, Open Interest, and Why “Standing for Delivery” Is Misunderstood
20:55 April–May 2011: The Roll, the Rally, and the Decline
25:15 Comex Margins: What They Explain (and What They Don’t)
27:00 Why This Time Is Not “Different” (and What Is Different)
32:15 Silver Deliveries and the Mechanics of Delivery
35:00 Why Comex Began Reporting Eligible Inventories (1988)
38:20 Higher Deliveries ≠ a “Drain” (Context: Volume, OI, Inventories)
41:15 Inventory Trends: 2022–2025 and What Has Changed
44:15 Key Takeaway: Comex Is Being Used, It’s Not “Running Out”
