Gold prices were around $4,230. Expectation is for some weakness over the next week or two, but broader view is gold will continue to rise. Stronger prices expected going into year-end and much stronger in Q1.

CPM Group expects precious metals to rise both short and long term. Since 2000, view has been of a gold and silver renaissance driving prices to record highs over several decades.

Projecting prices above $3,000 in 2024-2026, coinciding with economic and political problems.

Most revenue comes from investors who have been long gold. Investors are hedging long positions, with more high-net-worth individuals and institutions seeking help with hedging.

CPM Group does not expect to see $3,000 gold in the next decade. Expect prices to remain high and move to further highs over next two years.

When pricing hedges, looking at prices that could drop to $3,800 or $3,500 on a short-term temporary basis. Such a decline might not materialize until Q2 or Q3 next year.

In January/February, economic data delayed by government shutdown will come out. Expectation is a lot will point to economic problems.

Priced a 12-month hedge locking in minimum price of $3,000 as catastrophic insurance covering potential price decline in Q2/Q3 next year.

Silver prices have spiked to ~$59. Similar to gold, expect prices to stay high and rise further.

Silver price rise from $36 in late August to $59 today is not fabrication demand. It's investment demand.

Not saying silver price going back to $36 or $40 anytime soon, but investors need to understand what they're buying.

Platinum price rise since June primarily due to investor buying predicated on report about long-term deficit.

Palladium price rise since June primarily due to investment buying, with some increase in fabrication demand.

Market is betting on 25-50 basis point Fed rate cut tomorrow. We agree, think it's likely due to storm clouds hovering above economy.

May be last interest rate cut for a while. Economy may look worse as data comes out in Jan/Feb, leading to more aggressive cuts, or inflation may be more problematic causing hesitation.

More important than rate cut will be Fed's policy projections for next year or two and Powell's comments. Could be more volatility and downside if projections/press conference seem more hawkish.

International political developments in Europe/Russia/Ukraine becoming more unavoidable. US government clearly siding with Russia rather than Europe.

White House National Security Strategy Report talks about restoring Russia's place in Europe, sides with Russia against NATO, wants to intervene in European politics.

Jamie Dimon discussed Europe's social problems getting worse and need to be dealt with, issues growing less sustainable over time.