Jeff Christian of CPM Group argues the recent sharp decline in gold and silver is a temporary, volatile consolidation, not a cyclical peak like 2012-13. He expects prices to resume rising in the final four months of 2026 into 2027, driven by a deteriorating macroeconomic and political environment. He dismisses central bank selling as idiosyncratic (Russia, Turkey) and sees the long-term trend of reserve diversification away from the dollar as supportive. He is most bullish on gold and silver for the remainder of 2026.
implicit
NDX
RUT
Oil
explicit
explicit
platinum cautious down
CPM Group
6.0
Trade Association
Jeff Christian 7.5
Trade Association
Jeff Christian 7.5
Gold; Silver; Platinum
6/29/2026 10:27:32 PM
- Gold → 3800
dxy
What you've been seeing since April is strength in the US dollar because it's the place where you put money when things look really bad.
| 8/15/2025 9:50:52 PM | short term cautious down | 7 days later | +0.26% | -0.13% |
metals
I think that gold... there's a lot of technical selling pressure with a target around 3,800 and I wouldn't be surprised to see the price spike down to that level.
| 6/23/2026 6:21:22 PM | short term down | 5 days later | +1.16% | -1.16% |
| 6/12/2026 11:29:14 PM | short term down | 7 days later | -3.62% | +3.62% |
| 6/10/2026 11:00:33 PM | short term sharp up | 5 days later | +6.18% | +9.28% |
| 6/5/2026 10:28:17 PM | short term cautious down | 7 days later | +0.29% | -0.15% |
| 6/2/2026 10:33:52 PM | short term cautious down | 5 days later | -2.72% | +1.36% |
| 5/21/2026 6:30:43 PM | medium term up | 20 days later | -9.77% | -9.77% |
| 5/19/2026 11:14:02 PM | medium term up | 20 days later | -6.55% | -6.55% |
| 5/5/2026 9:15:25 PM | short term cautious down | 5 days later | +0.88% | -0.44% |
| 4/28/2026 11:03:17 PM | medium term cautious down | 20 days later | -0.87% | +0.44% |
| 4/17/2026 8:36:26 PM | medium term cautious up | 21 days later | -1.60% | -0.80% |
| 4/10/2026 9:38:19 PM | long term sharp up | 60 days later | -11.68% | -17.51% |
| 4/7/2026 11:13:00 PM | short term cautious down | 5 days later | -0.14% | +0.07% |
| 4/3/2026 4:15:05 PM | short term cautious down | 7 days later | +2.18% | -1.09% |
| 3/31/2026 11:52:25 PM | short term up | 5 days later | -2.47% | -2.47% |
| 3/27/2026 7:55:49 PM | long term up | 60 days later | +0.71% | +0.71% |
| 3/26/2026 10:36:06 PM | medium term cautious up | 20 days later | +7.06% | +3.53% |
| 3/24/2026 11:24:36 PM | short term cautious up | 5 days later | -0.59% | -0.30% |
| 3/17/2026 8:10:23 PM | long term up | 61 days later | -6.69% | -6.69% |
| 3/10/2026 8:21:46 PM | long term up | 61 days later | -8.31% | -8.31% |
| 3/4/2026 11:49:04 PM | long term cautious down | 60 days later | -10.60% | +5.30% |
| 2/3/2026 11:26:03 PM | long term up | 61 days later | -5.98% | -5.98% |
| 2/2/2026 9:12:01 AM | short term sharp down | 6 days later | +2.47% | -3.71% |
| 1/27/2026 11:28:44 PM | medium term up | 20 days later | -9.37% | -9.37% |
| 1/23/2026 11:34:16 PM | long term up | 60 days later | -14.40% | -14.40% |
| 1/13/2026 8:28:15 PM | short term cautious up | 5 days later | +0.59% | +0.29% |
| 1/9/2026 9:46:10 PM | short term up | 7 days later | +1.01% | +1.01% |
| 1/6/2026 9:46:28 PM | long term up | 60 days later | +13.40% | +13.40% |
| 1/2/2026 11:05:46 PM | medium term cautious up | 21 days later | +15.83% | +7.92% |
| 12/29/2025 6:58:39 PM | long term up | 62 days later | +19.30% | +19.30% |
| 12/19/2025 11:20:49 PM | short term up | 7 days later | -2.70% | -2.70% |
| 12/9/2025 9:56:43 PM | long term up | 61 days later | +20.77% | +20.77% |
| 12/2/2025 10:26:11 PM | long term up | 61 days later | +11.12% | +11.12% |
| 10/21/2025 9:30:46 PM | long term up | 61 days later | +11.78% | +11.78% |
| 10/17/2025 8:59:56 PM | medium term up | 22 days later | -3.21% | -3.21% |
| 10/14/2025 12:02:53 AM | short term sharp up | 5 days later | +3.22% | +4.83% |
| 10/10/2025 10:26:20 PM | short term up | 5 days later | +3.16% | +3.16% |
| 9/19/2025 9:15:26 PM | long term sharp up | 60 days later | +9.15% | +13.72% |
| 9/12/2025 9:25:11 PM | short term up | 7 days later | +1.47% | +1.47% |
| 9/9/2025 9:15:19 PM | short term up | 5 days later | +1.08% | +1.08% |
| 9/5/2025 7:05:22 PM | long term up | 60 days later | +10.48% | +10.48% |
| 8/26/2025 8:08:07 PM | medium term up | 20 days later | +8.20% | +8.20% |
| 8/22/2025 8:43:34 PM | short term up | 8 days later | +5.20% | +5.20% |
| 8/13/2025 5:13:42 PM | medium term up | 20 days later | +7.50% | +7.50% |
| 8/8/2025 8:04:49 PM | short term sharp up | 7 days later | -0.68% | -1.02% |
| 8/5/2025 7:24:42 PM | medium term sharp up | 20 days later | +0.12% | +0.18% |
yields
The interviewee states that higher interest rates are a headwind to precious metals and that the expectation of higher interest rates yet to come is part of a broader headwind. This implies an expectation that yields will rise or remain elevated in the near term.
