Jeffrey Christian of CPM Group explains why investment demand should be excluded from supply/demand surplus/deficit calculations, as it is positively correlated to price while fabrication demand is inversely correlated. He provides near-term price outlooks: gold volatile/sideways $4,000-$4,900 until September, silver $60-$90, platinum weaker $1,600-$2,000, palladium sideways with downward bias. Longer-term, he expects higher prices driven by sustained investment demand.
Yields
NDX
RUT
Oil
explicit
USD
silver (rangebound); gold (rangebound); platinum (cautious down)
CPM Group
3.0
Trade Association
Jeffrey Christian 6.5
Trade Association
Jeffrey Christian 6.5
Silver; Gold; Platinum; Palladium
6/16/2026 10:51:30 PM
metals
Higher prices in the final four months of this year.
| 6/2/2026 10:33:52 PM | short term cautious down | 5 days later | -4.41% | +2.20% |
| 5/21/2026 6:30:43 PM | medium term up | 20 days later | -8.21% | -8.21% |
| 5/19/2026 11:14:02 PM | medium term up | 20 days later | -9.50% | -9.50% |
| 3/26/2026 10:36:06 PM | medium term cautious up | 20 days later | +8.71% | +4.36% |
| 3/17/2026 8:10:23 PM | long term up | 61 days later | -3.12% | -3.12% |
| 2/2/2026 9:12:01 AM | short term sharp down | 6 days later | +1.02% | -1.52% |
| 1/27/2026 11:28:44 PM | medium term up | 20 days later | -21.66% | -21.66% |
| 1/23/2026 11:34:16 PM | long term up | 60 days later | -22.49% | -22.49% |
| 1/2/2026 11:05:46 PM | medium term cautious up | 21 days later | +24.33% | +12.16% |
| 12/29/2025 6:58:39 PM | long term up | 62 days later | +19.88% | +19.88% |
| 12/19/2025 11:20:49 PM | short term up | 7 days later | +0.39% | +0.39% |
| 12/9/2025 9:56:43 PM | long term up | 61 days later | +25.27% | +25.27% |
| 12/2/2025 10:26:11 PM | long term up | 61 days later | +19.34% | +19.34% |
| 10/21/2025 9:30:46 PM | long term up | 61 days later | +18.75% | +18.75% |
| 10/14/2025 12:02:53 AM | short term sharp up | 5 days later | -0.74% | -1.11% |
| 9/19/2025 9:15:26 PM | long term sharp up | 60 days later | +10.10% | +15.15% |
| 9/12/2025 9:25:11 PM | short term up | 7 days later | +2.06% | +2.06% |
| 9/9/2025 9:15:19 PM | short term up | 5 days later | +1.78% | +1.78% |
| 9/5/2025 7:05:22 PM | long term up | 60 days later | +12.34% | +12.34% |
| 8/26/2025 8:08:07 PM | medium term up | 20 days later | +8.84% | +8.84% |
| 8/22/2025 8:43:34 PM | short term up | 8 days later | +5.10% | +5.10% |
| 8/13/2025 5:13:42 PM | medium term up | 20 days later | +6.88% | +6.88% |
| 8/8/2025 8:04:49 PM | short term sharp up | 7 days later | -0.25% | -0.38% |
| 8/5/2025 7:24:42 PM | medium term sharp up | 20 days later | +0.66% | +0.99% |
