Jeffrey Christian (CPM Group) argues recent precious-metals weakness is technical/investor-driven (ETF/coin selling, COMEX rolls), not a supply collapse. Macro data (stronger Q1 GDP, persistent PCE inflation) suggests rates stay higher for longer, pressuring metals near-term. However, geopolitical/economic risks later in 2025 could rekindle safe-haven demand. He dismisses Treasury gold revaluation rumors as nonsense.
implicit
NDX
RUT
Oil
explicit
inferred
silver cautious down
CPM Group
3.0
Trade Association
Jeffrey Christian 7.0
Trade Association
Jeffrey Christian 7.0
Gold; Silver; Platinum; Palladium
6/26/2026 11:41:00 PM
dxy
Higher-for-longer interest rates in the US, as implied by Christian's inflation outlook, typically support the US dollar.
metals
It's possible that for the next two months, the next nine weeks, we will see prices consolidate above $3,800 and below $4,800.
| 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
Christian states persistent inflationary pressures will 'probably keep interest rates higher than a lot of people thought 8 months ago, 12 months ago.' This implies upward pressure on yields.
