(Kitco Commentary) – In this presentation, Jeffrey Christian of CPM Group discusses the rebound in gold and silver after the U.S. midterm elections and what could bring more buyers back into the market. Gold is trading around the $4,000 area, while silver recovered to roughly $52 after breaking below $50. CPM sees signs that a bottom may be forming, although prices could still dip over the next few days.
Jeff explains why CPM views investment demand as the primary driver of precious metals prices. Gold investment demand could exceed 60 million ounces in 2026, potentially setting a record. Silver investment demand could reach roughly 180 million ounces, about double its 2025 level.
Jeff then discusses September central bank gold activity, including sales by Russia and purchases by Poland and China. Jeff explains how record holdings in London vaults challenge claims that all of London’s gold has moved to Asia. He also discusses weakness in platinum and palladium, the outlook for automotive demand, and whether renewed investment buying across precious metals could support both markets.
The presentation closes with CPM’s view of the political and economic risks that remain after the midterms and why they could support gold and silver investment demand over the next two months and into 2027.
We would like to thank Silvercorp for making this CPM research available free of charge.
Silvercorp offers investors exposure to silver production through its enhanced leverage to the metal. The Company’s mines have been consistently growing and profitable, further bolstered by rising silver prices.
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