Jeff Christian – Gold and Silver Markets: They’re Still Standing

May 20, 2022

CPM Group’s Jeffrey Christian discusses the price movement of gold and silver, focusing on some of the factors that have lead to the recent market downturn, and compares what we have seen in gold and silver markets to equity markets. Jeff also focuses on where we might expect to see the markets move from here, discussing factors including a potential recession, inflation, and the invasion of Ukraine.



Be sure to check out the CPM Group’s Silver Yearbook that was just launched. We are a media partner for the Yearbook. It has a lot of valuable insights into the silver market and macro factors.These are some of the key themes discussed.

  • The organization of retail investors
  • The Russian invasion of Ukraine
  • Inflation increased since February 2021
  • Interest Rates have begun rising after a long period of anticipation
  • There has been a reduction in liquidity and major market making capacity in the silver market
  • The more intense use of exchange traded funds by bullion banks
  • Investor demand is elevated for both physical silver and derivatives
  • The increased availability of inaccurate and misleading information, statistics, and commentary

The 2022 Silver Yearbook is available here. 

    May 20, 2022 20:25 PM

    I sold almost all of my positions again towards the end of the day and am mostly in cash. The Canadian markets are closed on Monday, it’s not The Canadian markets that bother me but a possible sell all event in The US markets on Monday. These days I’m hunkered down. You can always get back in! DT

    May 20, 2022 20:42 PM

    I’m not as doom and gloom as most investors in here which is a contarían point of few at this current moment. In regards to the metal and miners itself, I have not wavered one bit and remain 100% committed to the bull that’s transpiring before us and which is about to ignite.

    My view Remains the same as when I posted months ago that gold would rip right through the summer and move higher into November/December before a much-needed correction but the move is going to be explosive. Now when we look at the price of gold and what I spoke about two days ago in regards to the daily price it Nail Ed that price between 1835 and 1845 that I mentioned and set up the weekly Absolutely amazing! For many of your chartist they don’t see what I’m seeing and continue to believe gold price will go down you’re partially correct but overall wrong.

    The weekly has set up beautifully and if we are here after the long weekend and become a range bound I like the monthly Redwick and where it’s positioned it sets us up for that June explosion. I will say this docs reasoning and some of his followers who believe later on in the year they will be better prices to purchase are going to be wrong in my opinion what I am expecting is higher highs and lower lows from here going forward even with the miners. If June gives us that explosive move we may correct for a month or two and finally break out of that 2000 range in October right about fed time makes sense right? But it won’t make a lower low on the miners today and that’s why I believe it is crucial to be purchasing these prices in the miners at these lows there’s a great possibility you don’t get lower lows.

    Once we break out fasten your seatbelt we’re going to 2400/2500 before a massive correction.


      May 20, 2022 20:05 PM

      Hey there Glenfidish – thanks for sharing your technical outlook on gold and the mining stocks.

      Yes, that $1834 level (which was where gold started it’s move up from for the pop higher from late Feb into March on the Ukraine war) looks to have held as support in the short-term. Good call buddy.

      As for Gold making a nice move higher in October, that makes sense to me as September and October as seasonally pretty strong periods for the yellow metal. Yes, by that point the Fed should have also done a few more rate hikes and then had to pause, and the forward-looking market will likely be expecting the central banksters to reverse course and start cutting once again, or possibly doing some accommodative buying of bonds. We’ll see how it goes but this will be fascinating to keep tabs on as the year progresses.

      As for the mining stocks, I’m personally seeing plenty of good value out there and I’ve added to PM mining positions 29 times in the last 2 weeks to take advantage of the weak prices we’re seeing across the board. I did blow out about 15 partial or full positions that had been portfolio laggards to help fund some of the new acquisitions. Maybe we still see some lower prices in the miners over the next month or two, but they sure aren’t pricey here, that is for sure.

      Ever Upward!

        May 20, 2022 20:15 PM

        Good points Ex! You are very good at selling and rotating that’s for sure. And your also well balanced and humbled In your approach.

        Thanks for the constant info as others have mentioned.

    May 20, 2022 20:48 PM

    One more thing Matthew, ex, Jerry and audience…

    My revised target for gold as of today puts us at around $8500-$9000 per ounce.. current timeline 2/3 years! This can change but as of today and my projections slash probability’s puts me three in comparison with the 70s. This is not argument dale this is sharing my own opinion.

    Have a great weekend to all!


      May 20, 2022 20:06 PM

      The math of well over 10 years ago gave me a long term target of $9,000 so, inflation adjusted, your target is relatively conservative.

      In other news…
      The dollar is done for awhile, it just doesn’t know it yet.

      May 20, 2022 20:08 PM

      Glad to see your envisioned pricing for the mid-term outlook Glenster.
      I feel there will be a market crash sometime before that date stamp. I’m on the fence to go into the PM market any more than I currently am at this point. Basically, because I’m too slow to sell given I’m not an active day trader so would be too punished by the time I’d check in.
      I’m current looking at property opportunities in Mexico and there is no shortage of developers trying to take your money. Was exploring options re: getting some assets out of country.

      May 20, 2022 20:47 PM

      Thanks for the update……..GLEN…………… I have no problem with your numbers………

    May 20, 2022 20:52 PM

    I’m going to buy slve next week for a 2 month trade. the credit issues make me Leary. should the greater market sell off in the fall that is where doc may be right about lower prices.

    May 20, 2022 20:48 PM

    Hey Canuck good to hear from you. The volatility is going to get worse that’s for sure and will buck most. Good luck with the assets and properties I’m rooting for you my friend.


    Jerry thanks you kind man i know you have long term projections as well.

    Steve I think you will do just fine. By the way what I’m seeing is a massive inverse head and shoulders in the monthly with gold and don’t even get me started on how good the quarterly looks for it as well. When the neckline breaks out it will be vicious with new money into the small mining sector big green days will return like in 2008/2009 I have no doubt.

    May 21, 2022 21:50 AM

    that’s encouraging