Jeff Christian – Global Gold Demand Trends, China’s Growing Role, and Why Silver Still Lags
Jeff Christian, Managing Partner at the CPM Group, joins us for a comprehensive update on the macro forces shaping the precious metals sector (gold and silver).
Gold demand is coming from everywhere; ETFs, central banks, and across continents.
Jeff breaks down the data behind the ongoing gold rally, noting that global demand has been widespread and includes institutional and retail investors across Asia, the Middle East, Europe, and North America. He highlights how a sharp shift in gold ETF inflows, particularly in Q1 and April, signals renewed interest from generalist investors.
We also explore:
- The rise of Chinese ETF demand and the Shanghai Gold Exchange’s ambition to rival London as the global gold benchmark
- Why central banks are still buying gold – but in lower volumes due to rising prices
- The supply-side headwinds limiting new gold mine development, despite higher prices
- A look at gold recycling, and its impact on price
- Jeff’s gold and silver price outlook through 2025, including why silver continues to underperform and where investor interest may turn next
Click here to visit the CPM Group website to learn more about the firm.
China considers setting up overseas warehouses for Shanghai Gold Exchange
Reuters – April 22, 2025
“China is considering setting up overseas warehouses to aid international settlement of specific products on the Shanghai Gold Exchange, its central bank said on Monday.”
“Shanghai Gold Exchange will be supported to conduct cooperation with overseas exchanges to expand usage of the yuan benchmark in the international market,” the statement said.
“The plan to further enhance cross-border financial services in Shanghai was jointly issued by four state agencies including the People’s Bank of China.”
“Although it did not specify which products would be subject to the plan, the Shanghai Gold Exchange mainly deals with trading of precious metals gold, silver and platinum.”
“Beijing has long wanted to step up globalisation of some commodities to enhance its pricing power and international influence.”
Sure, the scheme is dependent on the US first warehousing their gold in Shanghai just to show how honest and reliable they are.
Once again, we see China outsmarting the West and taking the lead, they have a plan that works. The West led by America has money printing and debt and wars and tariffs. Is it any wonder we are in deep decline with our woke liberal agenda. DT
PGE, Stillwater, breaking above $0.20 today, chart won’t update until tomorrow.
CDE – Sold a ton @ $6.95
FSM – added @ $5.55
I haven’t sold a share of CDE. Here’s a monthly chart that I posted 2 months ago. Looks like the “massive breakout” is upon us but we’ll see…
https://schrts.co/eQykqmUY
CDE or ASM? Obviously CDE…
https://schrts.co/dyicfeYM
I’ve got larger weighted positions in both CDE and ASM, and am quite bullish on CDE (now that they brought in the Silvercrest asset as Las Chispas, which fixes their balance sheet and brings in one of the more profitable low-cost PM mines on the planet).
In retrospect, I’m sure glad I’ve had a good weighting to ASM though as it has smoked most PM stocks (both gold and silver) the last 2 years, and rightly so as growth-oriented junior producer. I have been starting to lighten up a bit on my ASM shares over the last month to ring the register and start rotating those funds down into companies that haven’t moved as much.
Looks like GDX might be on its way to $45.
https://schrts.co/czzKGFDF
https://www.tradingview.com/x/qOX03sbM/
NatGas : Minimal Pull Back (So Far)
https://www.tradingview.com/x/DghUg7DX/
DOLLAR : More Than A Bounce?
Chinese gold ETFs April inflows surpass first quarter total, WGC says
Reuters – April 14, 2025
“Investment flows into Chinese physically backed gold exchange-traded funds so far this month have exceeded those for the whole of the first quarter and overtaken inflows registered by U.S.-listed funds, World Gold Council data showed.”
https://www.reuters.com/markets/commodities/chinese-gold-etfs-april-inflows-surpass-first-quarter-total-wgc-says-2025-04-14/