Jeff Christian – Gold and Silver Outlook: Correction Or Higher Prices?
In this daily editorial, we welcome back Jeff Christian, Managing Partner at CPM Group, for his monthly update on the precious metals sector. With gold and silver recently breaking out to multi-year highs, Jeff provides valuable context on the market drivers, technical considerations, and the broader macroeconomic environment.
Discussion Highlights:
- Gold outlook: After breaking above $3,700, Jeff shares why near-term pullbacks are possible but believes the upside potential toward $3,800-$4,000 remains strong into late 2024 and early 2025.
- Pullbacks vs. peaks: How a 10-20% correction could unfold, and why robust investor demand likely supports prices well above prior record levels.
- Interest rates & gold: Why the traditional “higher rates = bad for gold” narrative doesn’t hold up under data.
- Equities & gold: How gold can act as a diversifier, even while equity markets remain elevated.
- Silver outlook: Support above $40, with potential to reach $44-$48 in Q4 and possibly $50 in 2025 as investor selling abates and new buyers enter the market.
- Longer-term view: Gold and silver prices could extend gains into 2026-27, with risks and uncertainty continuing to drive investment flows.
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Company has no earnings. Why would speculate your hard earned money?
That is an inappropriate question from someone who probably knows nothing about HydroGraph. I would dare say that about 80% of all mining companies have no earnings but without mining you couldn’t build automobiles and practically everything else that a modern economy requires.
But Tesla like the other Magnificent 6 is in a bubble, that will meet a pin and when it does it will ruin a lot of investors dreams. Tesla couldn’t exist as a manufacturing entity in North America if China was allowed to export their cheap Ev’s into this market. ( I also realize that Tesla has manufacturing capabilities in China) The Chinese have developed a car battery that can be charged in ten minutes about the same time as it takes to fill a conventional gas or diesel powered automobile.
Although most mining companies have no earnings because their wealth is sitting in the ground waiting to be exploited, if the Western Governments didn’t attach tariffs to Chinese made cars and/or in some cases totally banned, Tesla’s plants and The Big Three would find it almost impossible to compete on their home turf with the unions, government regulations, and high wages..
Manufactured products that are propped up by government intervention are not a good prospect if you ask me. There are risks with so many investments that you can’t make a blanket statement without presenting an opinion as to why?
On the other hand you don’t have an economy if you don’t have mining. DT
YUPPERS! Blazing saddles! I think this run up has something to do with Apple. Didn’t you sell your apple too soon, you know apple needs Graphene in fact all electronics need graphene to make them run cooler. LOL! DT
Tesla stock is a beauty. On its way to $2000
https://schrts.co/MQDyUeKp
There is nothing more exciting investment than Tesla current landscape tbh
-Full self driving ..checked.
-Optimus robot ..checked
-Robotaxi .. checked
Its just a matter of when this stock takes off
If Tesla is exactly as good as you think it is, how much are you willing to pay for it? The current PE is 241.5 which means that a massive amount of growth is already priced-in. If it goes to $2000, its PE could be around 1,000 unless it turns its revenue growth around and grows it miraculously. Revenue growth in 2024 was less than 1% and this year it is negative. At the end of the first quarter, net income was down 71% year-over-year.
TSLA is more spec than investment at the current level or even one-quarter the current level, much like a junior miner with assets in the ground but no income. Both have potential in the future.
Personally, I wouldn’t touch Tesla here. I would much rather purchase an up and coming EV car company like XPENG (xpev symbol).
DOC,
Tesla has something that other car companies will never achieve – the cult like following. Chinese can build cheaper and more efficient EVs but they are not Tesla and do not deliver the experience you get driving a Musk mobile. No other car company has mastered the sophistication of FSD and they are years behind in catching up to Tesla. The next generation A15 chip will blow everyone out the water.
Doc, did you buy more HGRAF when it fell to 1.00? I doubled down at 1.08 and wish I had bought more. Do you own any AYASF, ODV, DC, EQX, or HSTXF? You might want to bet on the Hoosiers tomorrow as they will upset #9 Illinois on NBC.
Seems I heard yesterday in the background that Tesla sales in the EV area have dropped from first to 6th. Don’t know if that is correct or not … but there is that part that there are a lot of people that don’t like Musk and are unemployed to prove it. I would research actual sales and loan defaults and collapse of the dollar and shut down of the government, et bankruptcies, etc… There has been a lot of talk about student loans and car loans being the “new subprime loan” scam also with loan failures all over the place.
Tesla’s high P/E ratio is not a relevant valuation metric (been that way since 2013) because the company should be viewed beyond its current automotive revenue. Instead, its stock is valued on its immense potential in other ventures,
Matthew, For the price of a Tesla you could buy a 1953 Buick Skylark convertible. And in 10 years the Tesla won’t be worth much while the Skylark will be worth a lot more. When HGRAF gets to 50 a share I hope to buy a 1953 Skylark. Now that HGRAF is 1.50 do you still think it will fall to .70 or did it bottom @ 1.00?
Hydrograph has improved a lot in the last 2-3 weeks and especially yesterday. If it can hold up today, you’ll probably be in for more upside next week.
https://schrts.co/zeDhYRSK
Matthew,
I’m surprised you’re a chart Yoda and yet you don’t notice bullish setup in above TSLA chart.
I didn’t say it isn’t technically bullish; it is. Your monthly chart and the weekly too:
https://schrts.co/pjynEHPn
But it has plenty of resistance above and fundamental resistance as well from a macro economic standpoint as I believe that the stock market is in for a long period of underperformance at the very least.
Silver has gone sideways for two months versus gold and is currently firming for another attempt at a breakout.
130 minute:
https://schrts.co/tWdzBNYN
Silver also looks better than GDX at the moment.
https://schrts.co/vXYKgrMv
https://www.tradingview.com/x/BaUewjCq/
DOLLAR : Turn : Strengthening?
https://www.tradingview.com/x/rvhnZyaV/
ETHEREUM (Crypto) : Bullish Gartley
https://www.fibonomics.com/2025/09/gdx-deep-bullish-retracement.html
GDX : Deep Bullish Retracement Possible
Back to ‘Draft’!
SLV:GLD breakout:
https://schrts.co/cRUBCvZM
This means the sector is now “risk on” which in turn means the silver juniors should outperform the rest of the sector. Next week should be fun.
KTN is overbought but just beginning its move…
https://schrts.co/HnDyFeir
KTN is up 20% at the moment…
https://schrts.co/CdIXnTWg
HGRAF closed @ 1.50 Is everyone on board?