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.
Click here to visit the CPM Group website to learn more about the firm.
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