Gold and Silver Jump: Why Prices Are Still Climbing
In this presentation Jeffrey Christian of CPM Group reviews the latest move in precious metals, with gold trading near $4,500, silver pushing higher, and platinum and palladium remaining volatile.
He explains how December’s U.S. employment report is shaping interest rate expectations and investor behavior, and why that matters for prices in 2026.
Jeffrey also covers the idea of a “backwardation,” what it actually means, and why silver is not in one. He breaks down eligible vs. registered stocks, the role of open interest and deliveries, and why futures markets function the way they do. He also discusses the difference between Comex eligible and registered inventories, deliveries relative to inventories, and registered stocks compared to open interest.
#gold #silver #investing #commodities
00:00 Market update: gold near $4,500, silver and PGMs strong
00:35 Why the employment report matters for rates and metals
01:20 Gold price action and investor behavior shift since late 2025
03:10 Retail flows: from selling rallies to buying rallies
05:05 Silver update: volatility, strong Q1 demand factors
06:10 “Backwardation” claims vs. what the curve actually shows
08:35 Platinum: investment demand, market tightness, 2026 surplus risk
10:25 Palladium: volatility and investor flows
11:05 Jobs data breakdown: job creation, unemployment, labor force exits
14:10 Stablecoins and bond “pegging” risk discussion
17:00 COMEX inventories: context and why levels remain high
18:10 Eligible vs. registered: what’s available and what’s misunderstood
22:20 Open interest, deliveries, and how futures markets really work
