Gold and silver market update: 2025 review and 2026 outlook
In this presentation, Jeffrey Christian of CPM Group delivers the final market update video of the year. He reviews the extraordinary 2025 moves in precious metals and what may drive prices in 2026.
With gold trading near $4,400 and silver is at a new record near $67, Jeff explains why CPM Group expects hostile economic and political conditions to keep investment demand elevated, even as the markets remains vulnerable to short-term pullbacks.
Jeffrey also discusses what drove this year’s gains, including investor buying, realistic information on central bank purchases, and fabrication demand. He explains why “system collapse” narratives are not required to justify owning gold and silver, and why claims that “silver is vanishing” from the Comex are misleading.
The presentation also reviews key U.S. data released this week (jobs, earnings, CPI) and longer-term policy risk tied to the Genius Act stablecoin.
Disclaimer: The views expressed in this article are those of the author and may not reflect those of Kitco Metals Inc. The author has made every effort to ensure accuracy of information provided; however, neither Kitco Metals Inc. nor the author can guarantee such accuracy. This article is strictly for informational purposes only. It is not a solicitation to make any exchange in commodities, securities or other financial instruments. Kitco Metals Inc. and the author of this article do not accept culpability for losses and/ or damages arising from the use of this publication.
