With gold teasing $3,000 and silver at $32, the precious metals arena is buzzing. Cris Sheridan welcomed Jeff Christian, CPM Group’s sage analyst, to unpack the rally—and what’s next. Renowned for nailing tops and bottoms over decades, Christian called this bull market years ago, pegging 2023-2025 as liftoff. “Your timing… was impeccable,” Sheridan notes. Now, in 2025, Christian sees the ascent rolling on, driven by global storms—but with a catch. Here’s his grounded take on where gold, silver, and miners are headed.
Listen to the full audio interview and discussion here: Could Silver Spike to $100? Jeff Christian Discusses the Outlook for Metals
A Bull Still Charging
According to Christian's analysis, “Gold and silver prices will continue to rise... we will see new record levels.” Annual highs for both metals loom, he believes, with silver possibly hitting daily peaks in the next two years. “We’ve been watching the gathering economic and political storms… driving investors to buy more gold and silver,” he says, a trend he expects to stretch into 2026. Q1 2025 should shine, fueled by seasonality and Trump-era uncertainty, though a midyear dip could follow as markets adjust—only to rebound later as economic fallout bites.
Investment Demand: The Heartbeat
What’s the engine? Investment demand, Christian insists. “It’s a combination of fundamentals, the single most important one being investment demand,” he explains. With a “hostile economic and political environment” looming, he predicts investors will outbuy 2024’s haul this year. Sheridan, whose firm leaned on CPM’s research during prior cycles, credits Christian’s balance: “Kudos… for identifying bottoms… tops and not being a perma-bull.” But when to trim? “We’ll be watching for investors shifting, saying… the bulk of the increase… is over,” Christian notes, eyeing a cyclical peak potentially around the 2026-2027 timeframe.
Price Targets: High, Not Wild
So, how high? Gold’s $3,000 barrier falls soon, Christian forecasts, peaking over the next two years. Silver? “You could see… prices spike… to $50 or even… above that,” he says, matching 2011’s intraday high. Annual averages might hit $36-$37, not far from 2011’s $34-$35. But $100 silver or $10,000 gold? “The fundamentals… don’t support such projections” on a sustainable basis during this bull market cycles, he cautions. Above-ground sources and mineable reserves cap runaway spikes. “At some point those investors say, I’ll take my profits,” he adds, while fabricators swap silver out if prices soar too high.
Core Holdings, Not All-In
Christian’s advice: “Have some core portion of your wealth in gold and/or… silver as an insurance and… diversifier.” If you decide to increase your exposure, do so in a measured approach, taking advantage of any price corrections as opportunities to buy at lower prices. “You don’t want to put all your eggs in one basket,” Sheridan reinforces. Christian’s projections—spanning weeks to a decade—guide clients, but he stresses realism over euphoria. “We have price projections… one to two weeks out to 10 years and longer,” he says, grounding CPM’s calls in data, not dreams.
Miners’ Muted Catch-Up
Gold at $3,000 unlocks mineable reserves, yet miners lag. “There are… headwinds for gold equity prices,” Christian warns. Rising costs pinch, and structural shifts—index and ETF investing favoring large caps—starve smaller miners of capital. “That may not happen this time,” he says of catch-up hopes, despite some standouts. Sheridan notes GDX and GDXJ ETFs nearing—but not hitting—highs, asking if leverage still applies. “I’m very cautious,” Christian replies, citing easier bullion access via GLD sidelining stocks.
Central Banks: Opportunistic, Not All-In
Central banks fuel demand, but not recklessly. “About 20 to 22… have been buying… over the last five years,” Christian says, with China pausing at $2,400 gold, then nabbing 160,000 ounces at a dip. “They are price-sensitive,” he observes—buying low, easing off highs. Sheridan sees a post-COVID treasury pullback, but Christian counters: “They’re heavily indebted… there’s a lot of headwinds.” Desire’s there; cash isn’t always.
Silver’s Ratio Riddle
According to other metals experts on Financial Sense, the gold-silver ratio screams silver’s “underpriced,” Sheridan notes. Christian demurs: “I wouldn’t… say… silver is underpriced.” Gold’s broader appeal as a hedge outshines silver’s niche. “Gold is a more popular financial asset,” he explains, while conspiracy chatter—“silver being manipulated”—repels rational buyers. “Rational investors will say… why invest in it?” if it’s being manipulated. That said, Christian believes the investment case for silver is still sound, just not for manipulation-unwind or other sensational-sounding arguments.
Debunking Fantasies
Consequently, Christian’s Silver Facts and Fantasies seminar just tackled viral myths. “The flow of gold and silver from London to New York” tops the list—arbitrage, not depletion, he clarifies. “50 pounds of silver in a Tomahawk missile”? Try 5-10 ounces. “800 million ounces in solar panels”? Economics nix it. Sheridan flags the “dollar collapse” trope; Christian shrugs: “The U.S. Treasury has the best credit rating… treasuries held offshore… rose about 15% last year.” Sensationalism flops against facts, Christian argues.
Hold Smart, Ignore Hype
“Hold it for the right reasons,” Sheridan urges, echoing Christian’s mantra: “portfolio diversifier… currency hedge… inflation hedge.” Not dollar doom or peak metal panic. “Ask yourself… what has that person’s track record been” for those making extremely high price predictions, Christian advises. With turmoil ahead, he sees tailwinds for metals through the next year or two—ups and downs included. “It’s going to be an interesting ride,” Sheridan predicts, and Christian’s data backs the bet.
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