Name: How High Will Gold Price Go In 2025? Investors Face Greatest Risks Since 1941 | Jeff Christian
Uploaded: 2025-09-27T20:51:45+00:00
Duration: 3325 s

Speakers

Jeff Christian — Managing Partner, CPM Group

Summary

Jeff Christian of CPM Group remains bullish on gold and silver, citing extreme political/economic anxiety, central-bank independence concerns, sticky service-sector inflation, and strong global investment demand. He sees gold around $4,000 by end-2025 and $4,000-$4,100 for most of 2026, and silver touching $50 in late 2025 or early 2026 before rising further. He also warns that US equities are overvalued with narrow leadership, says clients should stay long precious metals while hedging with puts, and is cautious on the platinum rally despite some real positive fundamentals.

Jeff Christian expects gold to keep rising into 2026, with around $4,000 by end-2025 and $4,000-$4,100 for most of 2026.
He attributes gold demand to political/economic anxiety, Fed independence fears, sticky inflation, safe-haven flows, and global investment demand.
CPM expects silver to touch $50 in late 2025 or Q1 2026, then move higher through 2026-2027, despite well-supplied inventories.
He warns US stocks are overvalued with narrow leadership and sees meaningful equity-market risk.
He advises clients to stay long precious metals rather than sell, while considering put-option hedges.
He is skeptical of the platinum rally’s hype but sees real positives from slower EV conversion and reduced South African supply.
He discusses Fed independence, tariff policy, recession timing, and global conflicts as macro drivers of gold.

Ideas

Jeff Christian Managing Partner, CPM Group 1:45

Gold uptrend continues; don't sell yet.

CPM expects gold to continue rising through 2025 into 2026 and reach new levels in 2026, potentially into 2027, with gold around $4,000 by end-2025 and around $4,000-$4,100 for most of 2026. The bull market is driven by extreme political/economic anxiety and uncertainty, strong global institutional/HNW/family-office investment demand, sticky service-sector inflation, safe-haven buying, record offshore Treasury holdings, and late-cycle equity-wealth rotation into gold and silver. Clients are advised not to sell yet and to stay long; a plateau is likely only beyond 2027, and a decline would require actual improvement in economic/political conditions.

Jeff Christian Managing Partner, CPM Group 30:41

US stocks overvalued; narrow leadership risky.

The US stock market is overvalued and risky because overvaluation is concentrated in probably 10% or fewer of index constituents while many companies are weak, meaning the indices are being pulled up by a narrow group. This creates significant equity-market risk and supports caution on stocks and rotation into gold and silver.

Jeff Christian Managing Partner, CPM Group 41:37

Hedge long gold with put options.

With gold near $3,800, clients want to stay long physical gold and silver because economic and political risks could extend the bull market for years, but they are asking CPM to structure hedges. Buying gold puts when prices are elevated can profit if gold retraces toward $3,300, and selling the puts back later can lower the average acquisition cost.

Jeff Christian Managing Partner, CPM Group 42:34

Silver to touch $50, then higher.

Silver is expected to touch $50 around late 2025 or Q1 2026 and then rise somewhat higher through 2026 into 2027. Although the silver market is well supplied—COMEX inventories are five times higher than three years ago, London stocks are above 1990s estimates, and there is no artificial squeeze—the price outlook depends mainly on continued strong investment demand.

Jeff Christian Managing Partner, CPM Group 52:02

Platinum hype masks some real positives.

Platinum’s rally from about $1,000 to $1,500 was largely driven by a May promotional report claiming a massive deficit and exaggerated China import/jewelry demand, which CPM disputes. However, there are real positive fundamentals: slower non-Chinese conversion to EVs has increased auto-catalyst platinum demand, and South African production has been reduced, making platinum worth monitoring after the hype-driven move.

How High Will Gold Price Go In 2025? Investors Face Greatest Risks Since 1941 | Jeff Christian

Summary

Ideas

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