Gold Crash Not Over Says Analyst Who Called Drop, Here's How Low It Gets | Jeff Christian

Summary

Jeff Christian of CPM Group argues that the recent sharp drops in gold, silver, and platinum are not the start of a 2012-style crash but rather a temporary decline leading to a volatile sideways consolidation. He expects gold and silver to rally into year-end and 2027, while platinum and palladium face near-term pressure. The discussion also covers ETF flows, central bank activity, copper's divergence, and the sponsor highlights Stellar Gold's Canadian projects.

• Gold and silver are the most bullish metals for H2 2026, with consolidation expected before a rally into 2027.
• Platinum and palladium are viewed negatively in the near term, though long-term upside potential exists.
• Gold may test $3,800 before finding a short-term bottom and attracting buyers.
• ETF outflows and higher interest rates are headwinds but are not expected to cause a cyclical bear market.
• Central bank gold sales by Russia and Turkey are idiosyncratic and not a leading indicator for other central banks.
• Copper's recent strength reflects investor optimism about the economy, not a reliable 'Dr. Copper' signal.
• The sponsor segment highlights Stellar Gold as a company with large undeveloped gold assets in Canada.
• Deglobalization and geopolitical tensions support long-term investment demand for gold.