Jeffrey Christian: Gold, Silver, PGMs — My Summer Price Outlook

Jeffrey Christian of CPM Group expects gold and silver to trade in a volatile consolidation pattern over the next 2.5 months, with gold potentially drifting sideways around the $4,000/oz area rather than breaking cleanly lower. He said it is uncertain whether gold will fall below $4,000, but described current precious metals conditions as highly volatile and still capable of revisiting the highs seen earlier in 2026 later in the year. The call is framed as a summer pause rather than a trend reversal: Christian sees near-term choppy range trade, but retains a medium-term view that both gold and silver can reapproach earlier 2026 peaks. The transcript/source provided does not include detailed levels for silver or PGMs, but the headline makes clear the discussion spans gold, silver and the broader PGMs complex. For the desk, the message is near-term neutral-to-rangebound for gold with volatility risk still elevated, which argues for faded breakouts and tighter risk management around the $4,000 threshold. The key catalyst over the next few months is whether macro drivers and positioning can re-ignite the 2026 uptrend; absent that, the market appears vulnerable to consolidation rather than a sustained trend move.