In this KE Report daily editorial, I am joined by Jeff Christian, Managing Partner at CPM Group, to break down what’s driving gold and silver as both metals consolidate near their highs. Jeff shares data-backed insights on ETF inflows, global equity trends, and new investor behavior shaping the precious metals market.

Key Discussion Highlights:

• Record gold ETF inflows - Strong Q3 momentum with billions added globally; driven largely by short-term and momentum-oriented investors seeking liquidity.
  
• Shift to larger US-listed ETFs - Investors rotating out of smaller regional funds and into GLD/IAU for liquidity and regulatory confidence.
  
• Macro outlook supports higher investment demand - CPM Group expects rising geopolitical and economic stress into 2026, sustaining demand for gold and silver.
  
• New entrants emerging - Tether taking stakes in royalty companies and Elliott Management targeting Barrick highlight changing investor profiles.
  
• Silver near $50 faces real-world limits - Industrial users adjust at higher prices, capping runaway upside despite strong investment demand.
  
• Investors hedging, not selling - With gold near $4,000 and silver at $50, large investors prefer downside protection while holding core positions.
  

Click here to visit the CPM Group website to learn more about the firm

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