{"id":37604,"date":"2026-08-12T14:59:21","date_gmt":"2026-08-12T09:29:21","guid":{"rendered":"https:\/\/gjepc.org\/solitaire\/?p=37604"},"modified":"2026-08-12T14:59:21","modified_gmt":"2026-08-12T09:29:21","slug":"cpms-jeffrey-christian-gold-and-silver-demand-set-to-rise-as-global-risks-mount","status":"publish","type":"post","link":"https:\/\/gjepc.org\/solitaire\/cpms-jeffrey-christian-gold-and-silver-demand-set-to-rise-as-global-risks-mount\/","title":{"rendered":"CPM\u2019s Jeffrey Christian: Gold and Silver Demand Set to Rise as Global Risks Mount"},"content":{"rendered":"

Jeffrey Christian<\/em><\/strong>, Founder & Managing Partner, CPM Group, and Director<\/strong>, India Gold Metaverse<\/strong>, spoke exclusively to Solitaire<\/strong> magazine by GJEPC about the forces shaping precious metals markets, the outlook for gold and silver, India\u2019s domestic market dynamics, and how businesses can manage risk amid rising volatility.<\/em><\/p>\n

Gold and silver markets are being shaped by a combination of geopolitical tensions, economic uncertainty, deglobalisation and sustained investment demand, according to Jeffrey Christian, Founder & Managing Partner of CPM Group and Director of India Gold Metaverse.<\/p>\n

Christian, who has advised governments, central banks, mining companies and institutional investors for decades, said the growing desire among investors and central banks to hold precious metals has been a key factor behind higher prices. He also expects investment demand to strengthen further amid political and economic uncertainty.<\/p>\n

What are the biggest forces driving gold and silver prices today, and which of these does the market underestimate?<\/strong><\/p>\n

At the end of the day, the most important factor is investment demand, the amount of gold and silver that investors want to buy or do not want to buy at any given time. Investors tend to buy gold and silver based on economic and political factors.<\/p>\n

We are looking at deglobalisation and its negative economic consequences. We are also seeing rising international tensions and increased military actions, including Russia against Ukraine, the United States versus Iran, and tensions involving China, Taiwan, Japan, South Korea and the Philippines.<\/p>\n

There is a reduction in the hegemonic powers of the United States and a change in international dynamics politically, economically, monetarily and financially. Within individual countries, particularly the United States, there is also increasing political, financial, economic and social tension.<\/p>\n

All of these factors come together and cause investors to say, \u201cI probably want to have more of my wealth in gold and silver.\u201d<\/p>\n

We have seen a steady increase in investor and central bank demand for gold and silver over the last quarter century, and that has been reflected in higher prices. That is continuing, and quite frankly, the problems seem to be getting worse.<\/p>\n

Gold has repeatedly reached record highs, while silver has often lagged before catching up. What is your outlook for both metals over the next 12 to 24 months?<\/strong><\/p>\n

Given that the United States is going through a very difficult political period, with the Trump administration and rising political, social and economic tensions, we see the US Congressional elections in November as a very difficult point.<\/p>\n

Our view is that after August this year, we are likely to see investment demand rise because of these political tensions, problems, uncertainties and risks. That would drive gold and silver prices sharply higher.<\/p>\n

Silver did lag gold. From 2022 into the middle of 2025, there were a lot of investors buying both gold and silver, but other investors were selling silver that they had bought in 2020 and 2021.<\/p>\n

There had been a lot of claims at the time that silver was going to reach $700 an ounce and gold $10,000 an ounce. Many investors bought silver at very high prices and then sold it back into the market as prices rose through 2023, 2024 and 2025.<\/p>\n

We estimate that a couple of 100 million ounces of silver were being sold by investors each year on a gross basis during those two years. Investors were net buyers, but the volume of selling created a backlog in the market because dealers and refiners could not handle the amount of metal.<\/p>\n

That selling stopped around September last year, and the silver price began to rise sharply, moving from $40 and $50 to $121 in five months.<\/p>\n

India is one of the world\u2019s largest consumers of gold and silver. How do domestic factors interact with global events to influence prices in the Indian market?<\/strong><\/p>\n

We have always been criticised for focusing on domestic market conditions and domestic prices. While people often say that Indian prices are at a premium or discount to London or New York, we have said that the Indian price is determined by domestic market conditions and, to some extent, the international price.<\/p>\n

That is going to continue. Government policies can have a tremendous positive or negative effect on investment demand in India and on the world.<\/p>\n

I have followed the Indian market since the late 1970s. We have seen massive changes in government policies towards gold and silver, yet the gold and silver markets have continued to survive and thrive in India, almost regardless of what the government does.<\/p>\n

What advice would you give manufacturers, retailers and bullion dealers at IIJS on managing price risk and building resilient businesses?<\/strong><\/p>\n

There are three things I would talk about.<\/p>\n

First, we are very big on hedging, but we are very big on hedging done well. We advise mining companies, industrial users, investors and others on this. We like to structure hedges that give consumers, jewellers and investors upside exposure and protection against rising prices, while allowing them to benefit if prices fall back.<\/p>\n

So the first thing is, I think you need to hedge.<\/p>\n

The second thing is that you need to think in terms of scenarios. We have a main scenario that we talk about, but the reality is that we run dozens of scenarios.<\/p>\n

You cannot be certain about what the future is going to be economically and politically. But if you can have a band of scenarios that are more realistic and more probable, you can make better decisions. People talk about depressions or hyperinflation, but those represent less than 1% of the probability of future economic trends. Pay attention to the other 98%.<\/p>\n

The third thing is that the precious metals markets have always been overridden by misinformation and disinformation, with people misrepresenting what is happening with central bank sales and investment demand.<\/p>\n

That has gotten worse as information in general has become more prone to bad information. The internet and artificial intelligence are contributing to this explosion of bad information.<\/p>\n

You have to be very careful about what you believe when you are hearing and reading things about gold and silver.<\/p>\n","protected":false},"excerpt":{"rendered":"

Jeffrey Christian, Founder & Managing Partner, CPM Group, and Director, India Gold Metaverse, spoke exclusively to Solitaire magazine by GJEPC about the forces shaping precious metals markets, the outlook for gold and silver, India\u2019s domestic market dynamics, and how businesses can manage risk amid rising volatility. 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