Market Outlook: Gold Breaks $3,700
Gold prices have surged past $3,700 for the first time, driven by a mix of investor anxiety, political instability, and economic concerns. According to CPM Group’s latest Precious Metals Advisory, projections remain bullish: gold is expected to reach $3,800 in October or November 2025.
Volatility, however, remains a constant. Even a $200 pullback would simply return prices to levels seen just weeks ago, around $3,500. For long-term investors, the key is understanding that short-term fluctuations are natural, while the broader secular bull market in gold remains firmly in place.
Silver Prices Hold $41 — But How Sustainable?
Silver has tracked closely with gold, recently trading near $41.75. CPM Group projects silver could move toward $42 in the months ahead, though short-term corrections back to $36–$38 would still fit within a strong upward trend.
Investors should be cautious about the noise in the silver market. Claims of silver inventories being “wiped out” are not supported by the data. In reality, global silver inventories remain at record levels, with billions of ounces held in refined bullion, coins, and ETFs.
Silver Inventories: Separating Myth from Reality
Recent commentary has amplified fears of disappearing silver stocks. CPM Group’s analysis tells a very different story:
COMEX inventories: Roughly five times higher than in the 1990s.
London inventories: Now triple what they were 30 years ago.
Coin holdings: At record levels, totaling more than 2.5 billion ounces.
ETFs: Over 1 billion ounces of silver are reported.
Global bullion & coin inventories: Around 6.4 billion ounces worldwide.
The takeaway is clear: silver inventories are not collapsing. The narrative of a shortage is largely driven by promoters rather than supported by data.
Platinum and Palladium Update
Platinum briefly rose to $1,390 before slipping, while palladium continues to move lower, reflecting its industrial demand challenges. Neither metal is signaling a structural shift, though platinum could see short-term speculative gains around active contract months.
