In this episode of Palisades Gold Radio, host Tom Bodrovics speaks with Jeff Christian, Managing Partner of CPM Group. Jeff discusses his background and what brought about the creation of the CPM Group.
CPM Group's research department was esta…
In this episode of Palisades Gold Radio, host Tom Bodrovics speaks with Jeff Christian, Managing Partner of CPM Group. Jeff discusses his background and what brought about the creation of the CPM Group.
CPM Group's research department was established in the late 1960s to gather data and estimate supply and demand for gold and silver as the gold standard was ending and silver was being removed from coinage and currency systems. The company has a strong track record of accurately projecting prices due to their continuous gathering of data and maintaining a global network of contacts.
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Jeff discusses the recent demand for gold from investors has been high, with net investment demand for physical gold totaling 25, 26, and 24 million ounces in the last three years. This level of demand tends to cause an increase in gold prices, as seen by record annual average gold prices every year for the past four years. The price of gold has increased significantly since 2000 and is expected to continue to rise in 2024 and 2025 due to several macroeconomic drivers.
Despite inflation coming down and interest rates rising, investment demand for gold remains strong. Governments and central banks are buying gold to diversify their reserves and reduce reliance on the US dollar. China, in particular, has a growing appetite for gold due to centuries of political disunion and civil wars, making the yellow metal a safe haven for them.
Jeff discusses the impact of The Shanghai Gold Exchange in taking some market share from London, with Chinese investors paying higher premiums for gold compared to the West. The Chinese currency's lack of free trade also affects gold prices in the country. While some gold has moved to China, there are still multiples of the amount of g..
