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  Good afternoon. It's 12:20 on Thursday afternoon, the 12th of February here in New York. I'm Jeff Christian of CPM Group. I am recording this for release on Friday because the big project that Carlos Sanchez and I have been involved in all week is continuing on Friday. I had a little time to do this uh recording on Thursday. Uh, the project will be continuing next week as well. So, next Tuesday, I won't be in the office. I may record or pre-record a video for Tuesday release prior to

Tuesday, but we'll have to see where it is. I want to talk about the potential for some volatile price swings in the gold, silver, platinum, platium markets up ahead. Uh, and then a little bit on silver inventory updates. gold prices around $5,100 per ounce right now for the um April contract uh comx contract. You see that it's come down from that high. It has been working its way back up. CPM Group's view is that gold has probably got more upward momentum as opposed to downward risk. uh at this

time than silver, platinum and platium do. Uh gold I think has more momentum. That said, you have to be careful and look at what's gone on because we did see starting in late uh in J early January a very sharp rise in gold prices from about $4,400 to about $5,600. $1,200 increase in uh over the course of a couple weeks, a month. Uh the price then came sharply down almost back to where it started the year and it's recovered and it's testing. It's been fighting. It was fighting last week to

get over 5,000. Now it's bouncing off of 5,100. There is a propensity right now for higher gold prices and that is supported by a range of political and economic conditions that you're looking at right now. Welcome to Gold Silver News, your go to destination for all things economics and finance. Whether you're an experienced investor, an inquisitive student, or just someone who wants to stay ahead in today's everchanging economic landscape, you've come to the right place. I've been

working on a private road map for viewers who are more focused on protecting their wealth than speculating in uncertain markets. I'll share it at the end for those interested. Now, we'll show you the best clips of the latest interview. But first, smash the subscribe button, hit the like button, and send us super thanks if you find our daily recaps valuable. Enjoy the episode. >> Uh, silver, platinum, and platium don't necessarily have such a good picture. That said, if you look at this from a chartist

perspective, you could argue that there could be a measured move form forming. The decline from 5600 to 4,400, $1,200 decline, it rises back to say 5,100 or 5,200. Another $1,200 decline from that would take it back to $4,000, which let's be honest, was the record price that we achieved just a few months ago in October of 2025. So there is the scope for a sharp downward move. any such sharp downward move CPM group ex would expect to be taken as a buying opportunity by investors around the world as well as some central banks. So

we think that any downward move would be very short-term in nature. Um but it is possible and with the jobs report that was released yesterday stronger than a lot of people thought showing strength in new job creation in the United States for the first time in several months. you've seen in the market consensus expectations for Fed uh interest rate reductions the before you before the jobs report yesterday the uh the market uh was waiting weighing that it would be uh June that the Fed might reduce interest rates at

their June uh Federal Open Market Committee meeting now after that uh strong jobs report they've rolled it into July. So there is some increased strength in the o expectations and perceptions of the overall economy uh which could weigh on gold on a short-term basis. We think that that is a relatively minor part compared to all of the political issues that are going on. The concept of a measured move is much stronger looking in the silver market. And you can see from this chart here, you know, the

silver price as with gold moved strongly higher starting late August of last year. got to very high levels around $70 by the end of the year. Spiked from 70 to 120 something. Came back off to less than 70 on an intraday basis uh couple a few trading days ago and it's bouncing right now just around $83. and a measured move that spike down from 120 to say 66 65 and then it comes back up retraces maybe 50% or somewhat less than 50% of the decline stabilizes around 80 or so and then comes back off

in a side in a decline similar to in size to the spike down that occurred in late uh starting in late January and going into early February. So that there's a real risk there. Our expectation is that the silver price will rise strongly in the final week of February. Uh there's still 339 340 million ounces of March open interest that is yet to be rolled into the May Comx contract. that could support higher prices uh in the final week of February. But there is a scope that you could see another spike down before that. And

obviously if you were at a lower level, the spike back up uh as the roll into the May contract occurs would be expected to be uh quieter. Dear listeners, the renowned economist went on to discuss the following topics in his speech. I am sharing it with you exactly as he conveyed it. You can observe that total comics inventories have fallen to roughly 380 million ounces. That's higher than at any time before 2025. Now within that total you still have about 100 million plus ounces in registered inventories which again uh

you know there's a stretch in 2020 2021 when registered inventories were above current levels but that was a brief surge and it moved back lower. If you remove that surge these are uh exceptionally elevated levels. There is no shortage of silver at comics. In volume terms that is accurate. And then what you truly need to do is you need to grasp the market. comics or the futures market as it actually functions not as um snake oil promoters describe it to you. There's a great cartoon about snake

oil promoters in this week's New Yorker and I intended to bring it in and include it here uh but I had other matters on my mind and I didn't do that. I'll try to share it with you shortly. Comics inventories are elevated in volume terms but more importantly they're elevated relative to deliveries and everything else. You can see here month-end inventories through January and you can see deliveries and the deliveries represent a portion of what the inventories are. And remember those

are deliveries of contracts of warehouse receipts many of which transfer ownership a few times in a given month and don't necessarily result in removal of inventories from the comics. And then on the other chart on the right hand side it's deliveries versus open interest. And again, open interest is a multiple of deliveries and it has consistently been because this is a futures market. It's not a direct physical market. Some participants take delivery. Some participants move silver through the comics, but open interest

has consistently been a multiple of deliveries and it hasn't been an issue. Now, I referenced, you know, the 340 million ounces of open interest in the March contract as of yesterday that must be addressed between now and the end of March. And most of that will be rolled ahead into the May contract uh between now and the first week of March. But that open interest does not and that might have a supportive effect on the silver price, but it's not going to have a supportive effect on the silver price

because people are taking delivery of that. Now, ComX is not depleting its silver, nor for that matter is London. Inventories in London are nearly 200 million ounces higher than they were in early 2025. Why? Because in late 2024, the arbitrage uh favored purchasing silver in London and transporting it to New York. And you saw a 100 to 150 million ounce drop in London in reported inventories until the arbitrage window reversed and it became advantageous to purchase in New York and ship to London. So there have been

nearly 200 million ounces of silver that have appeared in the past several months, 6 months or so in London inventories. And that's essentially metal that was shipped back to London from New York. The material that left Comx, if you go back to those inventories, the material that left ComX over the past several months, reducing it from 530 million ounces to 380 million ounces, 150 million ounces, it wasn't consumed. This isn't being directed into some ultraclassified military uses. It wasn't being directed

into solar installations. It was transported back to London where it remains in silver bullion form. The world is not exhausting silver bullion on a wholesale 1,000 ounce bar scale. The shortages that you've witnessed have been small retail investor uh uh bars and rounds and coins in North America primarily and in India and not by the way in China either. Now the project that I have as I stated at the outset that has kept me away from the office most of this week. It continues next week. So, I may not have a video on

Tuesday or we may not have a video on Friday depending on what my schedule is with this project. We simply may miss it. That's everything for now. Take care of yourself. Take care of those around you. Do something positive for the world. Keep your head high. Keep your eyes alert. If your priority right now is not chasing returns, but protecting what took decades to build, I've put together a private road map linked below. If your priority right now is not chasing returns, but protecting what

took decades to build, I've put together a private road map linked below. Oh.