Jeffrey Christian: Gold, Silver and “Another Year of Living Dangerously”

Speaking at this year’s Prospectors & Developers Association of Canada (PDAC) convention, Jeffrey Christian, managing partner at CPM Group, shared his outlook for gold and silver prices moving forward.

“We’re looking for record gold prices (in 2024) … we’re looking for a significant, in our mind, increase in gold prices,” he said. “We’re looking at an average price of maybe US$2,050 (per ounce), up from US$1,950 last year.”

Christian sees more of a move happening in the third and fourth quarters as worries increase among investors.

“We think the first half of this year could be stringent for investment demand for gold and silver, continuing what we saw in 2022 and 2023,” he explained to the Investing News Network on the sidelines of the show. “But by the third quarter and fourth quarter, there may be a radical shift in the political environment, political expectations and concerns, and that could be having a much more visible negative effect on the economy and thus the financial markets.”

In terms of silver, Christian said CPM Group thinks US$20 to US$22 per ounce will be its low range for the year, while US$27 or US$28 will be its high point. As with gold, the firm expects the silver price to pick up toward the end of 2024.

All in all, he sees 2024 as “another year of living dangerously” — a phrase CPM Group last used to describe 2008.

“We look at 2024, 2025 as a similar period of uncertainty,” he noted. “I think one of the big parallels is you’re looking at a year in 2024 where politics will be much more important in investors deciding whether to buy or sell gold and silver.”

Watch the interview above for more of Christian’s thoughts on gold, silver and their drivers. You can also click here for the Investing News Network’s full PDAC playlist on YouTube.

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Securities Disclosure: I, Charlotte McLeod, hold no direct investment interest in any company mentioned in this article.

Editorial Disclosure: The Investing News Network does not guarantee the accuracy or thoroughness of the information reported in the interviews it conducts. The opinions expressed in these interviews do not reflect the opinions of the Investing News Network and do not constitute investment advice. All readers are encouraged to perform their own due diligence.