Silver Keeps Hitting $60 as CPM Group Calls for Higher Gold and Silver Prices Within Months
Silver has run into $60 several times, and CPM Group's Jeffrey Christian expects it to get past that level eventually. He forecasts gold and silver gains over the next several months, though he expects more short-term pressure first.
Silver keeps reaching $60 an ounce and pulling back. Jeffrey Christian of CPM Group thinks that resistance won't last, at least not over a multi-month view.
In a presentation published by Kitco on October 9, Christian said CPM expects both gold and silver to rise over the next several months. He paired that with a short-term caution: the downward pressure seen recently could continue for a while yet.
The bullish case rests on investment flows. Gold ETFs are still adding metal, which suggests US and global investors are holding exposure and not selling into weakness. On top of that, central banks keep buying, with Christian citing China and Poland. Reserve managers like these build positions slowly and seldom react to week-to-week price moves, which gives the market a steady source of demand.
He also argued that investment demand should be separated from fabrication demand. Jewelry and industrial use move at their own pace. ETF flows and coin purchases can turn quickly. Silver is both a monetary and an industrial metal, so lumping the two together can hide what is really driving the price.
In the US market, the Federal Reserve is the main background factor. Lower real rates and a softer dollar have historically helped gold by cutting the cost of holding a metal that pays no yield. Any change in Fed expectations, through rate guidance, inflation data or the jobs report, could decide whether the near-term softness CPM expects deepens or fades.
The $60 silver level is the clearest test. A clean break above it would support CPM's medium-term view. More failures there would suggest the short-term pressure has further to go.
Christian also gave updates on platinum and palladium. Both are worth watching for US buyers who hold more than gold and silver.
Market View
What outside analysts are saying, drawn from the sources below.
Jeffrey Christian
Managing Partner, CPM Group
He expects gold and silver to rise over the next several months, supported by ETF inflows and central bank buying by countries such as China and Poland, even though he sees short-term downward pressure.
kitco.com ↗The MapleBull View
MixedMapleBull reads this as a split timeline rather than a clean bullish signal. The structural bids CPM highlights, ETF inflows and official-sector buying from China and Poland, are the kind of demand that tends to put a floor under gold rather than set off a sudden rally. Silver's repeated failures to get clear of $60 suggest the market needs a fresh catalyst before it can break higher. CPM's own forecast of near-term softness means the next few weeks could look weak even if the multi-month thesis holds. Our view: the medium-term balance is constructive, but short-term direction is uncertain enough that we do not call this outright bullish. This is analysis, not a recommendation to buy or sell.
Bull case
- Gold ETFs are still buying, which shows ongoing institutional and retail investment demand
- Central banks, including China and Poland, keep adding gold to their reserves
- CPM Group expects gold and silver to rise over the next several months
- Silver keeps returning to the $60 area instead of falling well below it
Bear case
- CPM itself expects downward pressure to continue in the short term
- Silver has tested $60 repeatedly without breaking through cleanly, so that level is acting as resistance
- Investment flows can reverse faster than fabrication demand, which leaves prices exposed if sentiment turns
- The forecast covers several months, so it says little about where prices go in the next few weeks
Sources
MapleBull researched this story from the following reporting. We summarize and analyze — we don't reproduce source articles.
- Gold and silver ALERT: What could finally move prices? ↗
Kitco · Oct 9, 2026
MapleBull's analysis is researched and drafted with AI assistance from the cited sources, then quality-checked before publishing. It is for general information only and is not financial, investment, or trading advice. Prices and market conditions change quickly — do your own research before buying or selling.