Published: Jun 17, 2026 - 4:09 AM In this presentation, Jeffrey Christian of CPM Group gives a precious metals update focused on gold, silver, platinum, and palladium prices. He also explains how CPM Group analyzes supply, demand, investment demand, as well as market balances. Jeff discusses the gold price outlook, silver market update, price consolidation, and the potential for continued volatility over the next several months. Jeff then explains why CPM Group separates investment demand from fabrication demand when calculating precious metals surpluses and deficits. He discusses the difference between metal used by fabricators and metal bought by investors, why investment demand is a major driver of gold, silver, and platinum prices, and why including investment demand with fabrication demand can distort the view of the physical market. The presentation also looks CPM Group’s historical buy and sell recommendations for gold, silver, and platinum, showing how better research, better data, and a disciplined approach to supply and demand analysis can lead to stronger investment results. CPM thanks Monetary Metals for making this paid CPM research available to our viewers. If you're interested in learning more about how gold leasing works, visit www.Monetary-Metals.com/CPM Source： https://www.kitco.com/opinion/2026-06-16/silver-price-forecast-60-price-risk-next-move-higher

(Kitco News) - The gold market continues to regain lost ground, and although the precious metal isn’t out of danger just yet, current prices still represent an attractive entry point for investors looking to build a position, according to Wells Fargo. In the bank’s mid-year outlook webinar, Sameer Samana, Head of Global Equities and Real Assets Strategy, said there is still a risk that gold prices could fall below $4,000 per ounce, but he is maintaining a long-term bullish outlook. On Tuesday, the bank raised its year-end gold target to $5,300-$5,500 an ounce and expects prices to climb further to $5,800-$6,000 by the end of 2027. The bank's strategists argue that the forces driving gold's rally are structural rather than cyclical, suggesting the current bull market still has room to run. Gold remains one of Wells Fargo's highest-conviction investment ideas, as the bank sees persistent inflation pressures, rising government debt, and elevated geopolitical uncertainty continuing to support the precious metal through 2027. "We firmly believe that gold is that additional diversifier," said Samana. "More and more in this highly uncertain world, central banks are looking around for something in addition to U.S. Treasuries and cash with respect to where to park their reserves." The outlook comes as gold continues to recover from a sharp correction after posting strong gains over the past two years, culminating in a record high in January. Spot gold last traded at $4,357.10 an ounce, up 0.61% on the day. However, gold prices are still down more than 20% from their highs at the start of the year. During the webinar, Chief Investment Officer Darrell Cronk described 2026 as being driven by "geopolitics, geography and geology," highlighting ongoing conflicts in the Middle East and Eastern Europe alongside intensifying competition for critical resources. He said these trends are helping to reshape global investment flows and support demand for real assets. While Wells Fargo expects inflation to moderate somewhat in the second half of the year, the bank does not see a return to the low-inflation environment that characterized the decade before the pandemic. Inflation has been supported by tariffs, higher energy costs, and growing artificial intelligence-related demand, according to Cronk. That inflation outlook is one reason Wells Fargo remains skeptical that long-term Treasury yields will fall significantly from current levels. During the briefing, Cronk argued that markets continue to underestimate the impact of persistent inflation and rising fiscal deficits on bond yields. "I think the market has gotten interest rates wrong for some time now," he said, noting that Wells Fargo entered the year expecting Treasury yields to remain higher than Wall Street consensus forecasts. He added that inflation premiums, term premiums, and growth expectations all point to long-term yields remaining elevated. Those dynamics could prove particularly supportive for gold . Responding to a question about whether inflation could outpace bond yields and potentially push real yields lower, Cronk said the Federal Reserve remains constrained by its dual mandate and is unlikely to aggressively tighten policy unless inflation accelerates materially. While Wells Fargo expects inflation to cool somewhat as energy markets stabilize, the bank sees continued pressure from fiscal spending and structural investment trends. Samana said that this environment creates a compelling asymmetric opportunity for gold investors. "To me, it's one of the highest-convexity ideas that we have," he said. "For gold to not do well, you would need countries around the world to rein in their deficits and defend price stability. The fact that policymakers will always take the easy way out, to me, is the case for gold ." He added that while gold could experience periodic pullbacks, the long-term risk-reward profile remains attractive. "I think eventually you're seeing something with a six handle out in 2027," Samana said, referring to Wells Fargo's expectation that gold prices could surpass $6,000 an ounce over the next 18 months. Beyond gold , Wells Fargo is also constructive on industrial metals, arguing that artificial intelligence infrastructure spending, data center construction, and global electrification trends should continue to support demand for copper and other key materials. The bank expects both precious and industrial metals to benefit from the global race to secure strategic resources and build next-generation technologies. Source： https://www.kitco.com/news/article/2026-06-17/golds-bull-market-has-room-run-inflation-risks-fiscal-deficits-support

[Destocking Logic Continues to Materialize, Macro Pressure Caps Aluminum Price Upside] SMM maintains its forecast that inventory will fall to around 1.28 million mt by late June, and is expected to further approach 1.2 million mt by end‑June/early July, providing some support for aluminum prices. However, China’s high inventory pressure remains relatively evident, and with the current bearish macro sentiment dominating the market, domestic aluminum prices will mainly fluctuate in consolidation in the short term.

In H1 2026, the Indonesian 10-12% high-grade NPI (delivered to port, tax inclusive) market trended steadily upward, with the SMM average price rising 12% compared to the same period in 2025. Price movements were characterized by “stepwise increases and fluctuations at highs.” Each round of supply-demand imbalance and policy disruption pushed prices onto a higher level.

[Geopolitical Risk Premium Exits Market, Aluminum Prices Under Short-Term Pressure and Volatility] On the macro front, the US and Iran have completed signing an electronic MOU. Expectations of geopolitical easing continue to materialize, market panic over the Middle East conflict continues to fade, and the geopolitical risk premium for commodities has weakened significantly. US May CPI rose 4.2% YoY, hitting a three-year high, while core CPI also strengthened. The market continues to bet on the Fed restarting rate hikes within the year, and expectations of tightening liquidity continue to suppress metal valuations. On the fundamentals side, the Middle East conflict caused involuntary production cuts in overseas aluminum capacity. Expectations of a global supply deficit continue to widen, and coupled with expectations of rising energy costs, this provides strong bottom support for LME aluminum. China’s inventory destocking trend has been established, and the destocking logic continues to be realized. The rebound in the proportion of liquid aluminum, support from export demand, and supply normalization compressing aluminum ingot formation—these three fundamental factors jointly drive the continuation of destocking. SMM maintains its forecast that inventory will fall to around 1.28 million mt by late June, and may further approach 1.2 million mt by end-June/early July, bringing some support to aluminum prices. However, the pressure from high domestic inventory remains relatively pronounced. Coupled with the currently bearish macro sentiment dominating the market, short-term domestic aluminum prices are mainly in the doldrums, with volatile adjustments.

At 4:15 PM on June 8, 2026, a ladle explosion at the SMS-1 steelmaking shop of Visakhapatnam Steel Plant (VSP) — operated by Rashtriya Ispat Nigam Limited (RINL) — unleashed molten metal at over 1,500°C onto the working platform below Caster-2. According to a preliminary report by India's Chief Inspector of Factories, the cause was a sudden release of gas entrapped within the liquid steel, which ruptured the ladle seal before the sliding gate was opened, triggering a catastrophic spill.