Gold prices were around $4,230. Expectation is for some weakness over the next week or two, but broader view is gold will continue to rise.

CPM Group expects precious metals to rise both short and long term, within a 'gold and silver renaissance' driving prices to record highs over decades.

Projecting prices above $3,000 in 2024-2026, coinciding with economic and political problems.

Investors are choosing to remain long given enormous global political, economic, and social risks. CPM agrees and urges maintaining long positions.

CPM does not expect to see $3,000 gold in the next decade. Expect prices to remain high and move to further highs over next two years.

Hedges are priced looking at potential drops to $3,800 or $3,500 on a short-term basis. Such a decline might not materialize until Q2 or Q3 next year.

In Jan/Feb, delayed US economic data due to government shutdown will point to economic problems and issues.

Similar to gold, expect silver prices to stay high and rise further. Recent sharp rise from $36 to $59 is driven by investment demand, not fabrication.

Platinum and palladium prices have risen sharply since June primarily due to investor buying, not fundamental deficits.

Market is betting on 25-50 bps Fed rate cut tomorrow. We agree it's likely due to storm clouds over the economy.

More important than the rate cut will be Fed's policy projections and Powell's comments. Could lead to more volatility and downside if hawkish.

International political developments in Europe/Russia/Ukraine are becoming more unavoidable. US government is siding with Russia, not Europe.

Palladium price rise since June primarily due to investment buying, with some increase in fabrication demand.

Market is betting on 25-50 basis point Fed rate cut tomorrow. We agree, think it's likely due to storm clouds hovering above economy.

May be last interest rate cut for a while. Economy may look worse as data comes out in Jan/Feb, leading to more aggressive cuts, or inflation may be more problematic causing hesitation.

More important than rate cut will be Fed's policy projections for next year or two and Powell's comments. Could be more volatility and downside if projections/press conference seem more hawkish.

International political developments in Europe/Russia/Ukraine becoming more unavoidable. US government clearly siding with Russia rather than Europe.

White House National Security Strategy Report talks about restoring Russia's place in Europe, sides with Russia against NATO, wants to intervene in European politics.

Jamie Dimon discussed Europe's social problems getting worse and need to be dealt with, issues growing less sustainable over time.