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Time Stamp

Prices as of 9:20 a.m. EDT Comex 29 August 2022 $1,750.35 (Basis the December 2022 Comex Contract).

Recommendation: Stand aside

Initial Target Price / Range: $1,740-$1,765

Initial Timeframe: 29 August 2022 to 2 September 2022

Gold prices broke below CPM Group’s previous sell recommendation of $1,740 earlier today. CPM recommends taking profits and standing aside. At his speech in Jackson Hole, Fed chair Powell reaffirmed that the Fed’s primary focus was reducing inflation even if it came at the cost of economic growth. Expectations of tighter monetary policy are expected to weigh on gold prices. What Powell said at his speech was to a large extent already factored into the market. While gold prices broke below $1,740, an important support level for gold prices, on an intraday basis, CPM believes that gold prices should settle below $1,740 before initiating a fresh short position.

CPM has one-month, three-month ranges and eight-quarter quarterly price projections with greater discussion of the factors behind CPM’s analyses provided in CPM’s monthly subscription service, the Precious Metals Advisory.

While short-term trade recommendations provide high risk – high reward opportunities for investors, it is difficult to capture the complex web of factors affecting precious metals prices and the nuanced CPM analyses of these factors that goes into our firm’s price projections. In addition to these short-term outlooks, CPM Group provides clients enhanced trade recommendations that include one and three month price projections, as part of our Retail Investor Program. Contact CPM at info@cpmgroup.com for details.

Notes:

Initial Target Prices and Timeframes are just that: Initial. If CPM does not issue a new Recommendation during or after that time it indicates that CPM maintains the posture in the most recent Trade Recommendation.

Position may be closed out once target price is reached, within the noted discretion or until CPM provides new trade recommendation. CPM may have reported to have closed out of prior trade recommendation at its discretion before publicly publishing new trade recommendation due to processing time.

Discretion should be allowed at +/- 0.20% of the price at the time each TR is issued from the target.

CPM’s preferred investment strategies use physical, futures, forwards, and options.

Disclaimer – Past performance is no indication or guarantee of anticipated future profits, and neither Kitco Metals Inc. nor CPM Group can accept any liability or responsibility for any loss suffered as a result of gold price fluctuations. Gold as a commodity is not a specified investment for the purpose of giving advice under the Financial Services and Markets Act 2000. Therefore this trade recommendation does not give rise to rights to claim compensation under the Financial Services Compensation Scheme. CPM Group is a registered CTA with the U.S. NFA and CFTC. At times the principals and associates of CPM Group may have positions in the precious metals, commodity, and equities markets. CPM Group also manages investment and industrial positions in markets for its clients.