CPM Group's Jeffrey Christian on Turkey gold sales, Iran war impact

This episode of The Northern Miner Podcast dives deep into the global impact of the Iran war on critical commodity markets, with a central focus on gold, copper, and other strategic minerals. Host Adrian Pocabelli begins by highlighting a growing energy crisis, with jet fuel shortages and supply chain disruptions affecting Europe, Southeast Asia, and North America due to the closure of the Strait of Hormuz and China's export ban on sulfuric acid. These disruptions are severely impacting copper production, with major miners like Antofagasta and Congo-based producers facing supply chain breakdowns. The episode also covers the U.S. government's 'Project Vault' initiative to stockpile 60 critical minerals, sparking debate over market distortions and protectionism. The core of the episode features a detailed interview with Jeffrey Christian, managing partner at CPM Group, who unpacks the recent surge in gold sales by Turkey and Russia, explaining that these sales are primarily driven by the need to raise foreign exchange for imports rather than currency defense. Christian debunks the myth that gold prices fell due to the Iran war, instead attributing the drop to the FOMC's hawkish pivot on interest rates. He also discusses the geopolitical repositioning of gold storage, with France's recent gold swap from New York to Paris being more of a revaluation tactic than a true repatriation. The episode concludes with Christian's insights from the Gold Yearbook 2026, highlighting record investor demand for gold and the resilience of the U.S. dollar in global reserves, despite widespread narratives of its decline.