CPM Group

What CPM Group does

CPM Group is a privately held commodities research, consulting, financial advisory, asset management, and commodities management firm founded in 1986 via a management buyout of Goldman Sachs' Commodities Research Group and headquartered in Brooklyn, New York. The firm maintains proprietary supply and demand databases for gold and silver dating to the 1970s and for platinum group metals dating to 1981, and combines macroeconomic top-down analysis with bottom-up sectoral supply/demand modeling across precious metals, base metals, specialty metals, energy, and agricultural commodities. Its product suite spans flagship annual Yearbooks (Gold, Silver, PGM, each priced at $160-$170), monthly Precious Metals and Base Metals Advisory subscriptions ($3,800/year), 10-year projection reports (e.g., Silver 10-Year Projections at $9,500), and PGM 30-Year Projections, complemented by an Energy Metals and Technology Practice.

CPM Group monetizes across multiple revenue streams: recurring subscription and publication sales through an online storefront and direct distribution; bespoke consulting and independent market expert engagements for mining companies, financial institutions, and industrial users; financial advisory including M&A and equity/debt/structured financing primarily for junior to mid-tier mining companies; commodities management covering hedging advisory and physical materials management for governments and central banks; and asset management for accredited individual and institutional investors via separate accounts and funds using physicals, derivatives, and equities. The customer base includes enterprise mining clients (BHP, Newmont, Aquarius Platinum, Apex Silver Mines, Outokumpu), institutional asset managers (BlackRock), and supranationals and central banks (World Bank, UN, IFC, and monetary authorities globally). Distribution is sales-led through direct advisory relationships, supplemented by content marketing, industry events including the PDAC Silver Reception (600+ market participants), and translation of the Silver Yearbook for distribution in China.

The firm differentiates through independence from miners, fabricators, and bullion banks, and through the embedded switching costs and trust associated with four decades of historical data, established client relationships, and endorsements from prominent industry figures including Stanley Druckenmiller and Thomas Kaplan. The leadership team is anchored by founder and Managing Partner Jeffrey M. Christian (commodities analyst since the 1970s), supported by COO Elliot Kalson, Director of Commodities and Asset Management Carlos Sanchez, VP of Research Rohit Savant (CAIA), and Special Consultant Andrew Zemek.

Name

CPM Group

Legal name

CPM Group

Website

https://cpmgroup.com

Company type

Private

Founded year

1986

Operating status

Operating

Headcount range

1–10 employees

Short description

CPM Group is a privately held commodities research, consulting, financial advisory, asset management, and commodities management firm serving mining companies, institutional investors, governments, central banks, and high net worth individuals globally with proprietary supply/demand databases dating to the 1970s.

Ownership category

akta.pro rank

Product category

Commodities Research and Consulting

NAICS

Commodity Contracts Intermediation (52316), Portfolio Management and Investment Advice (523940), Securities, Commodity Contracts, and Other Financial Investments and Related Activities (523)

SIC

Investment Advice (6282), Security & Commodity Brokers, Dealers, Exchanges & Services (6200)

akta.pro primary industry

Capital Markets Advisory (IPO Readiness, SPAC, ECM/DCM Advisory) (BPAHAOAL)

Keywords

• Commodities research
• Precious metals consulting
• Mining investment banking
• Commodity price hedging
• Asset management commodities

Headquarters

HQ city

Brooklyn

HQ country

United States

HQ region

North America

Offices1 record

Markets served

GTM type

B2B

Offering type

Services

Cost components

Personnel, Operations, Technology or R&D, Marketing or Sales, Others

Revenue model

1. Commodities Research Subscriptions and Reports: Annual Yearbooks (Gold, Silver, PGM) priced at $160-$170, monthly advisories (Precious Metals Advisory at $3,800/year, Base Metals Advisory), 10-year projection reports, and retail investor programs. Recurring subscription revenue from these publications.
2. Consulting Services: In-depth consulting services to corporations, investment funds, family offices, financial institutions, central banks, government bodies, and international organizations. Tailored advisory on market analysis, industry analysis, and strategic consulting.
3. Financial Advisory and Investment Banking: Corporate and project finance advice, M&A advisory, equity and debt financing, strategic partnerships and joint ventures for mining and natural resource companies.
4. Commodities Management: Price risk management and hedging advisory services, materials management including procurement, sales, financing, leasing, storage, and monetization of physical commodities.
5. Asset Management: Managing commodities-oriented investments for accredited individual and institutional investors through separate accounts and funds, implementing views via physicals, derivatives, and equities.
6. Sponsorship and Events: Yearbook sponsorships ($8,000) and event sponsorships such as PDAC Silver Reception ($6,000).

Pricing tiers

Go-to-market motion1 record

Distribution channels3 records

Marketing channels7 records

Core offering

CPM Group is an independent commodities research, consulting, financial advisory, asset management, and commodities management firm. It produces flagship annual Yearbooks (Gold, Silver, PGM) and monthly advisories for precious and base metals, delivers bespoke consulting on market and industry analysis, provides commodity price risk management and physical materials management services, advises on mining-sector investment banking and M&A, and manages commodities-oriented investments for accredited investors. Its offering is underpinned by proprietary supply/demand databases built since the 1970s and a senior team with deep experience in commodities research, trading, banking, hedging, and financing.

Product overview

CPM Group offers a comprehensive suite of commodities research, consulting, financial advisory, and asset management services. The core offering consists of flagship annual Yearbooks (Gold, Silver, and PGM Yearbooks) providing detailed supply/demand statistics and 10-year price projections, supplemented by monthly advisory publications and weekly trade recommendations. The company provides institutional-grade market analysis and consulting services across precious metals (gold, silver, platinum group metals), base metals (aluminum, copper, lead, nickel, tin, zinc), specialty metals (molybdenum, vanadium, tungsten, manganese, hafnium, niobium, tantalum), and energy/agricultural commodities. Additional services include hedging advisory, materials management, investment banking, M&A advisory, and asset management for accredited investors. The company operates as a platform of specialized research and advisory modules rather than a single unified product.

Differentiator

Problem solved

Functional benefit

Products and services

• CPM Gold Yearbook Annual flagship publication providing comprehensive supply, demand, and price analysis for the gold market; used by institutional investors, producers, and central banks for market reference and decision-making.
• CPM Silver Yearbook Annual flagship publication covering silver market fundamentals, supply, demand, and price projections; distributed to institutional and retail customers worldwide and translated for distribution in China.
• CPM PGM Yearbook Annual publication covering platinum, palladium, rhodium, iridium, and ruthenium markets with supply, demand, and price projections; used by PGM producers, industrial users, and investors.
• Precious Metals Advisory Monthly subscription providing comprehensive coverage of medium-term developments and prospects for gold, silver, and platinum group metals, including 1-month, 3-month, and 2-year price targets and quarterly price projections; for institutional investors, producers, and active traders.
• Base Metals Advisory Monthly subscription providing coverage of medium-term developments and 1-month, 3-month, and 2-year price targets, plus quarterly price projections, for aluminum, copper, lead, nickel, tin, and zinc; used by industrial consumers, producers, and institutional investors.
• Silver 10-Year Projections Special long-term report providing silver supply, demand, and price projections out 10 years, available as an annual report or with quarterly updates; used by institutional investors and producers for strategic planning.
• CPM Retail Investor Program Comprehensive subscription providing investors with short-term trade recommendations, Yearbooks, and Precious Metals Price Projection reports for actionable precious metals investment decisions.
• Silver Trade Recommendations (TRS) Frequent price projections and investment ideas for silver across physical metals, ETFs, and options; used by retail and active traders for short-term positioning.
• Long-Term Outlooks (Precious Metals) Special long-term reports (typically 200-350 pages) with 10-year supply, demand, and price projections, alternate scenarios, and market history for gold, silver, and PGM markets; used by institutional investors and producers.
• Base Metals Medium-Term and Long-Term Outlooks 5- and 10-year global supply, demand, and price projections (real and nominal) for aluminum, copper, lead, nickel, tin, and zinc, with Excel-formatted supply-demand-price models; used by industrial consumers, producers, and institutional investors.
• Specialty Metals Long-Term Outlook Reports Annual long-term outlook reports and special reports providing 10-year projections of supply, demand, and prices for molybdenum, vanadium, manganese, tungsten, hafnium, niobium, tantalum, cobalt, titanium, beryllium, lithium, and uranium.
• Hedging Advisory Commodity price risk management service offering producer hedging programs, protections against high production/consumption costs, strategic cash flow planning, and counterparty proposal evaluation; for mining producers and industrial consumers.
• Materials Management Advisory on inventory management, refining programs, leasing, financing, and monetization of physical commodities inventories including in-product metals; used by mining producers and government clients.
• Market Analysis Consulting In-depth bespoke consulting providing specialized market analyses on individual commodities, including supply-demand analysis, price projections, and strategic positioning; for consumers, producers, institutional investors, and governments.
• Industry Analysis Consulting Top-down and ground-up industry analysis of metals, energy, and agricultural industries with benchmarking and modeling tools; for producers, consumers, and institutional investors.
• Independent Market Consultant Bespoke commodity industry and price projection expertise supporting project development, including detailed market reports, feasibility study sections, and project financing advisory; used by mining and natural resource companies.
• Investment Banking / Financial Advisory Corporate and project finance advisory for mining and natural resource industries, including financial plan development, financing source introductions, structuring of debt issuances, strategic partnerships, joint ventures, and equity placements.
• Mergers & Acquisitions Advisory M&A advisory on sales, acquisitions, strategic partnerships, joint ventures, and divestitures for junior to mid-tier mining companies.
• Equity, Debt, and Structured Financing Advisory on corporate bank loans, structured debt, project debt, high yield bonds, and commodity-denominated financing through leveraged finance and project finance capital markets; for mining and natural resource companies.
• Asset Management Management of commodities-oriented investments for accredited individual and institutional investors through separate accounts and funds, implementing views via physicals, derivatives, and equities.
• Government Advisory Services High-level policy analyses and advisory for multilateral organizations, central banks, mints, regulatory agencies, and governments on regulatory issues, monetary gold reserves, foreign direct investment policies, and project financing.
• Energy Metals and Technology Practice Analysis and advisory practice covering energy and energy technologies, EV markets, infrastructure constraints, and investment opportunities in related metals; for institutional investors, producers, and policy clients.
• Gold Investment Portfolio Advisory Institutional fund management advisory on the potential value and role of gold and other commodities in diversified portfolios, including strategic and tactical trading approaches; for pension funds, family offices, and asset managers.

Quantifiable outcome

• CPM Group correctly identified gold market dynamics and price trends, with record investment demand of 55-million ounces cited as primary price driver
• +1 more outcomes

Named customers10 records

Segments5 records

Ideal customer profiles5 records

Technology focussed No

API detail

Has API

No

API docs

API detail

Core technology

AI maturity

App detail

Feature4 records

Scale indicators3 records

Recent moves7 records

Expansion highlights6 records

Direct peers

• Wood Mackenzie: Wood Mackenzie is a global commodities research and consulting firm covering metals, mining, and energy with a similar model of subscription research, bespoke consulting, and commercial advisory. CPM and Wood Mackenzie compete directly for mining-sector market analysis, feasibility study work, and commercial due diligence.
• CRU Group: CRU is a London-based independent commodities research and consulting firm covering metals, mining, fertilizers, and battery materials. CRU directly competes with CPM in precious and base metals subscription research, multi-client outlook reports, and bespoke consulting for mining and financial clients.
• SRK Consulting: SRK Consulting is an independent mining-focused consulting firm providing geological, mining engineering, and project advisory services. It is comparable to CPM in offering independent technical and commercial advisory to mining companies, governments, and financial institutions on mineral projects.

Broad incumbents

• S&P Global Commodity Insights: S&P Global Commodity Insights (formerly Platts and IHS Markit) is a dominant commodities data, analytics, and research provider across energy, metals, and agriculture. It overlaps with CPM in metals market analysis and consulting but operates at significantly greater scale and with proprietary price benchmarks and platforms.
• Bloomberg NEF: Bloomberg NEF provides commodities, energy, and metals research with a strong focus on the energy transition and critical minerals. It is comparable to CPM in commodities research and investor advisory but offers broader coverage and is integrated into the Bloomberg terminal ecosystem.
• LSEG (Refinitiv) Commodities: LSEG, following its Refinitiv acquisition, operates one of the largest commodities data and analytics franchises globally. It overlaps with CPM in metals pricing, market intelligence, and trading-related analytics, but serves a far broader customer base across multiple asset classes.
• Macquarie Commodities Research: Macquarie is widely regarded as the leading sell-side commodities research house, with deep coverage of metals, mining, and energy. It competes with CPM for institutional investor mindshare in commodities research and for mining-sector financial advisory mandates.
• Goldman Sachs Research: Goldman Sachs originated CPM via its former Commodities Research Group in 1986 and continues to operate a major commodities research franchise. It overlaps with CPM in commodities research, M&A advisory, and structured financing, but at far greater scale and with a conflicted proprietary trading desk.
• BNP Paribas Commodities Research: BNP Paribas is a leading European bank with a long-established commodities research franchise covering metals, energy, and softs. It is comparable to CPM in providing commodities market analysis to institutional clients and competes for similar investor and corporate mandates.
• Société Générale Cross Asset Research: Société Générale operates a well-known metals and commodities research practice within its broader cross-asset research platform. It is comparable to CPM in providing metals market analysis and investor-targeted research, though within a much larger full-service investment bank.

Market position

Strengths5 records

Weaknesses5 records

Competitive moat5 records

Key risks6 records

Key highlights6 records

Customer concentration

• Xx.com/CPMGroupLLC
• LinkedInlinkedin.com/company/cpm-group

Revenue estimate

Valuation estimate

Number of profiles

Profiles5 records

Funding overview

Funding rounds

Investors

Funding detail is available on the Subscription and Enterprise plan.Contact sales →

M&A

Investments

M&A and investment is available on the Subscription and Enterprise plan.Contact sales →

Frequently asked questions about CPM Group