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Forbes
14-07-2025
- Business
- Forbes
Platinum Was The Top Performing Commodity In H1
Platinum bars 1000 grams pure platinum,business investment and wealth of platinum,3d ... More rendering Every year around this time, we update our Periodic Table of Commodities Returns to reflect the performance of raw materials in the first six months of the year. I'm biased, but few tools do a better job of providing a clear, interactive snapshot of the commodities landscape than ours. Precious metals dominated in H1. As you can see in the chart below, the group—which includes gold, silver, platinum and palladium—absolutely crushed commodities as a whole, from industrial metals to energy and agricultural. Platinum soared nearly 50%, followed by gold (+26%), silver (+25%) and palladium (+21%). Meanwhile, copper had its own standout run, driven by rising industrial demand and geopolitical catalysts. Precious metals have been the star asset of 2025 Platinum Has Been the Year's Breakout Star After years of range-bound trading, platinum finally broke out in spectacular fashion. The metal surged from just over $900 an ounce in January to around $1,360 by the end of June, representing a 49.8% gain. In Q2 alone, it jumped 35.8%, closing the quarter at a price not seen since 2014. A major factor for the spike was constrained supply. Platinum supply has historically been price inelastic in the short term, according to the World Platinum Investment Council (WPIC). Even as prices surged, production remained sluggish, leading to persistent market imbalances. At the same time, demand remained firm, spanning industrial applications, jewelry and its emerging role in green hydrogen technologies. Unlike its cousin palladium, which is heavily reliant on gasoline vehicle manufacturing, platinum benefits from a broader range of demand. It's used in diesel catalytic converters, fuel cells and more. And as the world moves toward decarbonization, platinum's future in hydrogen energy systems makes it increasingly strategic. Gold: Still the Ultimate Safe Haven Gold has always been a barometer of uncertainty, and in 2025, investors had plenty to be uncertain about. Geopolitical tensions flared again in the Middle East, with the Israel–Iran conflict intensifying. In April alone, gold hit five separate all-time highs. By the end of June, it had risen 25.9%, topping $3,300 per ounce. With central banks continuing to buy record amounts of bullion, especially in emerging markets, I believe the metal remains a clear beneficiary of macro concerns. Physically backed gold ETFs attracted a stunning $38 billion in inflows during the first half of the year, marking the strongest performance since the pandemic-fueled rally of H1 2020. North American investors led the charge, adding $21 billion. Trading volumes surged across the board, averaging $329 billion a day globally—a new record, according to the World Gold Council (WGC). Gold trading volumes hit a record in the first half of 2025 There's another trend at work: de-dollarization. Since the U.S. and its allies froze Russian central bank assets in 2022, many nations have grown increasingly wary of holding dollar-denominated reserves. Gold, by contrast, is seen as politically neutral, and central banks have responded by diversifying into the yellow metal at an unprecedented pace. Institutions bought more in the last four years than in the previous two decades combined. Silver's Dual Role as a Precious and Industrial Metal Silver's story is a little different, but no less compelling. It often rides gold's coattails, and in 2025, it's kept pace with the yellow metal, rising nearly 25% through June. Silver briefly surged above $37 in mid-June, levels not seen since 2011, before settling around $36. The white metal stands to benefit from its dual role as both a precious and industrial metal. Demand is rising in green energy applications, particularly solar panels and battery storage. As central bank gold demand continues to outpace silver, I believe silver is undervalued on a relative basis. A return to the historical gold-silver ratio (around 80) could send silver back toward its all-time high of $50 an ounce. Copper: The Metal of the Future Though not a precious metal, copper deserves an honorable mention. It finished the first half of the year up 16.2%, making it the best-performing base metal. What's driving copper's rally? A perfect storm of supply fears, strong demand from artificial intelligence (AI) and data centers, and political noise from Washington. President Donald Trump's surprise announcement of a 50% tariff on imported copper this month sent U.S. copper futures to record highs, adding fresh volatility to an already tight market. And with global supply struggling to keep pace with demand, copper's long-term fundamentals look incredibly strong. Data centers alone are projected to require 127,000 megawatts (MW) of power by 2029, up from 82,000 this year. Each megawatt of capacity needs about 27 metric tons of copper. And that's not even counting the metal's role in electric vehicles (EVs), grid modernization and semiconductors. Energy and Agriculture Were the Laggards Not all commodities shared in the rally. Several energy and agricultural materials ended the first half in the red. Even lithium, once the darling of the EV boom, fell nearly 19%—a reflection of softening battery demand and oversupply from key producers in China and South America. For contrarian investors, this could be an area to watch for opportunities in the second half of the year. Periodic Table of Commodities Returns Precious metals have proven their worth once again as reliable hedges against inflation and geopolitical concerns. Central banks and fiscal imbalances continue to support long-term demand, especially for gold and platinum. Industrial metals like copper are benefiting from secular shifts in technology and electrification. While energy and agriculture struggled, those sectors may offer attractive entry points for investors with a longer time horizon. As always, our interactive Periodic Table of Commodities Returns makes it easy to compare commodity performance across years and sectors.
News.com.au
27-06-2025
- Business
- News.com.au
Gold Digger: Platinum spins new 11-year record
Platinum prices have hit an 11-year high BMO sees the precious metal running to US$1500/oz by the end of 2025 A number of ASX stocks have been rising in recent weeks, with Chalice up ~10% on Friday Gold has been top dog among the precious metals for the past year, seizing new record highs en masse thanks to global political instability, rising debt levels, central bank demand and a shifty US dollar. Now other precious metals are playing catch-up. Silver cracked a long-term resistance level at US$35/oz earlier in June and is now up around US$36.40/oz, double prices seen in early 2022. But another downtrodden investment focused metal is now at 11-year highs, with platinum surging to as much as US$1422/oz on Thursday. "Contracting supply in South Africa and tightness in the spot market are raising prices," ANZ Research says. "Palladium also rallied, breaking above USD1100/oz." Yesterday's move in platinum clocked in at close to 5%, with palladium prices surging over 6.5%. The latter is a long, long way off US$3400/oz highs seen after major producer Russia's invasion of Ukraine – sanctions failed to lead to a cessation of supply from the belligerent nation to the West. But it's a handy bump, reflecting the fact the platinum group metals market is in a structural deficit and that investment demand is surging – especially in China – as investors look for an option that isn't as pricy as gold. The World Platinum Investment Council in its March update projected the platinum deficit would be 115,000oz higher than previously thought at 966,000oz, even with falling automotive demand (PGMs are used in auto catalysts, which reduce emissions from petrol cars) expected to cause demand to fall 4% to 7.965Moz. Supply will drop 4% as well to 6.999Moz, with mined supply outside Russia falling sharply in the first quarter. Heavy rainfall saw South African output tumbled 10% YoY to 715,000oz, prompting overall platinum supply to drop 10% as well to 1.458Moz in the three months to March 31, 2025. If recycled supply is excised from that number, mined supply fell 13% YoY to 1.086Moz, the worst quarter since the Covid-affected June quarter of 2020. Will it keep going? Platinum and palladium are currently retracing a ratio against gold that has cratered in recent years. In early 2023, palladium was trading, virtually, on par with bullion. The Russian supply outlook was key there, but also (now delayed) hopes hydrogen electrolysers would become a disruptive source of demand for PGMs. At the time an ounce of platinum could get you 3/5ths of an ounce of gold. Now both trade below 40% of the gold price. BMO analysts in a note this week said they saw further upside for platinum in the second half of 2025. "After several years of deficits, the platinum market appears to finally be drawing on investor stockpiles to remain balanced, causing prices to break out,' BMO said. 'Looking forward, we see further upside for platinum in the second half of this year, given that the persistent deficit will require prices to rise to levels that incentivise investors to sell more stock.' BMO is tipping US$1500/oz platinum by the end of 2025. The Canadian bank has a US$3600/oz fourth quarter forecast for gold. ASX moves On the ASX, Future Metals (ASX:FME), the owner of the Panton project in northern WA, was up 5.3% on Friday. It owns the Panton project near Halls Creek, which contains a total resource of 92.9Mt at 2g/t palladium equivalent for 6Moz PdEq, but has also made a promising copper and nickel discovery at the nearby Eileen's Bore target. The firm has a deal with Zeta Resources, which mopped up the assets of failed nickel miner Panoramic Resources, to investigate the use of its Savannah plant to process ores from Eileen's Bore and Panton. The bellwether for PGMs on the ASX, Chalice Mining (ASX:CHN), surged close to 10% on Friday to $1.81, hitting a market cap of $700m. Once a $3bn explorer at the height of the battery metals boom, CHN is up 60% YTD as it progresses a PFS on the large but low grade Gonneville discovery at Julimar, around 70km north-east of Perth. Southern Palladium (ASX:SPD), which owns the Bengwenyama project in platinum rich South Africa and trades at a market cap of $63m, was unchanged on Friday but has risen 47.5% in the past month as platinum prices have charged. Producer Zimplats Holdings (ASX:ZIM), which boasts a $1.7bn market cap, is also up 23% in the past month, while early stage explorer Terra Metals (ASX:TM1), which has discovered a Bushveld style PGE, titanium, precious and base metals mineralised reef at Dante in WA's Musgrave Province, is up 53% in the past month. Terra has mineral resource consultants on-site this month. Its value proposition was highlighted by the surprise introduction of coal miners GEAR and M Resources, major investors in Stanmore Coal (ASX:SMR), to its register in a $4m placement in mid-June, extending their diversifying exposure to critical minerals. Winners and losers CODE COMPANY PRICE WEEK % MONTH % 6 MONTH % YEAR % YTD % MARKET CAP MRR Minrex Resources Ltd 0.008 -11% -27% 0% -11% 14% $ 8,678,940.02 NPM Newpeak Metals 0.024 33% 71% 71% 20% 118% $ 6,441,434.62 MTC Metalstech Ltd 0.135 0% -4% 0% -39% -4% $ 27,133,811.38 GED Golden Deeps 0.021 -5% 17% -16% -36% -16% $ 3,542,514.02 G88 Golden Mile Res Ltd 0.011 -8% -21% 38% -8% 22% $ 5,986,726.41 LAT Latitude 66 Limited 0.024 -14% -37% -50% 1100% -37% $ 3,298,216.22 NMR Native Mineral Res 0.19 -7% 12% 387% 660% 387% $ 169,892,812.87 AQX Alice Queen Ltd 0.003 0% -40% -57% -54% -63% $ 3,748,920.20 SLZ Sultan Resources Ltd 0.006 20% 0% -14% -25% 0% $ 1,620,289.37 KSN Kingston Resources 0.14 8% 12% 92% 71% 97% $ 115,291,995.14 AMI Aurelia Metals Ltd 0.1975 -8% -32% 16% 4% 16% $ 330,051,664.80 GIB Gibb River Diamonds 0.027 -23% -21% -34% -36% -33% $ 5,362,736.13 KCN Kingsgate Consolid. 2.27 -1% 12% 77% 46% 77% $ 582,518,823.92 TMX Terrain Minerals 0.002 0% -33% -33% -33% -33% $ 5,063,628.55 BNR Bulletin Res Ltd 0.056 -10% -14% 44% 30% 44% $ 17,029,572.73 NXM Nexus Minerals Ltd 0.071 -7% -9% 54% 82% 58% $ 42,866,932.52 SKY SKY Metals Ltd 0.052 13% 6% 0% 63% -4% $ 35,535,158.30 LM8 Lunnonmetalslimited 0.23 0% 12% 10% 21% -8% $ 48,538,198.28 CST Castile Resources 0.056 2% -13% -30% -23% -30% $ 17,121,920.48 YRL Yandal Resources 0.09 -18% -31% -52% -31% -49% $ 27,831,148.38 FAU First Au Ltd 0.004 0% 33% 167% 60% 100% $ 7,251,976.47 ARL Ardea Resources Ltd 0.4 3% -2% 29% -16% 21% $ 83,113,101.43 GWR GWR Group Ltd 0.091 0% -5% 14% 6% 14% $ 29,448,205.61 IVR Investigator Res Ltd 0.023 -26% 5% 21% -50% 15% $ 41,585,109.86 GTR Gti Energy Ltd 0.003 -25% -25% 0% -40% -14% $ 8,996,848.99 IPT Impact Minerals 0.006 0% 20% -39% -58% -36% $ 23,731,979.81 BNZ Benzmining 0.45 5% 11% 34% 260% 30% $ 71,194,677.38 MOH Moho Resources 0.004 33% -20% 0% 0% -20% $ 2,981,656.11 BCM Brazilian Critical 0.011 0% 10% 16% -35% 22% $ 14,415,865.59 PUA Peak Minerals Ltd 0.027 23% 42% 248% 1020% 248% $ 72,990,353.54 MRZ Mont Royal Resources 0.041 0% 0% -5% -33% -5% $ 3,486,221.51 SMS Starmineralslimited 0.025 32% 0% -32% -8% -31% $ 4,459,359.67 MVL Marvel Gold Limited 0.0125 -11% -11% 39% 56% 39% $ 16,717,988.44 PRX Prodigy Gold NL 0.002 0% 0% 0% 12% 0% $ 6,350,111.10 AAU Antilles Gold Ltd 0.005 11% 67% 25% 25% 67% $ 11,895,340.08 CWX Carawine Resources 0.096 1% 0% -4% 7% -4% $ 22,668,043.10 RND Rand Mining Ltd 1.81 -14% -6% 19% 20% 19% $ 101,239,210.58 CAZ Cazaly Resources 0.018 -10% 13% 38% 0% 29% $ 7,842,150.85 BMR Ballymore Resources 0.155 -14% 0% 24% -3% 29% $ 27,393,240.68 DRE Dreadnought Resources Ltd 0.009 -25% -31% -18% -55% -25% $ 50,795,000.00 ZNC Zenith Minerals Ltd 0.037 3% -16% -14% -26% -8% $ 15,648,351.36 REZ Resourc & En Grp Ltd 0.016 -20% 0% -33% 45% -30% $ 12,089,504.20 LEX Lefroy Exploration 0.11 10% 38% 57% 10% 57% $ 24,842,013.80 ERM Emmerson Resources 0.125 -4% -4% 69% 136% 62% $ 79,452,359.88 AM7 Arcadia Minerals 0.017 6% -11% -11% -54% -11% $ 1,878,134.93 ADT Adriatic Metals 5.5 1% 10% 39% 38% 41% $ 1,683,810,176.55 AS1 Asara Resources Ltd 0.049 -8% -6% 172% 390% 158% $ 53,957,714.55 CYL Catalyst Metals 5.17 -10% -19% 102% 370% 100% $ 1,331,931,218.31 CHN Chalice Mining Ltd 1.7975 11% 45% 64% 34% 63% $ 639,949,066.26 KAL Kalgoorliegoldmining 0.038 -5% 3% 100% 31% 111% $ 15,639,949.26 MLS Metals Australia 0.018 6% -5% -18% -5% -22% $ 13,116,951.43 ADN Andromeda Metals Ltd 0.012 0% 9% 71% -25% 71% $ 45,760,116.89 MEI Meteoric Resources 0.1175 -2% 12% 37% -24% 38% $ 257,054,906.02 SRN Surefire Rescs NL 0.002 0% -4% -20% -70% -32% $ 4,972,890.78 WA8 Warriedarresourltd 0.115 -4% 0% 167% 102% 161% $ 140,718,297.48 HMX Hammer Metals Ltd 0.029 -9% -15% -9% -15% -12% $ 25,745,002.30 WCN White Cliff Min Ltd 0.023 15% -18% 35% 53% 44% $ 53,094,495.21 AVM Advance Metals Ltd 0.049 7% 17% 44% 96% 44% $ 12,456,637.20 ASR Asra Minerals Ltd 0.002 0% 0% -33% -50% -33% $ 5,987,547.01 ARI Arika Resources 0.036 3% 0% 33% 80% 33% $ 25,834,476.95 CTO Citigold Corp Ltd 0.003 0% -25% -25% -25% -25% $ 9,000,000.00 SMI Santana Minerals Ltd 0.535 -4% -3% 19% 57% 10% $ 390,268,084.50 M2R Miramar 0.003 -14% 0% -40% -63% 0% $ 3,488,881.50 MHC Manhattan Corp Ltd 0.021 5% -13% 0% -16% 11% $ 4,697,977.96 GRL Godolphin Resources 0.009 0% 0% -36% -53% -38% $ 4,039,859.81 SVG Savannah Goldfields 0.018 0% -10% -2% 37% -2% $ 20,548,386.70 EMC Everest Metals Corp 0.135 -10% -7% 0% 13% 0% $ 30,257,719.43 GUL Gullewa Limited 0.0725 -12% 4% 29% 2% 29% $ 15,261,552.04 CY5 Cygnus Metals Ltd 0.085 -10% 15% -11% 98% -15% $ 74,048,455.38 G50 G50Corp Ltd 0.145 21% 16% -3% -12% -6% $ 22,483,672.26 ADV Ardiden Ltd 0.145 0% -6% 4% 12% 7% $ 8,752,450.84 AAR Astral Resources NL 0.17 -8% -3% 13% 93% 26% $ 241,062,928.93 VMC Venus Metals Cor Ltd 0.1 -9% -17% 59% 43% 49% $ 20,593,511.72 NAE New Age Exploration 0.003 0% -25% -25% 0% -14% $ 8,117,734.22 VKA Viking Mines Ltd 0.006 0% -14% -25% -25% -25% $ 8,063,692.49 LCL LCL Resources Ltd 0.006 -14% -14% -33% -33% -40% $ 5,996,285.76 MTH Mithril Silver Gold 0.49 4% 34% 27% 165% 23% $ 72,199,720.89 ADG Adelong Gold Limited 0.0045 0% -44% 13% -25% 0% $ 9,309,045.03 RMX Red Mount Min Ltd 0.0105 31% 17% 5% 5% 17% $ 4,184,620.16 PRS Prospech Limited 0.015 -17% -40% -48% -46% -48% $ 5,682,388.31 TTM Titan Minerals 0.33 -11% -14% 0% -21% -13% $ 88,639,940.04 AKA Aureka Limited 0.12 -8% -8% -14% -99% -11% $ 15,126,033.72 AAM Aumegametals 0.03 -3% -12% -29% -48% -29% $ 18,123,391.26 KZR Kalamazoo Resources 0.092 6% 8% 12% 15% 24% $ 19,745,416.53 BCN Beacon Minerals 0.027 -10% -4% 23% 4% 23% $ 118,339,072.85 MAU Magnetic Resources 1.5225 -5% -9% 38% 48% 38% $ 407,880,264.08 BC8 Black Cat Syndicate 0.77 -9% -8% 33% 157% 36% $ 537,701,883.28 EM2 Eagle Mountain 0.006 0% 20% -19% -86% -33% $ 6,810,223.73 EMR Emerald Res NL 3.89 -15% -15% 18% 16% 20% $ 2,649,392,194.54 BYH Bryah Resources Ltd 0.012 -8% 140% 300% 100% 300% $ 10,439,442.26 HCH Hot Chili Ltd 0.645 19% 26% -4% -31% -8% $ 86,409,804.93 WAF West African Res Ltd 2.21 1% -18% 53% 42% 54% $ 2,507,840,519.80 MEU Marmota Limited 0.038 -3% -12% 0% -17% -3% $ 47,132,231.60 NVA Nova Minerals Ltd 0.32 -7% 3% -9% 68% -14% $ 103,359,173.44 SVL Silver Mines Limited 0.115 -4% 16% 44% -26% 47% $ 204,674,170.08 PGD Peregrine Gold 0.16 -3% 14% 45% -18% 14% $ 13,151,399.86 ICL Iceni Gold 0.056 -7% -11% -14% -14% -21% $ 19,224,877.67 FG1 Flynngold 0.027 -18% 8% 0% 8% 8% $ 11,739,494.10 WWI West Wits Mining Ltd 0.021 5% -28% 50% 75% 50% $ 68,645,357.36 RML Resolution Minerals 0.052 16% 300% 271% 225% 333% $ 34,222,579.92 AAJ Aruma Resources Ltd 0.0085 -15% -15% -23% -29% -29% $ 3,115,434.99 HWK Hawk Resources. 0.015 0% -21% -25% -44% -32% $ 4,063,941.74 GMN Gold Mountain Ltd 0.002 33% 0% -33% -33% -33% $ 5,619,759.25 MEG Megado Minerals Ltd 0.017 42% 21% 13% 123% 0% $ 10,313,615.45 HMG Hamelingoldlimited 0.064 -23% -9% 2% -9% 0% $ 12,691,428.54 BM8 Battery Age Minerals 0.055 0% 4% -45% -58% -48% $ 7,069,725.73 TBR Tribune Res Ltd 4.76 -5% -3% 11% 42% 11% $ 245,025,919.59 FML Focus Minerals Ltd 0.355 -3% -15% 115% 145% 109% $ 101,728,318.98 VRC Volt Resources Ltd 0.0035 -13% -13% 17% -13% 17% $ 14,054,333.95 ARV Artemis Resources 0.006 0% -14% -29% -50% -25% $ 15,214,032.99 HRN Horizon Gold Ltd 0.56 1% 14% 26% 96% 17% $ 81,110,356.88 CLA Celsius Resource Ltd 0.007 0% 0% -36% -46% -36% $ 21,948,419.16 QML Qmines Limited 0.044 5% 29% -15% -19% -19% $ 18,998,309.53 RDN Raiden Resources Ltd 0.004 -20% -43% -64% -88% -64% $ 13,803,565.77 TCG Turaco Gold Limited 0.46 -4% 2% 70% 149% 80% $ 478,206,192.80 KCC Kincora Copper 0.039 -3% 18% 44% -19% 44% $ 9,183,684.43 GBZ GBM Rsources Ltd 0.0135 125% 93% 93% 50% 69% $ 15,223,909.71 DTM Dart Mining NL 0.003 0% 0% -67% -84% -67% $ 3,594,166.73 MKR Manuka Resources. 0.04 8% 5% 43% 8% 43% $ 34,176,274.43 AUC Ausgold Limited 0.77 8% 24% 88% 120% 83% $ 269,873,342.68 ANX Anax Metals Ltd 0.005 -29% -38% -55% -80% -58% $ 3,531,230.27 EMU EMU NL 0.019 -5% 0% -27% -32% -30% $ 4,224,969.36 SFM Santa Fe Minerals 0.031 -23% -23% 7% -16% 0% $ 2,257,382.46 PNR Pantoro Gold Limited 3.06 -3% -13% 98% 98% 100% $ 1,190,223,186.99 CMM Capricorn Metals 9.72 -5% 4% 52% 108% 55% $ 4,280,629,077.03 VRL Verity Resources 0.021 -16% -30% 3% -46% 8% $ 5,588,469.36 HAW Hawthorn Resources 0.055 4% 10% 34% -7% 34% $ 18,425,858.72 BGD Bartongoldholdings 0.8 -11% 19% 227% 191% 227% $ 176,336,215.21 SVY Stavely Minerals Ltd 0.01 -17% -17% -38% -66% -41% $ 5,440,420.93 AGC AGC Ltd 0.145 -6% -3% -9% -50% -6% $ 37,206,597.19 RGL Riversgold 0.004 0% 0% 33% -20% 0% $ 5,892,994.08 TSO Tesoro Gold Ltd 0.0285 24% 6% 43% 2% 43% $ 54,396,473.59 GUE Global Uranium 0.064 -3% -6% 2% -21% 7% $ 28,649,544.40 CPM Coopermetalslimited 0.036 0% 0% -10% -49% -22% $ 2,742,447.75 MM8 Medallion Metals. 0.25 2% -9% 127% 346% 108% $ 127,161,422.50 FFM Firefly Metals Ltd 1.04 0% 2% 15% 45% 12% $ 646,284,444.50 CBY Canterbury Resources 0.028 -3% 27% 17% -33% 27% $ 5,808,345.09 SLA Solara Minerals 0.185 6% 48% 113% -20% 106% $ 10,147,344.03 SFR Sandfire Resources 11.35 0% 3% 19% 29% 22% $ 5,040,609,022.80 TAM Tanami Gold NL 0.058 18% 29% 93% 87% 93% $ 64,630,337.53 NWM Norwest Minerals 0.012 0% 20% -12% -52% 0% $ 11,620,302.74 ALK Alkane Resources Ltd 0.725 0% -4% 44% 41% 42% $ 439,017,871.70 BMO Bastion Minerals 0.002 27% 155% -36% -58% -36% $ 1,807,255.13 IDA Indiana Resources 0.0845 10% 8% 39% 94% 39% $ 53,346,794.01 GSM Golden State Mining 0.008 14% -11% -11% -20% 0% $ 2,514,335.67 NSM Northstaw 0.033 3% 8% 96% 172% 109% $ 9,824,314.72 GSN Great Southern 0.027 13% 23% 86% 59% 80% $ 24,920,107.25 VAU Vault Minerals Ltd 0.41 0% -12% 28% 11% 24% $ 2,755,001,719.71 THR Thor Energy PLC 0.011 10% 0% -15% -27% -15% $ 6,397,108.52 CDR Codrus Minerals Ltd 0.031 -21% -14% 63% -23% 82% $ 6,408,765.75 MDI Middle Island Res 0.023 5% 28% 77% 64% 92% $ 6,451,147.36 WTM Waratah Minerals Ltd 0.285 14% -12% 90% 159% 84% $ 72,388,802.46 POL Polymetals Resources 0.81 -1% -2% 1% 218% 2% $ 205,477,533.53 RDS Redstone Resources 0.003 0% -57% 20% -25% 20% $ 3,102,802.07 NAG Nagambie Resources 0.015 -12% 0% -12% 50% -17% $ 12,852,837.50 BGL Bellevue Gold Ltd 0.9075 -4% -3% -19% -47% -19% $ 1,284,403,713.09 GBR Greatbould Resources 0.064 -12% -9% 52% 10% 49% $ 47,167,910.93 KAI Kairos Minerals Ltd 0.032 10% 14% 167% 256% 167% $ 81,558,277.86 KAU Kaiser Reef 0.17 0% -6% 3% 10% 6% $ 100,902,845.50 HRZ Horizon 0.0515 3% 10% 32% 61% 29% $ 125,768,182.39 CDT Castle Minerals 0.075 -10% -23% 0% -29% 25% $ 8,236,679.47 RSG Resolute Mining 0.6375 5% 0% 63% 24% 61% $ 1,351,946,758.26 EVN Evolution Mining Ltd 7.56 -3% -17% 56% 123% 57% $ 15,097,934,010.64 CXU Cauldron Energy Ltd 0.007 -30% -20% -45% -69% -40% $ 14,329,288.06 DLI Delta Lithium 0.165 -6% -11% 0% -25% -3% $ 121,812,104.64 ALY Alchemy Resource Ltd 0.005 0% -17% -29% -17% -29% $ 5,890,381.28 NH3 Nh3Cleanenergyltd 0.033 10% 38% 83% 200% 83% $ 18,631,957.91 OBM Ora Banda Mining Ltd 0.775 -17% -26% 18% 125% 19% $ 1,497,586,628.18 AVW Avira Resources Ltd 0.007 0% 0% -65% -65% -65% $ 1,610,000.00 LCY Legacy Iron Ore 0.009 0% 0% 0% -28% -10% $ 87,858,383.26 PDI Predictive Disc Ltd 0.38 -4% -13% 62% 124% 65% $ 995,765,940.68 MAT Matsa Resources 0.066 10% 2% 110% 164% 89% $ 47,674,924.25 ZAG Zuleika Gold Ltd 0.014 -22% 17% 8% -13% 8% $ 11,128,198.91 GML Gateway Mining 0.027 -7% -16% 29% 17% 29% $ 11,038,147.97 SBM St Barbara Limited 0.285 -10% -8% 43% 46% 27% $ 314,025,438.89 SBR Sabre Resources 0.008 -11% -11% -20% -50% -20% $ 3,155,695.46 STK Strickland Metals 0.14 4% 17% 75% 33% 65% $ 316,730,371.58 CEL Challenger Gold Ltd 0.083 -3% -2% 89% 51% 77% $ 169,371,753.50 GG8 Gorilla Gold Mines 0.41 -8% -20% 71% 1357% 58% $ 254,311,871.54 NST Northern Star 18.24 -11% -13% 19% 41% 18% $ 26,913,855,605.16 OZM Ozaurum Resources 0.064 -3% -26% 146% 21% 113% $ 14,433,418.00 TG1 Techgen Metals Ltd 0.023 -8% -12% -30% -18% -34% $ 3,807,977.04 XAM Xanadu Mines Ltd 0.0795 2% -1% 66% 42% 62% $ 183,296,895.12 AQI Alicanto Min Ltd 0.026 -7% -7% -32% 24% -30% $ 22,051,717.38 KTA Krakatoa Resources 0.012 9% 9% 33% -14% 26% $ 6,821,474.28 ARN Aldoro Resources 0.32 2% 3% 7% 338% -16% $ 58,617,327.68 WGX Westgold Resources. 2.88 -3% -2% 1% 15% 2% $ 2,753,880,294.80 MBK Metal Bank Ltd 0.012 9% 9% -14% -45% -20% $ 5,969,507.98 A8G Australasian Metals 0.064 -4% -17% -18% -15% -19% $ 3,820,721.85 TAR Taruga Minerals 0.008 -11% 0% -20% 14% -20% $ 5,710,032.46 DTR Dateline Resources 0.087 10% 58% 2800% 924% 2386% $ 262,290,264.53 GOR Gold Road Res Ltd 3.26 -3% -3% 61% 99% 59% $ 3,563,388,916.80 S2R S2 Resources 0.07 3% -25% 8% -23% 4% $ 33,030,791.09 NES Nelson Resources. 0.0025 -17% -17% -17% -17% -17% $ 5,429,819.15 TLM Talisman Mining 0.145 12% -3% -33% -43% -29% $ 27,306,450.61 BEZ Besragoldinc 0.049 -9% 23% -38% -51% -46% $ 20,359,351.29 PRU Perseus Mining Ltd 3.365 -5% -11% 32% 43% 31% $ 4,590,686,495.44 SPQ Superior Resources 0.004 14% 0% -33% -42% -33% $ 11,854,913.63 PUR Pursuit Minerals 0.038 3% -5% -62% -75% -60% $ 3,789,890.59 RMS Ramelius Resources 2.5 -4% -12% 18% 34% 21% $ 2,955,313,340.40 PKO Peako Limited 0.001 -67% -67% -67% -68% -67% $ 2,975,483.92 ICG Inca Minerals Ltd 0.008 -11% 60% 60% 14% 60% $ 12,611,120.50 A1G African Gold Ltd. 0.195 22% 44% 282% 713% 255% $ 102,643,704.54 NMG New Murchison Gold 0.0195 8% 30% 95% 290% 117% $ 177,315,301.93 GNM Great Northern 0.014 0% -13% 0% 17% 0% $ 2,164,807.08 KRM Kingsrose Mining Ltd 0.0305 -5% -5% -8% -24% -13% $ 23,359,322.09 BTR Brightstar Resources 0.495 -3% -24% -1% 16% -1% $ 231,562,961.28 RRL Regis Resources 4.38 -5% -12% 69% 152% 72% $ 3,392,095,025.66 M24 Mamba Exploration 0.013 -7% -19% 8% -13% 8% $ 3,837,152.93 TRM Truscott Mining Corp 0.049 -2% -25% -37% -18% -37% $ 9,380,979.44 TNC True North Copper 0.415 19% 46% -86% -92% -86% $ 45,220,889.74 MOM Moab Minerals Ltd 0.001 0% 0% -67% -67% -50% $ 1,733,666.03 KNB Koonenberrygold 0.032 -14% -54% 146% 113% 167% $ 32,790,159.33 AWJ Auric Mining 0.165 -6% -20% -50% -6% -51% $ 30,686,881.83 ENR Encounter Resources 0.235 -2% -2% -29% -58% -28% $ 109,734,310.18 SNG Siren Gold 0.047 -6% -2% -27% -48% -28% $ 10,510,589.23 STN Saturn Metals 0.365 7% 16% 66% 87% 78% $ 174,670,884.36 USL Unico Silver Limited 0.275 -2% 15% 45% 83% 41% $ 116,055,095.08 PNM Pacific Nickel Mines 0.024 0% 0% 0% -20% 0% $ 10,103,834.52 AYM Australia United Min 0.003 0% 50% -25% 50% -25% $ 5,527,732.46 HAV Havilah Resources 0.17 -8% -6% -23% -11% -24% $ 59,369,851.80 SPR Spartan Resources 1.9725 -2% -10% 51% 119% 40% $ 2,556,723,338.09 PNT Panthermetalsltd 0.015 7% 0% 25% -18% 36% $ 3,911,759.12 MEK Meeka Metals Limited 0.14 -7% -7% 87% 324% 82% $ 422,777,249.65 GMD Genesis Minerals 4.34 -4% -2% 72% 148% 76% $ 4,917,013,365.00 PGO Pacgold 0.062 -5% -15% -15% -46% -17% $ 9,481,599.74 FEG Far East Gold 0.16 3% 10% -9% 60% -11% $ 56,889,255.22 MI6 Minerals260Limited 0.1175 -2% -24% -6% -16% -10% $ 248,079,999.96 IGO IGO Limited 4.16 3% -2% -14% -30% -13% $ 3,036,643,930.13 GAL Galileo Mining Ltd 0.125 19% 0% 9% -39% 0% $ 21,738,741.97 RXL Rox Resources 0.285 -3% -5% 50% 119% 43% $ 208,835,226.30 PTN Patronus Resources 0.066 -6% 14% 32% 18% 35% $ 111,343,050.67 CLZ Classic Min Ltd 0.001 0% 0% 0% 0% 0% $ 3,017,699.21 TGM Theta Gold Mines Ltd 0.135 0% 8% -27% -13% -25% $ 114,325,721.38 FAL Falconmetalsltd 0.135 -10% 13% 17% -47% 17% $ 21,240,000.00 SPD Southernpalladium 0.61 -2% 49% 2% 58% 2% $ 63,100,500.00 ORN Orion Minerals Ltd 0.01 -9% -17% -29% -33% -33% $ 68,504,478.18 TMB Tambourahmetals 0.02 -9% -17% -13% -61% -5% $ 3,235,981.01 TMS Tennant Minerals Ltd 0.006 0% -14% -37% -71% -33% $ 5,862,397.28 AZY Antipa Minerals Ltd 0.675 -10% 9% 160% 543% 160% $ 399,884,594.79 PXX Polarx Limited 0.007 -7% 0% 17% -46% 8% $ 16,628,506.85 TRE Toubani Res Ltd 0.285 -2% -5% 78% 54% 68% $ 74,618,436.37 AUN Aurumin 0.1 4% 27% 54% 194% 52% $ 49,426,014.40 GPR Geopacific Resources 0.025 9% 39% 25% 29% 25% $ 79,561,633.15 FXG Felix Gold Limited 0.14 -3% 4% 75% 250% 67% $ 57,574,552.14 ILT Iltani Resources Lim 0.235 -4% 4% 15% -24% 15% $ 11,867,640.30 BRX Belararoxlimited 0.058 -2% -38% -63% -69% -67% $ 9,151,168.66 TM1 Terra Metals Limited 0.046 -2% 64% 109% -34% 64% $ 21,505,363.47 TOR Torque Met 0.155 24% 24% 198% 7% 192% $ 81,619,457.79 ARD Argent Minerals 0.021 -5% 0% 24% 50% 24% $ 30,368,950.08 LM1 Leeuwin Metals Ltd 0.135 8% 8% 13% 193% -4% $ 13,104,829.92 SX2 Southgold Consol 7.285 -9% 24% 0% 0% 0% $ 1,030,751,120.80 UVA Uvrelimited 0.099 10% 3% 16% 9% 11% $ 5,177,200.09 VTX Vertexmin 0.27 -4% 15% 46% 238% 30% $ 52,444,081.82 LNQ Linqmineralslimited 0.19 0% 0% 0% 0% 0% $ 12,370,000.20 GBM Resources (ASX:GBZ) GBM shares soared over the past week after a major reshuffle including a $13m raising, which will see well known mining identity Ian Middlemas become chairman and a major shareholder with a $1.2m contribution to the raise, which will be used to repay and cancel a $6.2m collection of convertible notes held by Collins St Asset Management. The company will also cancel a farm-in agreement that will give it full ownership of the Twin Hills project, with privately owned Wise Walkers instead taking a 19.99% stake by converting the Twin Hills equity and putting $2m into the placement, which will consolidate a 1.84Moz resource base at Twin Hills and Yandan in Queensland's Drummond Basin. The changes will be rung in at the executive level as well. Peter Rohner is stepping aside as MD and will stay on as CEO until the end of July, with Sunny Loh stepping back from chair to non-executive director. Andrew Krelle will remain exec director, while Robert Behets and Peter Fox will round out the junior's board as NEDs. Over $5m from the placement will be committed to exploration across Yandan and Twin Hills, including $3m for drilling at Twin Hills' Lone Sister and 309 deposits. "With a strong debt-free balance sheet, GBM now has a great opportunity to deliver value to shareholders through an accelerated exploration program across Twin Hills and Yandan," Krelle said in a statement. "GBM's exploration plan for the next 12 months is designed to expand the significant gold resource base at Twin Hills and Yandan by systematically exploring for epithermal gold mineralisation across GBM's Drummond Basin projects.' Megado Minerals (ASX:MEG) Megado shares have been running hot this week on little more than a couple of substantial shareholder notices, one of them confirming the substantial shareholder status of chairman Anthony Hall. But there is a bit of fresh blood through the company in the form of a new flagship prokject, the Iberian Copper project located across the Aragon and Navarra provinces of Spain. The region hosts shallow copper oxide mining up to the 1970s, with 12 historic mines identified across a snaking set of permits covering 956km2 over a 200km east to west geological strike. The presence of more than 30 historic mines with significant copper and silver potential should keep Megado busy as it diversifies its portfolio from a slew of gold and lithium prospects in Canada's James Bay region. Star Minerals (ASX:SMS) Also shy of a bit of news this week, $4m capped Star is nonetheless moving forward with studies to mine its small Tumblegum South project in the Murchison. Drilling was poised to start this month under a drill for equity deal with Impact Drilling to test extensional targets and infill drilling within a $3800/oz pit boundary at Tumblegum South. A recent scoping study suggested the project could be brought to life with just $700,000-1.5m in upfront capital costs, generating $9.4-19.6m in cash surplus on the production of 11,800-15,900oz of gold. That could start as soon as early 2026, with an MoU already signed for development and mining with contractor MEGA Resources. Tumblegum South contains an indicated and inferred resource of 616,000t at 2.28g/t for 45,000oz of gold.
Yahoo
20-06-2025
- Business
- Yahoo
Platinum ETFs Outshining Gold & Silver in 1H2025: Here's Why
After being in the doldrums for a long time, platinum has made a solid comeback in recent months, driven by strong industrial demand, supply constraints and clean energy adoption. In fact, platinum is the standout performer among precious metals, outpacing gold and is especially true as abrdn Physical Platinum Shares ETF PPLT has risen 40% so far this year, while its popular peers — SPDR Gold Shares GLD and iShares Silver Trust SLV — returned less than 30% each. Notably, most of the rise has occurred recently. Over the past month alone, gold rose 7% and silver climbed 13% but platinum skyrocketed 30% (see: all the Precious Metal ETFs here). Platinum is one of the rarest precious metals, primarily used in automotive catalytic converters, chemical processing, electrical components and petroleum refining. About 80% of global production comes from South Africa, followed by Russia and North America. South Africa faces challenges such as aging infrastructure and operational disruptions, leading to reduced platinum market is grappling with a pronounced supply deficit. The World Platinum Investment Council (WPIC) projects a shortfall of 966 koz, marking the third consecutive annual deficit and reinforcing concerns over tightening market fundamentals. Total platinum supply for 2025 is forecast to decline 4% year over year to 6,999 koz, the lowest level in five years, while demand is expected to decline 4% to 7,965 koz in 2025. A resurgence in platinum jewellery demand in China is expected to drive a 5% increase in global jewellery demand in 2025. High gold prices have prompted consumers and jewelers to turn to platinum as a cost-effective alternative (read: Gold Up 27% YTD: How Long Will the Rally Last?). Automotive demand remains resilient despite market uncertainty, with a modest 2% decline forecast to 3,052 koz for the full year. The slowdown in EV adoption has led to sustained demand for internal combustion engine (ICE) and hybrid vehicles, both of which utilize platinum in catalytic converters. Additionally, stricter emissions regulations, such as Europe's upcoming Euro 7 standards, are expected to increase platinum loadings in demand remains robust, projected at 688 koz, supported by strong bar and coin purchases in China. Above-ground stocks are forecast to decline 31% to 2,160 koz by year-end, providing just three months of demand coverage, a significant signal of tightening also plays a pivotal role in the burgeoning hydrogen economy. It is used in fuel cells and hydrogen electrolyzers—core technologies in the clean energy transition. With governments and corporations ramping up investments in hydrogen infrastructure, demand for platinum in non-automotive industrial applications is soaring. From a valuation perspective, platinum has been historically cheap relative to gold. For much of the past decade, platinum traded at a steep discount to gold, with the gold-to-platinum ratio climbing to 3.5 in May 2025 from the historic range of 1-2. This signals that platinum was significantly undervalued. Since platinum's surge in recent weeks, the ratio has come to 2.7. All three precious metals have been on a surge this year. Gold is trading at record highs, driven by inflation concerns, central bank accumulation and geopolitical stress. The yellow metal continues to enjoy its status as the ultimate safe haven, particularly during periods of geopolitical turmoil and inflation. Silver has climbed to 13-year highs, benefiting from its dual role as both an investment asset and an industrial metal. The rally is supported by booming demand from clean tech and electronics (read: ETFs Riding High on Multi-Year Record Silver Prices). Meanwhile, platinum occupies a unique middle ground — it's a precious metal with powerful industrial utility. The metal is at a four-year high but still well below its all-time high set in 2008, making it appear undervalued in gold and silver appearing 'overbought' to some, platinum is increasingly being viewed as the more attractive entry point. Want the latest recommendations from Zacks Investment Research? Today, you can download 7 Best Stocks for the Next 30 Days. Click to get this free report SPDR Gold Shares (GLD): ETF Research Reports iShares Silver Trust (SLV): ETF Research Reports abrdn Physical Platinum Shares ETF (PPLT): ETF Research Reports This article originally published on Zacks Investment Research ( Zacks Investment Research Error in retrieving data Sign in to access your portfolio Error in retrieving data Error in retrieving data Error in retrieving data Error in retrieving data
Yahoo
18-06-2025
- Business
- Yahoo
Platinum draws fresh interest from China's jewelers as gold prices test buyers' wallets
Chinese jewelers are increasing platinum imports due to declining gold jewelry sales. Gold prices hit record highs, deterring Chinese buyers despite their cultural attachment to gold. Platinum's lower price makes it an appealing investment, but gold still dominates. Chinese jewelers are snapping up platinum as they seek to bounce back from a slump in gold jewelry sales, an industry group said. Surging gold prices, which hit a record high above $3,500 an ounce in April, have deterred even buyers from China, who have a cultural attachment to the yellow metal. In the first quarter of the year, gold jewelry sales in China tanked nearly 27% from a year ago to 134.5 tons, according to the China Gold Association. Meanwhile, gold bar and coin consumption surged nearly 30%, showing that investor demand for haven assets remains strong. "Jewelry fabricators and distributors are trying to save themselves because gold jewelry sales are falling off a cliff. They need to find a new metal for jewelry so that they can survive," Weibin Deng, the regional head for Asia Pacific at the World Platinum Investment Council, told Business Insider. China imported 11.5 metric tons of platinum in April, its highest monthly intake in a year. That demand has helped push global platinum prices up around 40% year-to-date, with spot prices near $1,265 per ounce. Spot gold prices have also surged, up roughly 30% over the same period. The price of platinum is still about one-third of gold, making the white precious metal a compelling proposition for Chinese consumers. In China, jewelry is generally priced by weight rather than on a per-piece basis, said Deng. "It cannot be too expensive, otherwise people wouldn't buy it," he said of the price-sensitive Chinese market. Goldman Sachs analysts wrote on Tuesday that platinum's blistering rally lacks fundamental support. They said the metal's issues include price-sensitive Chinese demand, slowing auto demand, and the expectation that there will be no significant decline in supply. The analysts attributed strong gains in the platinum market to speculative demand and high gold prices, which are keeping investors away from trading in the yellow metal. "This hesitancy likely stems from investors believing they missed the initial rally," wrote the Goldman analysts, referring to the blistering gold rally earlier. "Instead, interest has shifted to other precious metals as investors seek catch-up opportunities," they wrote. The WPIC is stepping up marketing and public education to position platinum as a precious metal that has investment value and room to run, Deng said. Deng said the council is also working with Chinese jewelers to be more efficient in terms of fabrication and market operations to lower prices for consumers Deng said it's more expensive to work on platinum than gold as it requires more energy to melt the white metal. But reducing production costs is key to making platinum jewelry more accessible to consumers, he added. Another challenge: The gold market is far more liquid. It's easier for consumers to sell or trade in gold jewelry with a small discount. WPIC is partnering with jewelers in China to develop similar resale channels for platinum pieces. Platinum isn't just for jewelry. It's used in everything from car parts to electronics. That broad demand helps support its value. But according to Deng, it's platinum's visibility in jewelry that plays a crucial role in how consumers perceive it as a precious metal. "Gold and silver have long been seen as currencies and stores of value around the world. To make the platinum jewelry market sustainable, consumers need to view platinum the same way — as a store of value," he said. Deng acknowledged that gold is likely to remain the ultimate store of value in the eyes of the consumer, but even a small demand switch from gold to platinum would be significant. The BofA analysts wrote last week that even a 1% switch in gold to platinum jewelry could help double the white metal's supply deficit to 1.6 million ounces, which would help support prices. Read the original article on Business Insider
Business Insider
18-06-2025
- Business
- Business Insider
Platinum draws fresh interest from China's jewelers as gold prices test buyers' wallets
Chinese jewelers are snapping up platinum as they seek to bounce back from a slump in gold jewelry sales, an industry group said. Surging gold prices, which hit a record high above $3,500 an ounce in April, have deterred even buyers from China, who have a cultural attachment to the yellow metal. In the first quarter of the year, gold jewelry sales in China tanked nearly 27% from a year ago to 134.5 tons, according to the China Gold Association. Meanwhile, gold bar and coin consumption surged nearly 30%, showing that investor demand for haven assets remains strong. "Jewelry fabricators and distributors are trying to save themselves because gold jewelry sales are falling off a cliff. They need to find a new metal for jewelry so that they can survive," Weibin Deng, the regional head for Asia Pacific at the World Platinum Investment Council, told Business Insider. China imported 11.5 metric tons of platinum in April, its highest monthly intake in a year. That demand has helped push global platinum prices up around 40% year-to-date, with spot prices near $1,265 per ounce. Spot gold prices have also surged, up roughly 30% over the same period. The price of platinum is still about one-third of gold, making the white precious metal a compelling proposition for Chinese consumers. In China, jewelry is generally priced by weight rather than on a per-piece basis, said Deng. "It cannot be too expensive, otherwise people wouldn't buy it," he said of the price-sensitive Chinese market. Goldman Sachs analysts wrote on Tuesday that platinum's blistering rally lacks fundamental support. They said the metal's issues include price-sensitive Chinese demand, slowing auto demand, and the expectation that there will be no significant decline in supply. The analysts attributed strong gains in the platinum market to speculative demand and high gold prices, which are keeping investors away from trading in the yellow metal. "This hesitancy likely stems from investors believing they missed the initial rally," wrote the Goldman analysts, referring to the blistering gold rally earlier. "Instead, interest has shifted to other precious metals as investors seek catch-up opportunities," they wrote. How the World Platinum Council plans to boost demand The WPIC is stepping up marketing and public education to position platinum as a precious metal that has investment value and room to run, Deng said. Deng said the council is also working with Chinese jewelers to be more efficient in terms of fabrication and market operations to lower prices for consumers Deng said it's more expensive to work on platinum than gold as it requires more energy to melt the white metal. But reducing production costs is key to making platinum jewelry more accessible to consumers, he added. Another challenge: The gold market is far more liquid. It's easier for consumers to sell or trade in gold jewelry with a small discount. WPIC is partnering with jewelers in China to develop similar resale channels for platinum pieces. Platinum isn't just for jewelry. It's used in everything from car parts to electronics. That broad demand helps support its value. But according to Deng, it's platinum's visibility in jewelry that plays a crucial role in how consumers perceive it as a precious metal. "Gold and silver have long been seen as currencies and stores of value around the world. To make the platinum jewelry market sustainable, consumers need to view platinum the same way — as a store of value," he said. Deng acknowledged that gold is likely to remain the ultimate store of value in the eyes of the consumer, but even a small demand switch from gold to platinum would be significant. The BofA analysts wrote last week that even a 1% switch in gold to platinum jewelry could help double the white metal's supply deficit to 1.6 million ounces, which would help support prices.
