The best performing precious metal for the week was silver, but still down 3.56%. According to JPMorgan, Harmony published its first quarter 2025 operating update: 422,000 ounces of production is a beat and AISC is a beat . The company reiterated its fiscal year 2025 guidance across all metrics ."We are well-positioned to execute our various life-of-mine extension projects and take our transformational international copper-gold projects up the value curve," it said.
The worst performing precious metal for the week was palladium, down 4.51%. The world’s largest gold-backed ETF recorded its biggest weekly outflow in more than two years last week as Donald Trump’s decisive election win prompted traders to book profits. SPDR Gold Shares saw an outflow of over $1 billion, the largest weekly fund outflow since July 2022, according to data compiled by Bloomberg.
Silver was the best performer of the precious metals this week but still down. The silver market is expected to experience its fourth year of deficit production, but demand is still expected to grow. China started generating power from its first gigawatt-level offshore solar project. The project is about 5 miles off the coast of Shandong. By the end of 2025, Shandong plans to add more than 11 gigawatts of offshore solar with a goal of 42 gigawatts of ultimate capacity.
The rise of electric vehicles is poised to shake up demand for platinum group metals that are used in auto catalysts to reduce pollutants from car exhaust fumes. Palladium will be the hardest hit among the PGMs as catalytic converters are its main demand driver. Given its limited applications beyond transport, palladium is expected to start to see surplus volumes in the market beyond 2030, according to Bloomberg NEF analysis.
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