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This audio is brought to you by Endress and Hauser, a global leader in process and laboratory measurement technology, offering a broad portfolio of instruments, solutions and services for industrial process measurement and automation. Given the state of the world politically, economically, financially and socially, the gold bull market is expected to continue in the long run, says Jeffrey Christian of New York-based CPM Group. As metals continue to reach record levels, CPM Group this week also provided a market update on platinum and palladium prices amid US and international events becoming a dominant driver of investment demand. The move away from traditional economic fundamentals was noted along with investor anxiety and renewed buying interest being heightened by rising political uncertainty and strained international relations. It was also pointed out that, as the US government catches up from its October and early November furlough, the high volume of US administration data due to be released this month and next, may be economically impactful to the extent that it elevates the prices of precious metals even more. "We're going to see a lot of data ... and a lot of that data may be economically hostile, which could add to the fuel that's driving precious metals prices higher," Christian pointed out in his 'what happens next?' video, covered by Mining Weekly. The data coming out will cover the third and fourth quarters of 2025 and provide early first-quarter 2026 pointers. "There are a lot of domestic and international political issues that are creating greater uncertainties, higher risks and greater investor anxieties, and that's going to continue until things change. "We don't see necessarily a better change on the immediate horizon, so gold prices have risen very high. Our expectation has been that they would be stronger in the first quarter of this year and then possibly plateau. That continues to be our expectation. "Over the course of 2025 gold prices rose from January through March, moved sideways in April, May, June and July, and then in late August, they rose again," Christian recalled. WEALTH PRESERVATION INVESTORS The presentation also highlighted the emergence of unconventional affluence-safeguarding price-trend investors entering the gold, silver, platinum, palladium, copper and aluminium markets. "We've seen a lot of short-term investors. These are not traditional precious metals investors. These are momentum traders and short-term speculative people coming into the gold and silver markets, as well as into platinum and palladium and copper and aluminium markets. "These investors are now wedded to the idea of having and holding physical gold and silver as a form of wealth preservation. "They're looking for capital appreciation, and if they see the price plateau, they can leave very quickly, so it's something to watch out for. "But given the state of the world, given the political developments that we've seen and that we expect to see, given the breakdown of the United States relationships with its European allies, as well as Canada and Mexico, two of its three largest trading partners, as well as China, the third major trading partner, there are a lot of issues that probably are going to keep investors interested in precious metals this year," Christian observed. PLATINUM PRICES It was noted that platinum prices are higher now than they were at the beginning of 2008, when electricity failure in South Africa significantly disrupted platinum, palladium and rhodium production. The chart displayed showed the steady rise of the platinum price from 2001 right into 2007. "Then the power went out," Christian recalled, which resulted in the platinum price first soaring to $2 300/oz, and then plummeting with a thud to $800/oz as a result of the US' Great Depression, which spread panic in the platinum-reliant automotive industry. The panic was bought brought about by the automotive sector having bought a lot of platinu...

Platinum jewellery demand continues to show resilience amid market fluctuations This audio is brought to you by Endress and Hauser, a global leader in process and laboratory measurement technology, offering a broad portfolio of instruments, solutions and services for industrial process measurement and automation. Global platinum jewellery demand has shown notable third-quarter (Q3) resilience as consumers in key markets seek value and authenticity amid historic highs in gold prices, Platinum Guild International (PGI) reported on Wednesday January 7. The PGI's Q3 2025 Platinum Jewellery Business Review outlined how platinum's natural white brilliance, exceptional durability, and high purity are continuing to drive a compelling value proposition. "The current record-high price of gold represents a significant opportunity for platinum, as consumers actively seek a premium yet accessible alternative," PGI CEO Tim Schlick emphasised the clear shift towards platinum's superior value proposition in a release to Mining Weekly. "We're intensifying our strategic efforts to ensure the market capitalises on this moment," Schlick added with platinum positioning itself as the discerning choice for trade partners and jewellery consumers. However, after an initial 108% first-half surge, platinum jewellery fabrication slowed in China – but with the gem-set sector's robust momentum continuing to substantially outperform the gold jewellery segment. Although China's fourth-quarter trade sentiment remained cautious, leading retailers are preparing to launch new platinum collections to stimulate demand. In India, platinum jewellery outperformed the broader market with PGI's strategic partners achieving 8% retail sales growth year-on-year. Rising yet still competitive platinum prices versus gold, expansions of the retail network and co-operative marketing programmes for brands like Men of Platinum, have built trade confidence and are creating new market opportunities in the Sub-Continent on the back of ongoing marketing and brand initiatives. In Japan, platinum jewellery unit sales held firm despite rising prices. Increased Q3 retail sales value was driven by higher average prices. Growth was reported in the mid-priced categories with demand for Kihei and neckwear categories remained strong. In the US, new tariffs and rising prices have had the negative effect of consumers purchasing fewer units but at higher price points and shifting towards more selective buying across the overall jewellery sector. In the case of platinum jewellery, market resilience resulted in PGI partners reporting double-digit revenue growth despite a slight dip in unit sales. The shift from white gold to platinum continues despite tariff-related headwinds, accelerated by high gold prices and innovative alloys for platinum jewellery. Looking ahead, PGI anticipates that the favourable platinum-to-gold price ratio will drive more substitution across bridal and luxury segments globally. Continued marketing investment and product innovation are expected to sustain momentum, positioning the fourth quarter for positive performance supported by strategic brand positioning. PGI is a worldwide marketing organisation dedicated to creating, expanding and strengthening consumer and trade markets for platinum jewellery. It has offices in world's major jewellery markets and through various programmes in collaboration with jewellery retailers and manufacturers, PGI creates consumer ounce demand by identifying and fulfilling platinum jewellery opportunities for its partners. Formed in 1975 to grow platinum jewellery demand, PGI is funded by South African platinum producers and works collaboratively with jewellery fabricators, retailers, and brands in core markets.

This audio is brought to you by Astec Industries, a Global Leader in manufacturing equipment for infrastructure, including asphalt production, construction, and material processing, driving innovation and sustainability. Although it had been a difficult year for the diamond industry in the 12 months ended June 30 and beyond, Aim-listed diamonds developer Botswana Diamonds says it made significant progress on its strategic expansion efforts. Reflecting on its performance for the financial year ended June 30 and the first six months of its 2026 financial year, the company says it has strengthened its asset base for both diamond and critical minerals exploration, as well as adopted advanced technologies as it continues exploration and development on the Thorny River and Marsfontein projects, in South Africa, and the the KX36, Sekaka and Maibwe projects, in Botswana. "We enter the next phase of our development with renewed confidence, a broader portfolio and a roadmap for value creation," says chairperson John Teeling. Globally, the diamond industry experienced muted consumer spending and persistent uncertainty in several major markets this year. Teeling explains that demand for diamonds in China remained soft while there were lower jewellery sales in the US - the largest consumer market for diamond jewellery - owing to inflationary pressures and broader economic caution. Indian diamond polishing activity slowed in the year owing to elevated inventories and the softer US demand while several major producers introduced temporary production cuts and sales pauses, which helped to reduce surplus stock and stabilise prices. The situation was exacerbated by growing supplies of lab-grown diamonds, which Teeling says compresses prices in the lower-to-mid-value segments of the natural diamond market. However, the negative effects of lab-grown diamonds were most pronounced in categories where volume outweighs rarity. To this end, Botswana Diamonds' exploration portfolio is aimed at high-value diamonds, where natural diamonds retain strong consumer preference and pricing resilience. Teeling confirms that manufacturing activity of diamonds has since picked up as inventory levels normalised; however, global diamond demand remains uneven. He expresses confidence that the longer-term supply fundamentals for diamonds remain favourable. Additionally, many alluvial and small-scale diamond mining operations globally are uneconomic, which reduces natural supply. Teeling says major producers of diamonds are approaching peak output from existing mines, with few new large-scale kimberlite mines being developed. These dynamics underpin the company's strategy of focusing on value over volume and investing in geologically robust, high-potential assets in stable mining jurisdictions. NEW METHODS Teeling points out that a defining initiative this year year had been Botswana Diamonds' strategic collaboration with Planetary AI, which uses advanced semantic AI to evaluate vast, disparate mining-related data collected over decades. This technology helps to identify previously overlooked mineralisation potential across Botswana. The results of the work done with Planetary AI include the identification of seven entirely new kimberlite targets in areas that had not previously been considered prospective; the identification of 11 high-quality critical metal targets, including copper, nickel, zinc, silver, gold and platinum group metals (PGM); and the integration of more than 375 000 km of airborne geophysics surveys, 228 000 soil samples and 32 000 drill logs. The exercise had been one of the most advanced applications of AI in mineral exploration undertaken in Botswana, and positions Botswana Diamonds among the industry's early adopters of data-driven exploration at scale. "The initiative has opened new frontiers, accelerated our targeting pipeline and derisked the early stages of exploration," Teeling affirms. DIVERSIFYING FROM DIAMONDS Following the AI explora...

This audio is brought to you by Astec Industries, a Global Leader in manufacturing equipment for infrastructure, including asphalt production, construction, and material processing, driving innovation and sustainability. Bank of America Global Research yesterday reported that the US has lost three-quarters of its aluminium smelters, China has capped its aluminium production, US consumers are now having to pay the full 50% tariff, there's a lot of uncertainty about what is happening with the South32 smelter in Mozambique, and the biggest aluminium production increases are coming through Indonesia. In South Africa, the electricity pricing agreement for South32's Hillside Aluminium in KwaZulu-Natal struck in May reflects the South African government's policy to support strategic industries that create value for the nation. The Hillside smelter's international competitiveness is enabling it to continue to deliver significant benefits to South Africa. Meanwhile, in the US, it has been a one-way road in terms of aluminium smelters and in China, with a 45-million-ton capacity cap, more smelters are unlikely, Bank of America metals research head Michael Widmer reported during a report on the bank's 2026 metals market outlook. While the US administration is trying to build new aluminium smelters, Widmer displayed a chart indicating that there is no silver bullet. Widmer also highlighted the demand from data centres and pointed out that these were reportedly prepared to pay considerably more for the electricity that the aluminium smelters need. 'With all the discussion on tariffs and who is going to invest, it often comes down to just one metric, which is the power cost and the unfortunate reality is that, anecdotally, I think data centres and AI can pay more than three times as much for power than a smelter would want to pay, so there's a lot of competition, and that really puts the aluminium industry in a very difficult position," Widmer noted, while another slide displayed showed that the US was now down to only five aluminium smelters from the more than 20 it had in 1998. Provided by Bank of America Global Research was an outlook for metals, particularly copper and aluminium, in relation to global economic trends and defence spending, and those participating in the webinar heard that the Chinese government has repeatedly been called on by the Chinese aluminium industry in the past decade to effectively bail the smelters out. "What happened is that every time there was a positive margin, the Chinese smelters came in, built a lot of capacity, increased production, competed away those positive margins, and ultimately came under pressure of the government. "But it reached the stage where government said no more of this, we want to have a capacity cap and a 45-million-ton capacity cap was instituted, and that's where we are now. "A little bit of supply growth is now coming through in Indonesia. Again, in many instances, it's the Chinese operators who can no longer invest in China, and now it's spilling over into the international market. "But I think that the aluminium market should be able to absorb those. A lot of it potentially goes to China in the end as well," Widmer reported during the webinar covered by Mining Weekly. "In Europe in July, we saw the first months where every single sector made a positive contribution to aluminium demand in Europe for the first time in almost three years. "There is a risk that premia in Europe go higher, and force US consumers to also pay up, because some of the Canadian units could, for instance, then end up in Europe. "I think this competition is why we are starting to see aluminium prices also pushing higher. An additional issue that you have in Europe at the moment is there's a lot of uncertainty about what is happening with the South32 smelter in Mozambique. That's 500 000 t, about 10% of the European use. It doesn't have a power drive, so there's still a risk of losing that supply. "The othe...

Mining Weekly Editor Martin Creamer unpacks the hydrogen economy insight Valterra Platinum came away with after the Seoul Summit; the opening of South Africa’s first underground gold mine, since 2009; and platinum metals could end up in both battery electric and hydrogen fuel cel