Precious Metals Report 2021 - Everything you need to know about gold, platinum and palladium! - Swiss Resource Capital AG
←
→
Page content transcription
If your browser does not render page correctly, please read the page content below
Precious Metals Report 2021 Everything you need to know about gold, platinum and palladium!
Disclaimer
Dear reader, tee of a particular price development of the menti- and micro cap companies and low capitalized secu- publication will result in an investment advice cont- source Capital AG nor the respective authors will ges of foreign exchange rates, fluctuations of com-
oned financial instruments or as a trading invitation. rities like derivatives and leveraged products should ract or investment brokerage contract between guarantee that the expected profits or mentioned modity prices, delays by project developments and
Please read the complete disclaimer in the fol- Every investment in securities mentioned in publica- only be as high that, in case of a possible total loss, Swiss Resource Capital AG or the respective author share prices will be achieved. Neither Swiss Re- other factors.
lowing pages carefully before you start reading tions of Swiss Resource Capital AG involve risks the deposit will only marginally lose in value. and the subscriber of this publication. source Capital AG nor the respective authors are
this Swiss Resource Capital Publication. By which could lead to total a loss of the invested capi- professional investment or financial advisors. The Potential shareholders and prospective investors
using this Swiss Resource Capital Publication tal and – depending on the investment – to further All publications of Swiss Resource Capital AG Investments in securities with low liquidity and reader should take advice (e. g. from the principle should be aware that these statements are subject
you agree that you have completely understood obligations for example additional payment liabili- are exclusively for information purposes only. All small market cap are extremely speculative as well bank or a trusted advisor) before any investment to known and unknown risks, uncertainties and
the following disclaimer and you agree comple- ties. In general, purchase and sell orders should al- information and data in all publications of Swiss Re- as a high risk. Due to the speculative nature of the decision. To reduce risk investors should largely di- other factors that could cause actual events to dif-
tely with this disclaimer. If at least one of these ways be limited for your own protection. source Capital AG are obtained from sources which presented companies their securities or other finan- versify their investments. fer materially from those indicated in the for-
point does not agree with you than reading and are deemed reliable and trustworthy by Swiss Re- cial products it is quite possible that investments ward-looking statements. Such factors include but
use of this publication is not allowed. This applies especially to all second-line-stocks source Capital AG and the respective authors at the can lead to a capital reduction or to a total loss and In addition, Swiss Resource Capital AG welco- are not limited to the following: risks regarding the
in the small and micro cap sector and especially to time of preparation. Swiss Resource Capital AG – depending on the investment – to further obliga- mes and supports the journalistic principles of con- inaccuracy of the mineral reserve and mineral re-
We point out the following: exploration and resource companies which are dis- and all Swiss Resource Capital AG employed or en- tions for example additional payment liabilities. Any duct and recommendations of the German press source estimates, fluctuations of the gold price,
cussed in the publications of Swiss Resource Capi- gaged persons have worked for the preparation of investment in warrants, leveraged certificates or council for the economic and financial market repor- risks and dangers in connection with mineral explo-
Swiss Resource Capital AG and the authors of tal AG and are exclusively suitable for speculative all of the published contents with the greatest pos- other financial products bears an extremely high ting and within the scope of its responsibility will ration, development and mining, risks regarding the
the Swiss Resource Capital AG directly own and/ and risk aware investors. But it applies to all other sible diligence to guarantee that the used and un- risk. Due to political, economical or other changes look out that these principles and recommendations creditworthiness or the financial situation of the
or indirectly own shares of following Companies securities as well. Every exchange participant tra- derlying data as well as facts are complete and ac- significant stock price losses can arise and in the are respected by employees, authors and editors. supplier, the refineries and other parties that are
which are described in this publication: Caledo- des at his own risk. The information in the publica- curate and the used estimates and made forecasts worst case a total loss of the invested capital and – doing business with the company; the insufficient
nia Mining, Condor Gold, Eskay Mining, First Mi- tions of Swiss Resource Capital AG do not replace are realistic. Therefore, liability is categorically depending on the investment – to further obligations insurance coverage or the failure to receive insuran-
ning Gold, Mawson Gold, Novo Resources, Oce- an on individual needs geared professional invest- precluded for pecuniary losses which could poten- for example additional payment liabilities. Any liabi- Forward-looking Information ce coverage to cover these risks and dangers, the
anaGold, Sibanye-Stillwater, Velocity Minerals. ment advice. In spite of careful research, neither the tially result from use of the information for one’s lity claim for foreign share recommendations, deri- relationship with employees; relationships with and
respective author nor Swiss Resource Capital AG own investment decision. vatives and fund recommendations are in principle Information and statements in all publications of the demands from the local communities and the
Swiss Resource Capital AG has closed IR will neither guarantee nor assume liability for actua- ruled out by Swiss Resource Capital AG and the re- Swiss Resource Capital AG especially in (transla- indigenous population; political risks; the availabili-
consultant contracts with the following compa- lity, correctness, mistakes, accuracy, complete- All information published in publications of Swiss spective authors. Between the readers as well as the ted) press releases that are not historical facts are ty and rising costs in connection with the mining
nies which are mentioned in this publication: ness, adequacy or quality of the presented informa- Resource Capital AG reflects the opinion of the res- subscribers and the authors as well as Swiss Re- forward-looking information within the meaning of contributions and workforce; the speculative nature
Caledonia Mining, Mawson Gold, OceanaGold, tion. For pecuniary losses resulting from invest- pective author or third parties at the time of repara- source Capital AG no consultancy agreement is clo- applicable securities laws. They contain risks and of mineral exploration and development including
Sibanye-Stillwater. ments in securities for which information was tion of the publication. Neither Swiss Resource Ca- sed by subscription of a publication of Swiss Re- uncertainties but not limited to current expectations risks of receiving and maintaining the necessary
available in all publications of Swiss Resource Ca- pital AG nor the respective authors can be held res- source Capital AG because all information cont- of the company concerned, the stock concerned or licences and permits, the decreasing quantities and
Swiss Resource Capital AG receives compen- pital AG liability will be assumed neither by Swiss ponsible for any resulting pecuniary losses. All ained in such a publication refer to the respective the respective security as well as intentions, plans grades of mineral reserves during mining; the global
sation expenses from the following companies Capital Resource AG nor by the respective author information is subject to change. Swiss Resource company but not to the investment decision. Publi- and opinions. Forward-looking information can of- financial situation, current results of the current ex-
mentioned in this publication: Caledonia Mining, neither explicitly nor implicitly. Capital AG as well as the respective authors assu- cations of Swiss Resource Capital AG are neither, ten contain words like “expect”, “believe”, “assu- ploration activities, changes in the final results of
Condor Gold, Eskay Mining, First Mining Gold, res that only sources which are deemed reliable and direct or indirect an offer to buy or for the sale of the me”, “goal”, “plan”, “objective”, “intent”, “estima- the economic assessments and changes of the pro-
Mawson Gold, Novo Resources, OceanaGold, Si- Any investment in securities involves risks. Politi- trustworthy by Swiss Resource Capital AG and the discussed security (securities), nor an invitation for te”, “can”, “should”, “may” and “will” or the negati- ject parameter to include unexpected economic
banye-Stillwater, Velocity Minerals. Therefore, all cal, economical or other changes can lead to signifi- respective authors at the time of preparation are the purchase or sale of securities in general. An in- ve forms of these expressions or similar words factors and other factors, risks of increased capital
mentioned companies are sponsors of this pub- cant stock price losses and in the worst case to a used. Although the assessments and statements in vestment decision regarding any security should not suggesting future events or expectations, ideas, and operating costs, environmental, security and
lication. total loss of the invested capital and – depending on all publications of Swiss Resource Capital AG were be based on any publication of Swiss Resource Ca- plans, objectives, intentions or statements of future authority risks, expropriation, the tenure of the
the investment – to further obligations for example prepared with due diligence, neither Swiss Resour- pital AG. events or performances. Examples for forward-loo- company to properties including their ownership,
additional payment liabilities. Especially investments ce Capital AG nor the respective authors take any king information in all publications of Swiss Resour- increase in competition in the mining industry for
Risk Disclosure and Liability in (foreign) second-line-stocks, in the small and responsibility or liability for the actuality, correct- Publications of Swiss Resource Capital AG must ce Capital AG include: production guidelines, esti- properties, equipment, qualified personal and its
micro cap sector, and especially in the exploration ness, mistakes, accuracy, completeness, adequacy not, either in whole or in part be used as a base for a mates of future/targeted production rates as well as costs, risks regarding the uncertainty of the timing
Swiss Resource Capital AG is not a securities and resource companies are all, in general, associa- or quality of the presented facts or for omissions or binding contract of all kinds or used as reliable in plans and timing regarding further exploration, drill of events including the increase of the targeted pro-
service provider according to WpHG (Germany) and ted with an outstandingly high risk. This market seg- incorrect information. The same shall apply for all such a context. Swiss Resource Capital AG is not and development activities. This forward-looking duction rates and fluctuations in foreign exchange
BörseG (Austria) as well as Art. 620 to 771 obliga- ment is characterized by a high volatility and har- presentations, numbers, designs and assessments responsible for consequences especially losses, information is based in part on assumption and fac- rates. The shareholders are cautioned not to place
tions law (Switzerland) and is not a finance company bours danger of a total loss of the invested capital expressed in interviews and videos. which arise or could arise by the use or the failure of tors that can change or turn out to be incorrect and undue reliance on forward-looking information. By
according to § 1 Abs. 3 Nr. 6 KWG. All publications and – depending on the investment – to further obli- the application of the views and conclusions in the therefore may cause actual results, performances its nature, forward-looking information involves nu-
of the Swiss Resource Capital AG are explicitly (in- gations for example additional payment liabilities. As Swiss Resource Capital AG and the respective publications. Swiss Resource Capital AG and the re- or successes to differ materially from those stated merous assumptions, inherent risks and uncertain-
cluding all the publications published on the website well, small and micro caps are often very illiquid and authors are not obliged to update information in pu- spective authors do not guarantee that the expected or postulated in such forward-looking statements. ties both general and specific that contribute to the
http://www.resource-capital.ch and all sub-websi- every order should be strictly limited and, due to an blications. Swiss Resource Capital AG and the res- profits or mentioned share prices will be achieved. Such factors and assumption include but are not possibility that the predictions, forecasts, projec-
tes (like http://www.resource-capital.ch/de) and the often better pricing at the respective domestic exch- pective authors explicitly point out that changes in limited to: failure of preparation of resource and re- tions and various future events will not occur. Neit-
website http://www.resource-capital.ch itself and its ange, should be traded there. An investment in secu- the used and underlying data, facts, as well as in the The reader is strongly encouraged to examine all serve estimates, grade, ore recovery that differs her Swiss Resource Capital AG nor the referred to
sub-websites) neither financial analysis nor are they rities with low liquidity and small market cap is extre- estimates could have an impact on the forecasted assertions him/herself. An investment, presented from the estimates, the success of future explorati- company, referred to stock or referred to security
equal to a professional financial analysis. Instead, all mely speculative as well as a high risk and can lead share price development or the overall estimate of by Swiss Resource Capital AG and the respective on and drill programs, the reliability of the drill, undertake no obligation to update publicly other-
publications of Swiss Resource Capital AG are to, in the worst case, a total loss of the invested ca- the discussed security. The statements and opi- authors in partly very speculative shares and finan- sample and analytical data, the assumptions regar- wise revise any forward-looking information
exclusively for information purposes only and are pital and – depending on the investment – to further nions of Swiss Capital Resource AG as well as the cial products should not be made without reading ding the accuracy of the representativeness of the whether as a result of new information, future
expressively not trading recommendations regar- obligations for example additional payment liabili- respective author are not recommendations to buy the most current balance sheets as well as assets mineralization, the success of the planned metallur- events or other such factors which affect this infor-
ding the buying or selling of securities. All publica- ties. Engagements in the publications of the shares or sell a security. and liabilities reports of the companies at the Secu- gical test work, the significant deviation of capital mation, except as required by law.
tions of Swiss Resource Capital AG represent only and products presented in all publications of Swiss Neither by subscription nor by use of any publica- rities and Exchange Commission (SEC) under www. and operating costs from the estimates, failure to
the opinion of the respective author. They are neither Resource Capital AG have in part foreign exchange tion of Swiss Resource Capital AG or by expressed sec.gov or other regulatory authorities or carrying receive necessary government approval and en-
explicitly nor implicitly to be understood as guaran- risks. The deposit portion of single shares of small recommendations or reproduced opinions in such a out other company evaluations. Neither Swiss Re- vironmental permits or other project permits, chan-
2 3
48f Abs. 5 BörseG (Austria) and Art. 620 to 771 Exploitation and distribution rights accuracy and completeness of the facts presented chures directly on the website of the authority at Liability limitation for availability of website The use of contact data like postal addresses, tele-
obligations law (Switzerland) in the sources. Neither Swiss Resource Capital AG www.bafin.de. phone and fax numbers as well as email addresses
Publications of Swiss Resource Capital AG may nor the respective authors will guarantee or be liable Swiss Resource Capital AG will endeavour to published in the imprint or similar information by
Swiss Resource Capital AG as well as the respec- neither directly or indirectly be transmitted to Great for that all assumed share price and profit develop- offer the service as uninterrupted as possible. Even third parties for transmission of not explicitly re-
tive authors of all publications of Swiss Resource Britain, Japan, USA or Canada or to an US citizen ments of the respective companies and financial Liability limitation for links with due care downtimes can not be excluded. quested information is not permitted. Legal action
Capital AG could have been hired and compensated or a person with place of residence in the USA, Ja- products respectively in all publications of Swiss Swiss Resource Capital AG reserves the right to against the senders of spam mails are expressly re-
by the respective company or related third party for pan, Canada or Great Britain nor brought or distri- Resource Capital AG will be achieved. The http://www.resource-capital.ch – website change or discontinue its service any time. served by infringement of this prohibition.
the preparation, the electronic distribution and publi- buted in their territory. The publications and their and all sub-websites and the http://www.resour-
cation of the respective publication and for other contained information can only be distributed or ce-capital.ch – newsletter and all publications of By registering in www.resource-capital.ch – web-
services. Therefore the possibility exists for a conflict published in such states where it is legal by applica- No guarantee for share price data Swiss Resource Capital AG contain links to websi- Liability limitation for advertisements site and its sub-websites or in the www.resour-
of interests. ble law. US citizens are subject to regulation S of tes of third parties (“external links”). These websites ce-capital.ch – newsletter you give us permission to
the U.S. Securities Act of 1933 and cannot have No guarantee is given for the accuracy of charts are subject to liability of the respective operator. The respective author and the advertiser are contact you by email. Swiss Resource Capital AG
At any time Swiss Resource Capital AG as well as access. In Great Britain the publications can only be and data to the commodity, currency and stock Swiss Resource Capital AG has reviewed the foreign exclusively responsible for the content of advertise- receives and stores automatically via server logs in-
the respective authors of all publications of Swiss accessible to a person who in terms of the Financial markets presented in all publications of Swiss Re- contents at the initial linking with the external links if ments in http://www.resource-capital.ch – website formation from your browser including cookie infor-
Resource Capital AG could hold long and short posi- Services Act 1986 is authorized or exempt. If these source Capital AG. any statutory violations were present. At that time no and its sub-websites or in the http://www.resour- mation, IP address and the accessed websites.
tions in the described securities and options, futures restrictions are not respected this can be perceived statutory violations were evident. Swiss Resource ce-capital.ch – newsletter as well as in all publica- Reading and accepting our terms of use and privacy
and other derivatives based on theses securities. as a violation against the respective state laws of capital AG has no influence on the current and future tions of Swiss Resource Capital AG and also for the statement are a prerequisite for permission to read,
Furthermore Swiss Resource Capital AG as well as the mentioned countries and possibly of non menti- Copyright design and the contents of the linked websites. The content of the advertised website and the adverti- use and interact with our website(s).
the respective authors of all publications of Swiss oned countries. Possible resulting legal and liability placement of external links does not mean that sed products and services. The presentation of the
Resource Capital AG reserve the right to buy or sell claims shall be incumbent upon that person, but not The copyrights of the single articles are with the Swiss Resource Capital AG takes ownership of the advertisement does not constitute the acceptance
at any time presented securities and options, futures Swiss Resource Capital, who has published the pu- respective author. Reprint and/or commercial dis- contents behind the reference or the link. A constant by Swiss Resource Capital AG.
and other derivatives based on theses securities. Th- blications of Swiss Resource Capital AG in the semination and the entry in commercial databases control of these links is not reasonable for Swiss Re-
erefore the possibility exists for a conflict of interests. mentioned countries and regions or has made avai- is only permitted with the explicit approval of the source Capital AG without concrete indication of
lable the publications of Swiss Resource Capital AG respective author or Swiss Resource Capital AG. statutory violations. In case of known statutory vio- No contractual relationship
Single statements to financial instruments made to persons from these countries and regions. lations such links will be immediately deleted from
by publications of Swiss Resource Capital AG and The use of any publication of Swiss Resource All contents published by Swiss Resource Capi- the websites of Swiss Resource Capital AG. If you Use of the website www.resource-capital.ch and
the respective authors within the scope of the res- Capital AG is intended for private use only. Swiss tal AG or under www.resource-capital.ch – website encounter a website of which the content violates its sub-websites and www.resource-capital.ch –
pective offered charts are not trading recommenda- Resource Capital AG shall be notified in advance or and relevant sub-websites or within www.resour- applicable law (in any manner) or the content (to- newsletter as well as in all publications of Swiss Re-
tions and are not equivalent to a financial analysis. asked for permission if the publications will be used ce-capital.ch – newsletters and by Swiss Resource pics) insults or discriminates individuals or groups of source Capital AG no contractual relationship is ente-
professionally which will be charged. Capital AG in other media (e.g. Twitter, Facebook, individuals, please contact us immediately. red between the user and Swiss Resource Capital
A disclosure of the security holdings of Swiss Re- All information from third parties especially the RSS-Feed) are subject to German, Austrian and AG. In this respect there are no contractual or qua-
source Capital AG as well as the respective authors estimates provided by external user does not reflect Swiss copyright and ancillary copyright. Any use In its judgement of May 12th, 1998 the Landge- si-contractual claims against Swiss Resource Capital
and/or compensations of Swiss Resource Capital the opinion of Swiss Resource Capital AG. Conse- which is not approved by German, Austrian and richt (district court) Hamburg has ruled that by pla- AG.
AG as well as the respective authors by the compa- quently, Swiss Resource Capital AG does not gua- Swiss copyright and ancillary copyright needs first cing a link one is responsible for the contents of the
ny or third parties related to the respective publica- rantee the actuality, correctness, mistakes, ac- the written consent of the provider or the respective linked websites. This can only be prevented by ex-
tion will be properly declared in the publication or in curacy, completeness, adequacy or quality of the rights owner. This applies especially for reproducti- plicit dissociation of this content. For all links on the Protection of personal data
the appendix. information. on, processing, translation, saving, processing and homepage http://www.resource-capital.ch and its
reproduction of contents in databases or other sub-websites and in all publications of Swiss Re- The personalized data (e.g. mail address of cont-
The share prices of the discussed financial instru- electronic media or systems. Contents and rights of source Capital AG applies: Swiss Resource Capital act) will only be used by Swiss Resource Capital AG
ments in the respective publications are, if not clari- Note to symmetrical information and opinion ge- third parties are marked as such. The unauthorised AG is dissociating itself explicitly from all contents of or from the respective company for news and infor-
fied, the closing prices of the preceding trading day neration reproduction or dissemination of single contents all linked websites on http://www.resource-capital. mation transmission in general or used for the res-
or more recent prices before the respective publica- and complete pages is not permitted and punisha- ch – website and its sub-websites and in the http:// pective company.
tion. Swiss Resource Capital AG can not rule out that ble. Only copies and downloads for personal, priva- www.resource-capital.ch – newsletter as well as all
other market letters, media or research companies te and non commercial use is permitted. publications of Swiss Resource Capital AG and will
It cannot be ruled out that the interviews and esti- are discussing concurrently the shares, companies not take ownership of these contents.” Data protection
mates published in all publications of Swiss Resour- and financial products which are presented in all pu- Links to the website of the provider are always
ce Capital AG were commissioned and paid for by blications of Swiss Resource Capital AG. This can welcome and don’t need the approval from the If within the internet there exists the possibility for
the respective company or related third parties. lead to symmetrical information and opinion genera- website provider. The presentation of this website in Liability limitation for contents of this website entry of personal or business data (email addresses,
Swiss Resource Capital AG as well as the respective tion during that time period. external frames is permitted with authorization only. names, addresses), this data will be disclosed only if
authors are receiving from the discussed companies In case of an infringement regarding copyrights The contents of the website http://www.resour- the user explicitly volunteers. The use and payment
and related third parties directly or indirectly expen- Swiss Resource Capital AG will initiate criminal pro- ce-capital.ch and its sub-websites are compiled for all offered services is permitted – if technical
se allowances for the preparation and the electronic No guarantee for share price forecasts cedure. with utmost diligence. Swiss Resource Capital AG possible and reasonable – without disclosure of the-
distribution of the publication as well as for other however does not guarantee the accuracy, comple- se data or by entry of anonymized data or pseudo-
services. In all critical diligence regarding the compilation teness and actuality of the provided contents. The nyms. Swiss Resource Capital AG points out that
and review of the sources used by Swiss Resource Information from the Federal Financial Supervi- use of the contents of website http://www.resour- the data transmission in the internet (e.g. communi-
Capital AG like SEC Filings, official company news sory Authority (BaFin) ce-capital.ch and its sub-websites is at the user’s cation by email) can have security breaches. A com-
or interview statements of the respective manage- risk. Specially marked articles reflect the opinion of plete data protection from unauthorized third party
ment neither Swiss Resource Capital AG nor the re- You can find further information on how to pro- the respective author but not always the opinion of access is not possible. Accordingly no liability is
spective authors can guarantee the correctness, tect yourself against dubious offers in BaFin bro- Swiss Resource Capital AG. assumed for the unintentional transmission of data.
44 5
Table of Contents Imprint
Disclaimer 02 Editor
Swiss Resource Capital AG
Table of Contents | Imprint 07 Poststr. 1
9100 Herisau, Schweiz
Preface09 Tel : +41 71 354 8501
Fax : +41 71 560 4271
info@resource-capital.ch
The corona year 2020 has left its mark on the precious metals – for www.resource-capital.ch
investors definitely rosy! ................................................................................ 10
Editorial staff
Expert interview with Christian Brenner, Managing Director philoro Jochen Staiger
EDELMETALLE GmbH Germany – Precious metals remain indispensable Tim Rödel
for storing value................................................................................................ 21
Layout/Design
Interview with Prof. Dr. Torsten Dennin Frauke Deutsch
Founder and CEO of Lynkeus Capital LLC������������������������������������������������������ 23
All rights reserved. Reprinting
The Gold Standard
material by copying in electronic
form is not permitted.
Company profiles
Editorial Deadline: 04/30/2021
of Gold Research
Caledonia Mining���������������������������������������������������������������������������������������������� 28
Cover: shutterstock.com
Condor Gold����������������������������������������������������������������������������������������������������� 32 page 13: pixabay
page 16: shutterstock.com
Eskay Mining���������������������������������������������������������������������������������������������������� 36 page 19: shutterstock.com
page 20: Sibanye-Stillwater
First Mining Gold���������������������������������������������������������������������������������������������� 40
All pictures and graphics have been
Mawson Gold��������������������������������������������������������������������������������������������������� 44 provided by the companies, unless
otherwise stated.
Novo Resources����������������������������������������������������������������������������������������������� 48
Back
OceanaGold����������������������������������������������������������������������������������������������������� 53 1: Osisko Mining
2: Sibanye-Stillwater
Sibanye-Stillwater�������������������������������������������������������������������������������������������� 58 3: © Elionora Henzler
4: ©corlaffra/shutterstock.com
Velocity Minerals���������������������������������������������������������������������������������������������� 64
Free download: www.ingoldwetrust.report Charts: 05/11/2021
by JS Charts by amCharts
6 7
Preface
The whole world of
commodities in one App:
Dear Readers,
Commodity-TV Now in our sixth year of publication, it is with
great pleasure that we present our special re-
port on precious metals, which follows our
the necessary basic knowledge by means of
our general part, so that you can make your
own decisions.
successful battery metal and uranium reports.
Precious metals have become indispensable Swiss Resource Capital AG has set itself the
for one‘s own (crisis) provision and wealth task of providing up-to-date and compre-
preservation. Not to be forgotten is the un- hensive information on a wide range of raw
conditional benefit of precious metals as a materials and mining companies to raw ma-
store of value and money substitute as well terial investors, interested parties and those Jochen Staiger is founder and CEO
as a hedge for bad times. Especially in to- who would like to become such. On our of Swiss Resource Capital AG,
day‘s corona virus craze, gold is essential to website www.resource-capital.ch you will located in Herisau, Switzerland. As
park cash wisely. The central banks‘ money find more than 30 companies and a lot of in- chief-editor and founder of the first
printing orgies are unstoppable and with formation and articles about raw materials. two resource IP-TV-channels
Christine Lagarde succeeding Mario Draghi, Commodity-TV and its German
things have gotten worse rather than better. counterpart Rohstoff-TV, he reports
The U.S. Federal Reserve has already lowe- We would like to give you the necessary insights about companies, experts, fund
red interest rates to zero and the money and inform you comprehensively through our managers and various themes
floodgates have been fully opened in the special reports. In addition, our two commodity around the international mining
wake of Corona. Whether there will be a fi- IP-TV channels www.Commodity-TV.net & business and the correspondent
nancial collapse is, as always, questionable www.Rohstoff-TV.net are always available to metals.
and debatable. However, the financial system you free of charge. For on the go, we recom-
has never been as fragile as it is today. mend our new Commodity TV App for iPhone
and Android, which provides you with re-
A major problem in the future will be the acce- al-time charts, quotes and also the latest vi-
lerating default rates of many over-indebted deos.
zombie companies. The banks, which are un-
der pressure anyway, will not be happy about My team and I hope you enjoy reading the
this. Please remember that in case of emer- Special Report on Precious Metals and hope
gency only 100.000 Euro are secured per ins- to be able to provide you with a lot of new
titution and even this I question meanwhile if information, impressions and ideas. Only tho-
this is affordable! With gold, but also with pla- se who inform themselves in a versatile way
tinum and palladium, you can weather many and take their investment matters into their
a storm to be able to provide yourself and own hands will be able to win in these difficult
your family with the most necessary food and times and preserve their assets. Precious me- Tim Rödel is Manager Newsletter,
to preserve your assets. But let‘s not assume tals have endured for thousands of years and Threads & Special Reports at SRC
the worst, however, physical precious metals will continue to do so. AG. He has been active in the
reassure me of the possible coming uphea- commodities sector for more than
vals. We look positively into the future and Yours, Jochen Staiger 15 years and accompanied
take gold as a store of value and inflation pro- several chief-editor positions, e.g. at
• CEO and expert interviews tection. Mining companies are still (too) chea- P.S.: If you miss the precious metal silver in Rohstoff-Spiegel, Rohstoff-Woche,
Free download here: ply valued in addition to quite a few good di- this precious metal report, we can reassure Rohstoffraketen, the publications
• Site-Visit-Videos vidend standard stocks. Especially producers you. From now on, we will dedicate a separa- Wahrer Wohlstand and First Mover.
with dividends are now first choice as well as te silver report to it. He owns an enormous commodity
• Reports from trade shows and conferences around the world prospective precious metal producers have expertise and a wide-spread
an enormous leverage on the respective me- network within the whole resource
• Up-to-date mining information tal price. In this precious metal report, we will sector.
• Commodity TV, Rohstoff-TV and Dukascopy TV created by introduce you to some interesting companies
that are suitable for speculation on rising pre-
• Real-time charts and much more! cious metal prices. We also want to give you
9
Swiss Resource Capital AG | Poststrasse 1 | 9100 Herisau | Schweiz | www.resource-capital.ch | info@resource-capital.ch
The corona year 2020 has left its mark on the preci-
ous metals – for investors definitely rosy!
Gold: Postponed is not canceled – sult, the price per ounce fell to below US$600. Gold:
Platinum/Palladium: Rising supply Since the third quarter of 2020, however, the- Number 1 store of value for thousands of years
deficits will remain for the time re have been signs of a renaissance. Howe-
being despite rising prices ver, the major demand driver will not be fuel
cells or hydrogen, which are still some years
Precious metals investors are still in pole po- away, but initially the substitution of palladi- Gold is a chemical element with the element placer deposits. Up to 20% of the gold mined
sition, precious metals have so far come th- um, which is now more than twice as expen- symbol Au and the atomic number 79. Due to annually is extracted as a by-product, mainly
rough the Covid 19 crisis the best of all asset sive, by platinum. The supply deficit, which its moderate melting temperature, it is very from copper, nickel or other precious metal
classes. It sounds like a cliché, but gold and has already existed since 2019, even wide- easy to work mechanically and does not cor- mines.
silver (covered in a separate report) are again ned again in 2020 and is likely to lead to a rode. It is extremely rare, and its yellow luster
in demand as „safe havens“, as massive in- further speculative increase in the price of is also durable, which is why it is considered
flows into ETFs and sold-out bullion traders
impressively prove.
platinum. imperishable and is therefore largely proces-
sed into jewelry or used in coin or bar form to
Supply situation
For both platinum and palladium, a drastic store value. Gold is also considered easily al-
In August 2020, the gold price reached a new drop in supply is to be expected in the co- loyable, which makes it very attractive as a According to the World Gold Council, a total
all-time high of more than US$2,060, which ming years, as the important South African material. of 3,400.8 tons of gold was mined in 2020
was mainly the result of (impending) fiscal mines in particular will not be able to maintain and 1,297.4 tons was recovered from recy-
and geopolitical upheavals and a certain their production to the usual extent. Even ri- cling. Thus, the total gold supply (including
[Xe] 4f145d106s1 79
Au
desire for security, which will keep the price of sing prices are unlikely to contribute to an im- recycling and hedging) fell by about 187 tons
the yellow metal at a high level and will cer- provement. to 4,633.1 tons compared to 2019.
tainly drive it even higher. In the vast majority The main gold mining regions are currently
of currencies, gold was trading at absolute China, Russia, Australia, the USA and Cana-
all-time highs in 2020, which will continue in What are precious metals? da, which together account for almost half of
Melting Point 1337 K
the face of rampant money printing orgies by Boiling Point 3243 K the total annual output. They are followed by
central banks around the world. In 2021, the From a purely chemical point of view, preci- Peru, Ghana, South Africa, Mexico and Brazil,
fear of inflation, which is already becoming ous metals are metals which are corrosion-re-
GOLD which, however, is only just ahead of Uzbe-
apparent, will drive more people into gold, sistant, i.e. which are permanently chemically kistan in eleventh place. In Europe, only Swe-
which has been considered the number one stable in a natural environment under the in- den and Finland can report significant gold
store of value for thousands of years, and is fluence of air and water. The group of preci- Main properties: Appearance, production.
likely to push the price up again. In addition, ous metals primarily includes gold and silver, corrosion resistance, good work
there is an investment backlog, primarily from as well as the so-called platinum metals plati- ability, good contact.
the jewelry industry, which is likely to be me- num, palladium, ruthenium, rhodium, osmium Gold production increases only
rely postponed from the catastrophic year and iridium. Mercury is also a precious metal. Not only in the form of jewelry or coins, but marginally – Gold peak reached?!
2020 into the future and will additionally fuel In addition, there are a number of so-called also in medical applications, gold scores abo-
demand. semi-precious metals, including copper. A ve all with its corrosion resistance. In dental Since the turn of the millennium, gold produc-
third group is formed by the so-called short- prosthetics, for example, additional precious tion has increased every year up to 2018, but
Palladium, which was driven to new record lived (radioactive) transition metals, such as metals such as platinum are added to achieve has recently been weakening more and more.
highs of over US$2,800 per ounce in recent Darmstadtium or Roentgenium, which, howe- the necessary hardness. In industry, gold is While around 2,862 tons of the yellow metal
months mainly for speculative reasons, also ver, play virtually no role in practice. used primarily in the construction of circuits were extracted from the earth worldwide in
suffered only a brief dip and appears to be as a gold-plating additive for wires, printed 2011, the figure was 3,336 tons in 2015. Sin-
continuing its record chase. Demand from the circuit boards, switching contacts and ce then, production rose only marginally to
automotive sector (use in gasoline catalytic connectors. 3,554 tons in 2018. In 2019, production then
converters) plays a major role here. But also fell for the first time to 3,531.8 tons, which
the steadily declining production, as the exis- could only be offset by an increased recycling
ting supply deficit recently confirmed impres- Occurrence and extraction rate. Finally, in 2020, the slump to only 3,400.8
sively. tons, mainly due to plant closures caused by
Gold occurs very rarely in nature, but it is the Covid 19 pandemic.
Until a few months ago, the situation for plati- pure. On average, there are only 4 grams of Nevertheless, it can be assumed that the gold
num was the opposite. The increasing discre- gold per 1,000 tons of rock in the earth‘s peak, i.e., the annual gold production has re-
diting of the diesel engine as a „dirty engine“ crust. It is found in primary raw material de- ached its peak in 2019.
led to a drop in demand for platinum, which is posits as gold-bearing rock (gold ore) as well
used in diesel catalytic converters. As a re- as in secondary deposits, among others in
10 11
Added to this is the current Corona crisis,
which has brought many mining activities
worldwide to a standstill and severely impac-
ted gold production – at least in 2020.
Demand situation
Demand from jewelry sector
slumped, investment sector Goldprice US$/oz
stronger than in a long time (Surce: JS by amChart)
In 2020, global demand for gold was only
around 3,759.6 tons, almost 627 tons or than in 2017, and in 2019 central bank until 2021. On the investment side, global
Gold-supply (blue) and -demand (grey) 14.3% less than in 2019. The jewelry sector purchases increased slightly to 668.5 tons. gold ETFs did show a net outflow of around
(Source: own representation) accounted for a large share of the decline in Thus, a large amount of supply was taken off 178 tonnes in the first quarter of 2021, but
The reasons for a decline in gold demand, consuming 1,411.6 tons, a drop of the market by central banks alone, once this was almost entirely in the US and UK.
production are manifold almost a third compared to 2019 (2,122.7 again acting on the demand side rather than China, Canada, Japan and India, on the other
tons). This huge drop in demand from the je- the supply side. In 2020, by contrast, central hand, recorded further inflows. By compari-
Several factors contribute to this: welry industry was partially offset by the in- bank gold purchases fell to only 272.9 tons, son, in 2020, a net total of over 877 tons flo-
vestment sector. The latter increased gold which was probably also due to certain dis- wed into global gold ETFs. Seasonally, the
First, more and more deposits are reaching demand by a whopping 504 tons to 1,773.2 tortions in government budgets triggered by inflow increases most in the months April to
the end of their life. Those that have not yet tons compared to 2019. Inflation fears and the Corona pandemic. August, which should also be the case for
been fully exploited have to be expanded at exuberant debt orgies of many central banks 2021.
ever greater expense in order to access worldwide are certainly to be named here as
further gold-bearing material. Some mines al- the main reasons for the flight of many inves-
ready reach depths of 4,000 meters and tors into physical gold. Despite Corona-rela- Summary:
more. ted production losses, demand from the tech- While supply is expected to in-
nology sector was also strong, falling from crease only marginally, demand is
The gold content continues to decline stea- 326 to 302 tons from 2019 to 2020, but in heading for a record high
dily. Currently, gold deposits are still being percentage terms far less than the jewelry
exploited at an average of just over 1 gram of sector. This showed that gold is increasingly For 2020, there is a supply surplus of a full
gold per ton of rock (g/t). However, there are finding its way into the electromobility sector 873.5 tons due to Corona. In 2021, things will
already indications that this mark will fall to in particular. A circumstance which, in view of be exciting on both the demand and the sup-
below 0.9 g/t in a few years for deposits that an incipient electric (mobility) revolution, is li- ply side. A lack of supply in the form of
have not yet been developed. kely to lead to continued strong growth in de- high-grade new discoveries and increasingly
mand from the technology sector in the future. cost-intensive, as it is more difficult to mine,
A third point is the (lack of) discovery of new are likely to lead to only a marginal increase in
deposits. While more than one billion ounces supply, if any at all. Assuming that the invest-
of gold were discovered in the 1990s, from Central banks no longer quite so Goldjewelry from India (Source: pixabay) ment sector picks up in terms of demand in
2000 to 2014, only slightly more than 600 mil- active the second half of the year, record demand
lion ounces were discovered. Since then, new Conclusion: can be expected from the jewelry sector in
discoveries have once again plummeted. This Central banks are back on the buying side af- The jewelry sector has pent-up particular, especially from India and China.
is mainly due to the fact that gold producers ter decades of selling gold since 2010. Thus, demand in 2021, while the invest- The Asian nations in particular seem to have
have concentrated primarily on reducing mi- especially in 2018 and 2019, many central ment sector is likely to remain at a realized that gold will continue to be the num-
ning prices in recent years because of the banks have increased their gold reserves. high level of demand ber one store of value in a future medium to
continuing slump in gold prices. Particular sa- First and foremost, Russia, but also Turkey, high inflationary phase.
vings were made in exploration, which led to India, Poland, Egypt, Brazil and Kazakhstan For 2021, there are indications of record de-
the fact that hardly any larger deposits were bought gold heavily in 2018 and 2019. Thus, mand from the jewelry sector, as the decline
discovered in recent years. central banks increased their gold reserves in demand triggered by the Corona pande-
by 656.6 tons in 2018. This was 73% more mic is likely to have been largely postponed
12 13
Platinum:
The next upswing has already been initiated
Platinum is not so much an investment ob- Occurrence and extraction
ject, but above all an important building ma-
terial in the automotive industry. The sil- Platinum occurs naturally in the form of ele-
ver-gray metal is a chemical element with the ments. Metallic platinum (platinum soap) is
element symbol Pt and the atomic number practically no longer mined today. Although a
78. large proportion of the platinum mined is from
primary deposits in a few places, its extracti-
[Xe] 4f145d96s1 78 on as a by-product in the production of
Pt
non-ferrous metals (copper and nickel) is be-
coming increasingly important. There, the
platinum group metals are produced as a
by-product of nickel refining.
Melting Point 1768° C
Boiling Point 3827°C
Platinum-supply (blue)
PLATINUM
Supply situation and -demand (grey)
(Source: own representation)
South Africa and Russia produce
Main features: Forgeable, ductile, almost 80% of all platinum
corrosion resistant.
There is extensive and significant primary pla- recycling: 2.1 million ounces). In 2020, plati- lytic converter construction. The jewelry indus-
It has an extremely high density, but at the tinum mining only in the Bushveld complex in num supply fell to 6.53 million ounces (mi- try demanded 1.58 million ounces. Demand
same time it is very malleable and ductile. Its South Africa, as well as in the Stillwater com- ning: 4.88 million ounces, recycling: 1.64 mil- from the rest of the industry reached 2.21 mil-
gray-white color has fascinated people since plex in Montana/USA and in Russia. 65.4% of lion ounces). An increase in platinum produc- lion ounces. The investment sector, whose de-
time immemorial, probably also because pla- the platinum mined worldwide came from tion to the pre-crisis level in 2019 is currently mand slumped from a net 361,000 ounces in
tinum has remarkable corrosion resistance South African mines in 2019. This was follo- not in sight, as platinum extraction in South 2017 to only 67,000 ounces in 2018, experien-
and therefore does not tarnish. Due to its high wed by Russia with around 13.5%, and all Africa in particular requires ever deeper and ced a true renaissance in 2019, recording a
durability, tarnish resistance and rarity, plati- other countries with a total of around 20%. therefore more expensive exploration, and a real explosion in demand to 1.13 million oun-
num is therefore particularly suitable for the Overall, platinum mining is a relatively small collapse in supply must be expected from ces. Despite Corona, this trend was main-
production of high-quality jewelry. sector, as, for example, only around 4.89 milli- there in the coming years. tained, so that around 900,000 ounces of pla-
on ounces were produced in 2020. tinum still flowed into the investment sector in
2020. Overall, platinum demand fell from 2019
Almost infinite uses to 2020 by around 1.5 million ounces to 6.92
High recycling rate Demand situation million ounces due to Corona. This results in a
Platinum finds its way into a whole range of supply deficit of around 390,000 ounces of
very different applications. By far the most Although a certain amount of gold is also recy- Platinum has a hybrid function platinum for 2020, despite or precisely becau-
common use of platinum is in the automotive cled, recycling accounts for a very high se of Corona, and thus even more than in
industry, where it is used in the form of auto percentage of platinum. In 2020, for example, Similar to silver, platinum has a kind of hybrid 2019, when a record supply deficit of 301,000
catalysts. In addition to the classic diesel oxi- about 1.64 million ounces were recovered function. This means that about two-thirds of ounces of platinum was achieved.
dation catalysts, platinum is also increasingly from recycling. Recycling thus accounted for total platinum demand comes from industry,
finding its way into catalysts in fuel cells or as 25.1% of the total platinum supply for the year. while the rest comes primarily from the jewel-
a substitute for the far more expensive palla- ry industry and from investors in the form of Hydrogen storage technologies as
dium, which could be an enormous demand bars and coins. future demand drivers
driver in the future. The second major area of Supply 2020 slumped
application in industry is the chemical sector. In South Africa, research is already being
Platinum is also used in alloys, for glass pro- Overall, the global platinum supply in 2020 Main demand: conducted into innovative hydrogen storage
duction (crucibles), in the electrical sector in really collapsed due to Covid 19. While automotive industry and jewelry technologies. Power generation with plati-
resistors and for medical applications and around 7.8 million ounces of platinum were manufacturing – investment de- num catalysts is the big topic here. Cost-ef-
equipment. available in 2013 (of which around 5.8 million mand very high despite Corona fective hydrogen storage systems for fuel cell
Another large field of application is the jewelry ounces came from mining and just under 2 vehicles and portable applications are still
industry, where platinum is often alloyed with million ounces from recycling), around 8.2 In terms of figures, it is the automotive sector dreams of the future, but China alone plans
other metals, mainly gold. The fourth major million ounces of platinum entered the open that demanded the most platinum in 2020. to produce two million hydrogen fuel cell ve-
area is the investment sector. market in 2019 (mining: 6.1 million ounces, 2.22 million ounces were used mainly for cata- hicles by 2030. In Germany, the world‘s first
14 15
Palladium: Higher is always possible!
Palladium is a chemical element with the ele- jewelry sector; here especially in combinati-
ment symbol Pd and atomic number 46. It is on with gold, resulting in so-called white
considered by many experts to be a substitu- gold. Palladium is also used as an electrode
te for platinum in several applications, mainly material for fuel cells and as a contact mate-
in the production of catalysts, as it is very si- rial for relays.
milar to platinum in chemical behavior.
Platinumprice US$/oz
(Source: JS by amChart) Occurrence and extraction
[Kr] 4d105s0 46
Pd
Metallic palladium and palladium-bearing al-
hydrogen fuel cell train has entered service. Summary: loys are mainly found in river sediments as
A major platinum company is already inves- 2020 is not a benchmark, but geological placers, but these have been lar-
ting in the development of hydrogen com- overall, it continues to move gely exploited. Today, most of it is extracted
pression technology together with Shell toward an ever-increasing supply Melting Point 1828 K as a by-product from nickel and copper mi-
Technology. These so-called platinum elec- deficit Boiling Point 3233 K nes.
tric vehicles, as the name suggests, need PALLADIUM
platinum as their basic raw material. Although the past year 2020 cannot be taken
as a benchmark due to the effects of the Co-
rona pandemic (lower production combined Main properties: Supply situation
with lower demand from all sectors, but Low melting point, reactive,
especially from the automotive and jewelry absorbent. South Africa and Russia dominate
sectors), it can be stated quite clearly that palladium mining
the gap between supply and demand is wi- Palladium has the lowest melting point among
dening and will thus continue to fuel the pla- the platinum metals and is also the most reac- South Africa and Russia have emerged as
tinum price in the medium term (after it has tive. At room temperature, it does not react the clearly dominant palladium producing
already increased by around 50% since Oc- with oxygen. It retains its metallic luster in air nations in recent years. In 2020, Russia ac-
tober 2020). Platinum demand can already and does not tarnish, which makes it interes- counted for 44.2% of total production, follo-
be halfway met only because of the very lar- ting for jewelry and, to a lesser extent, for the wed by South Africa with 31.4%. Most of the
ge share of platinum recycling in total supply. investment sector. Its low melting point makes remaining palladium production was shared
The recycling rate has recently risen again it easier to process than platinum. Palladium by the USA and Canada. Overall, platinum
somewhat and could accelerate again in also has the highest absorption capacity of all mining is a relatively small sector, with only
view of the millions of diesel vehicles ready elements for hydrogen. At room temperature, around 6.2 million ounces produced per year.
for scrapping. If the fuel cell becomes estab- it can bind up to 3,000 times its own volume.
lished in the automotive industry alongside
the purely electric car, an increase in demand High recycling rate
can be expected from there. This will also be Main applications:
the case for platinum producers, who are Exhaust gas catalysts, alloys, Similar to platinum, a large recycling quota
now focusing strongly on substituting plati- electrode materials. for palladium also helps to meet most of the
num for palladium thanks to the large price demand. In 2020, a total of 3.12 million oun-
difference. Corresponding areas of applicati- Finely divided, palladium is an excellent ca- ces of palladium were recycled. This was
on are already out of the development stage talyst for accelerating chemical reactions, in 33.6% of the total palladium supply.
and are in the mass application phase. Much particular for the addition and elimination of
also stands and falls with the investment hydrogen and for cracking hydrocarbons. By
sector, which is returning to its old strength, far the most important application for palladi- Supply decreases
also due to the currently still too low platinum um is thus in the field of exhaust gas catalys-
price. From July 2020 to March 2021 alone, ts for gasoline engines. About 86% of the Palladium supply has shown stable to decli-
for example, the global platinum ETFs recor- palladium demanded in 2020 was for cata- ning trends over the past three years, accele-
ded an increase of 500,000 ounces to a re- lytic converter construction. Furthermore, rated by Corona-related production cuts, due
(Source: corlaffra@shutterstock.com) cord value of 3.8 million ounces. palladium is frequently used for alloys in the to three key factors.
16 17
You can also read
