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Heraeus Precious Appraisal

Weekly reporting of precious metal trends

SFA's latest market view in collaboration with Heraeus

In collaboration with Heraeus Precious Metals, SFA (Oxford) issues a complimentary weekly report analysing the key trends and developments in the precious metal markets and their likely impact on metals prices. It brings to bear SFA’s commodity expertise, technical knowledge and insight into political, economic and regulatory developments, all distilled into a five-minute interpretation of this week in the markets. Covering a wide range of themes (including transport, the hydrogen economy, supply security, investment and recycling), the reports focus on a different precious metal each week, backed up by 'at-a-glance' charts on the issues of the highest importance. Essential reading for all precious metals value chain players.

The Heraeus Precious Appraisal team

For more information, please contact one of our team or visit Heraeus Precious Metals and sign-up to receive this weekly report in your inbox.

 

Dr Ralph Grimble

Operations Director

Daniel Croft

Precious Metals Analyst

Beresford Clarke

Managing Director: Technical & Research

Andy Smith

Independent Consultant

Jeremy Coombes

Independent Consultant

2022

Edition 10

Coming soon...

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Edition 9

Russia-Ukraine conflict puts Pd and Rh automotive demand at risk

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Edition 8

Will high US gas prices push people into BEVs and impact PGMs?

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Edition 7

Russian invasion could accelerate platinum substitution into autocatalysts

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Edition 6

Powell vs. Putin: Whose influence is stronger for gold?

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Edition 5

Recycling in China is piling up

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Edition 4

Will Euro 7 boost PGM demand in Europe, or crush ICE?

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Edition 3

A great leap forward for fuel cell vehicles?

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Edition 2

Rand strength could helplift the platinum price

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Edition 1

Iridium and ruthenium were the only winers in 2021

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Forecast

Heraeus Precious Forecast 2022

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2021

Edition 44

Low-cost PGM ounces from Zimbabwe reaching record levels

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Edition 43

Platinum and gold ETFs retreat in 2021

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Edition 42

Has China given platinum a hevay-duty hangover?

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Edition 41

Increased M&A and expansion could unlock future PGM supply

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Edition 40

Silver's time in the sun

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Edition 39

Lacklustre investment is restraining gold demand

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Edition 38

Hydrogen ICE: iridium gains but platinum has losses and gains

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Edition 37

Despite auto sector challenges, the palladium market is tight

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Edition 36

Iridium is the stand-out metal of 2021, but is the best yet to come?

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Edition 35

The fuel light is on in Europe’s diesel market

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Edition 34

PGM recycling – short-term pain, long-term gain

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Edition 33

Spring forward, Fall back?

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Edition 32

The palladium price is only as strong as its weakest link

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Edition 31

More silver investment may be needed to lift the price

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Edition 30

A Chinese economic slowdown threatens palladium demand

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Edition 29

A golden anniversary for gold

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Edition 28

How will ruthenium fare in the fight for HDD supremacy?

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Edition 27

Tokyo 2020: fortune or flop for hydrogen?

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Edition 26

Is the rhodium price past its peak?

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Edition 25

Platinum: an ingot rush or sponge surplus?

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Edition 24

Will Euro 7 be a lifeline or loss for diesel and Pt demand?

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Edition 23

PGM mines endure South Africa’s third-wave lockdown

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Edition 22

Will silver feel the heat from the rising cost of solar?

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Edition 21

Auto chip shortage: a respite for palladium and rhodium?

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Edition 20

Gold and silver poised for gains on inflation fears - transitory or not?

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Edition 19

A pullback for platinum in H2'21?

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Edition 18

Is history repeating itself or just rhyming for ruthenium?

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Edition 17

Other metals take centre stage in London Platinum Week

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Edition 16

Small PGMs leading the price gains but for how much longer?

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Edition 15

Some central banks are concerned about inflation, but not the Fed

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Edition 14

Can a rising platinum price trigger a shift in sentiment for China's jewellery?

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Edition 13

Output recovered but where are rhodium prices so high?

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Edition 12

Higher inflation = higher prices for silver?

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Edition 11

History repeating itself for PGM demand? Covid continues to hit EU auto sales

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Edition 10

Nornickel's mining setbacks cause palladium prices to surge

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Edition 9

The future looks bright for iridium

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Edition 8

Supply shock lifts rhodium – palladium next?

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Edition 7

Record dollar short positions is now an alert on gold

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Edition 6

Will EV uptake in America dent PGM demand

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Edition 5

Is platinum's price rise due to substitution or seasonality?

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Edition 4

A short-lived silver rush

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Edition 3

Respite for Rhodium?

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Edition 2

Constrained refined output to keep Ir and Ru prices elevated

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Edition 1

Could PGM prices relapse in 2021?

Unavailable

 

Forecast

Heraeus Precious Forecast 2021

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2020

Edition 43

Hindsight is 2020

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Edition 42

Shipshape: strict ballast water legislation drives iridium & ruthenium demand

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Edition 41

What is the platinum market balance?

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Edition 40

More than a record rhodium price is needed to motivate additional PGM supply

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Edition 39

Sustained high palladium price favours substitution

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Edition 38

Winter is coming

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Edition 37

Will a solar-led renewable energy surge be the pandemic's silver lining?

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Edition 36

Compressed to impress - Europe leads PGM demand in the hydrogen economy

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Edition 35

Will oil refinery shutdowns be a platinum blowout?

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Edition 34

The US election is a vote for gold

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Edition 33

PGM price hazard ahead: will a coronavirus second wave crash auto sales?

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Edition 32

The rhodium rally – bucking the trend

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New York

Platinum Week – New York

Unavailable

 

Edition 31

Chinese speculative buying leaves little upside for platinum in H2

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Forecast

Heraeus Precious Forecast update 2020

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Edition 30

Will a road race to electrify America leave PGMs in the dust?

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Edition 29

Seasonality cannot save gold's consumer demand this year

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Edition 28

Is it time to take profits in gold?

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Edition 27

Northam removes technical risk from its South African platinum projects

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Edition 26

Silver's momentum takes gold for now

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Edition 25

Hydrogen – breathing new life into the platinum market

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Edition 24

Bigger is better: storage growth boosts ruthenium demand

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Edition 23

Fast and Furious: rhodium outperforms in H1 with market tightening in H2

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Edition 22

Precious metal prices vulnerable to further declines

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Edition 21

Will BEV subsidies push Pd-rich ICEs onto thin ice?

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Edition 20

Stock markets' recovery - opportunity or danger for gold

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Edition 19

Delayed 5G network rollout weighs on silver demand

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Edition 18

Iridium & platinum in electrolysers: the clean, green hydrogen machines

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Edition 17

High price incites quick cash-for-gold scrap sales

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Edition 16

Platinum price incites Chinese buying

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Edition 15

Peak uncertainty, peak gold price?

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Edition 14

Low oil price and negative GDP growth signal lower prices for PGMs

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Edition 13

Market Watch

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Edition 12

Market Watch

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Edition 11

Market Watch

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Edition 10

Market Watch

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Edition 9

Oil prices tank to $30/barrel

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Edition 8

South African supply: short term loss, long term gain

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Edition 7

Iridium and ruthenium in the clean energy revolution

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Edition 6

Will China's woes limit silver's time in the sun this year?

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Edition 5

Coronavirus lifts safe-haven demand but hits PGMs

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Edition 4

Petrol hybrids to win near term emissions race supporting Pd & Rh

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Edition 3

Palladium's outperformance over platinum to continue in 2020

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Edition 2

A lot of risks are already priced in for gold

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Edition 1

Pd & Rh prices jump higher, but what goes up, must come down (eventually)

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Forecast

Heraeus Precious Forecast 2020

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2019

Edition 45

South African PGM supply short circuits under Eskom

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Edition 44

Can expanding hydrogen mobility fuel platinum's future

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Edition 43

Gold - reasons for a seasonal low

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Edition 42

Palladium and rhodium prices hoist South African miners in to profit

Unavailable

 

Edition 41

Subsidy cuts overshadow PV silver demand

Unavailable

 

Edition 40

Will ID.3 pull the plug on palladium and rhodium demand?

Unavailable

 

Edition 39

A rougher ride for NEVs in China adds to palladium's appeal

Unavailable

 

Edition 38

Do positives for platinum signal a turning point?

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Edition 37

Gold ETFs hit record high on weak global outlook

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Edition 36

Implats aligns its output more closely with future order books

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Edition 35

Reversing US trucks could signal lower Pd & Rh prices

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Edition 34

Physical shortages pinch palladium prices

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Edition 33

Precious metals outshine industrials

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Edition 32

The platinum price is up but the fundamentals point down

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Edition 31

Is rhodium's rally over?

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Edition 30

Northam's rise - it's elementary

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Edition 29

Are negative yields positive for gold?

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Edition 28

Falling EU manufacturing PMI and truck sales shift platinum demand into low gear

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Edition 27

Ruthenium demand set to fall, but not because of its high price!

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Edition 26

Is the end of the central bank agreement a sell signal for gold?

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Edition 25

Silver is cheap and ETF investors have finally taken notice

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Edition 24

China car sales: BEVs gain, petrol and palladium's pain

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Edition 23

A taxing time for gold in India

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Edition 22

Rhodium outperforms in H1'19, ruthenium underperforms

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Edition 21

Wage rises vs job security: A low platinum price costs jobs

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Edition 20

Economic uncertainty lifting the gold price

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Edition 19

Has diesel turned the corner in Germany?

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Edition 18

Silver short covering rally underway, but can it continue?

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Edition 17

Merged Sibanye-Stillwater-Lonmin is the force in rhodium

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Edition 16

Palladium demand in China is not just about vehicle sales numbers

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Edition 15

The view from London Platinum Week

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Edition 14

Indian auto sales slow but higher PGM gearing ahead

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Edition 13

Gold price volatility lowest in almost 20 years but it will not stay low forever

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Edition 12

Is palladium's bull market over?

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Edition 11

Platinum ETF holdings surge, but price to remain subdued

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Edition 10

Rhodium - more price volatility ahead

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Edition 9

China's jewellery demand loses its shine

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Edition 8

How much lower can the Pt:Pd ratio go?

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Edition 7

Will Pt investment demand balance the market in 2019?

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Edition 6

A Eurozone recession will hit palladium demand hardest

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Edition 5

Geopolitical risks will keep central banks buying gold

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Edition 4

Visible palladium stocks have fallen by 75%

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Edition 3

Uncompetitive miners still need to cut output, despite high rhodium price

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Edition 2

Palladium indicator flashing: Chinese car sales turning down

Unavailable

 

Edition 1

Precious metal seasonality shows prices typically rise in Q1

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Forecast

Uncertain times ahead

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2018

Edition 43

Platinum is gearing up for the hydrogen economy

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Edition 42

Platinum is in the adoption zone

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Edition 41

Wall Street worries to benefit gold?

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Edition 40

Will the palladium price slip up on an oil slick?

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Edition 39

Palladium becoming a hand to mouth market

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Edition 38

Inelastic demand may insulate iridium demand from its high price

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Edition 37

Platinum oversupply set to hoist rhodium price

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Edition 36

Diesel tank now one-third full; more bad news for platinum?

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Edition 35

Gold outlook mixed, with non-commercials net short. Rally Coming?

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Edition 34

EU will struggle to hit CO2 emissions targets without diesel

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Edition 33

Oil at new highs could indicate more near term upside for palladium

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Edition 32

China auto sales drop but credit trend to lead Pd price higher?

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Edition 31

China's PGM demand to grow by >20%; Heraeus opens facility

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Edition 30

Further palladium price upside ahead?

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Edition 29

Difficulties in India may cut Q4 gold jewellery demand

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Edition 28

US investors see low platinum price as a buying opportunity

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Edition 27

Will traders be squeezed by their summer shorts?

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Edition 26

Is platinum a bargain or is it going lower?

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Edition 25

Cloud storage expansion positive for ruthenium demand

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Edition 24

Investment the loser in the Zimbabwe election?

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Edition 23

Sentiment and Q3 seasonality suggest a gold price rally!

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Edition 22

Platinum demand falling, CO2 emissions rising

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Edition 21

European gold ETF holdings climb as political and economic risks grow

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Edition 20

Iridium outperforms, palladium underperforms in H1'18

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Edition 19

Will platinum futures traders be caught out?

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Edition 18

A weaker rand is helping SA PGM miners' revenues

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Edition 17

China cuts solar cell tariffs; hits silver demand by 10 moz

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Edition 16

Will today's high fuel prices impact PGM demand?

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Edition 15

Platinum's two largest demand segments are shrinking

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Edition 14

Bitcoin - a flash in the pan or a replacement for gold?

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Edition 13

How long can the good times keep rolling for North American trucks?

Unavailable

 

Edition 12

Does oil have platinum over a barrel?

Unavailable

 

Edition 11

Record net short in silver futures should lead to a price rally

Unavailable

 

Edition 10

Platinum:palladium ratio at a turning point?

Unavailable

 

Edition 9

Consumer confidence boosts US auto sales in March

Unavailable

 

Edition 8

Uncertainty trumps economic growth as gold outperforms silver

Unavailable

 

Edition 7

Despite NEV promotion in China, Pd and Rh auto demand still grows

Unavailable

 

Edition 6

And the leading actor oscar goes to palladium

Unavailable

 

Edition 5

Events in EU could raise uncertainty and hit the euro and gold

Unavailable

 

Edition 4

Heraeus secures future PGM supply

Unavailable

 

Edition 3

Small metals, big prices - but how big are the risks?

Unavailable

 

Edition 2

The calm before the euro storm?

Unavailable

 

Edition 1

Greater risk of more PGM supply cuts

Unavailable

Other PGM market reports

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The Oxford Platinum Lectures

Friday, 13 May 2022

New York 05:30 (EDT), London 10:30 (BST), Frankfurt 11:30 (CEST), Johannesburg 11:30 (SAST), Moscow 12:30 (MSK), Tokyo 18:30 (JST)

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Monday, 13 September 2021

New York 07:00 (EDT), London 12:00 (BST), Frankfurt 13:00 (CEST), Johannesburg 13:00 (SAST), Moscow 14:00 (MSK), Tokyo 20:00 (JST)

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