Heraeus Precious Appraisal
Weekly reporting of precious metal trends
SFA's latest market view in collaboration with Heraeus
Since 2018, SFA (Oxford) has worked with Heraeus Precious Metals by delivering 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, PGM 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
Commodity Analyst
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2022 |
Forecast |
Heraeus Precious Forecast 2023 |
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Edition 39 |
Green hydrogen cost will decline steeply as manufacturing base expands |
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Edition 38 |
Older cars present a new problem for scrap palladium supply |
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Edition 37 |
Wall Street and Main Street divided over gold investment |
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Edition 36 |
Possible short-term price gains for PGMs to be offset as metal liquidity recovers |
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Edition 35 |
Dhanteras, Diwali and dowries may well boost India’s gold demand in Q4’22 |
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Edition 34 |
More petroleum platinum demand at risk once Russian oil dries up in Europe |
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Edition 33 |
Palladium demand growth decelerates as consumer demand for new vehicles weakens |
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Edition 32 |
Gold could struggle to make headway until the Fed changes course |
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Edition 31 |
Load-shedding: six stages of grief for South African PGM supply |
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Edition 30 |
The fuse is lit: will platinum jewellery demand go up, or blow up? |
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Edition 29 |
Instability and inflation hedging buoying central bank gold buying |
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Edition 28 |
Ruthenium demand in hard drives not yet nailed by HAMR |
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Edition 27 |
Are the specs turning bullish on Pt and Pd, or just less bearish? |
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Edition 26 |
How do precious metals fare in recessions? |
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Edition 25 |
Lockdowns hit Chinese electronics demand, dragging down industrial silver |
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Edition 24 |
European energy anxiety may accelerate growth in Ir demand for hydrogen |
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Edition 23 |
Price seasonality + extreme speculators’ position = gold rally? |
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Edition 22 |
Near-term platinum price weakness may find some relief in a stronger rand |
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Edition 21 |
Recession fears claw back commodity price gains from Q1 2022 |
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Edition 20 |
India can overtake China as the largest gold consumer this year |
Not available |
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Edition 19 |
Hydrogen electrolyser capacity expansion essential to supply clean fuels |
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Edition 18 |
Falling truck sales show US economy is slowing, risking PGM demand |
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Edition 17 |
Industrial Ir and Ru demand at risk from construction slowdown |
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Edition 16 |
London platinum week returns to the city |
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Edition 15 |
Fed tightening continues. Is there any upside left for gold? |
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Edition 14 |
Could Ford's electric pickup be a catalyst to reduce US PGM demand? |
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Edition 13 |
China's zero Covid policy is putting the brakes on the auto market |
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Edition 12 |
Platinum and Palladium funds outshone gold and silver in the first quarter |
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Edition 11 |
Back to the 1970s: Oil price shocks and recessions |
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Edition 10 |
Growing 5G smartphone sales and 5G towers signal more silver demand |
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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 |
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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 Ir & Ru 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 H2 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 |
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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 |
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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 |
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Edition 41 |
Subsidy cuts overshadow PV silver demand |
Unavailable |
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Edition 40 |
Will ID.3 pull the plug on palladium and rhodium demand? |
Unavailable |
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Edition 39 |
A rougher ride for NEVs in China adds to palladium's appeal |
Unavailable |
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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 Pt 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 |
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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 |
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Edition 12 |
Does oil have platinum over a barrel? |
Unavailable |
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Edition 11 |
Record net short in silver futures should lead to a price rally |
Unavailable |
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Edition 10 |
Platinum:palladium ratio at a turning point? |
Unavailable |
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Edition 9 |
Consumer confidence boosts US auto sales in March |
Unavailable |
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Edition 8 |
Uncertainty trumps economic growth as gold outperforms silver |
Unavailable |
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Edition 7 |
Despite NEV promotion in China, Pd and Rh auto demand still grows |
Unavailable |
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Edition 6 |
And the leading actor oscar goes to palladium |
Unavailable |
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Edition 5 |
Events in EU could raise uncertainty and hit the euro and gold |
Unavailable |
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Edition 4 |
Heraeus secures future PGM supply |
Unavailable |
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Edition 3 |
Small metals, big prices - but how big are the risks? |
Unavailable |
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Edition 2 |
The calm before the euro storm? |
Unavailable |
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Edition 1 |
Greater risk of more PGM supply cuts |
Unavailable |
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An evaluation on future platinum, palladium and rhodium supply risk from mines and projects around the world, and the economic cost of production.
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Bottom-up evaluation of the precious metals trading environment, regulatory framework, end-use markets, recycling volumes and key players.
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Detailed market intelligence on PGM demand and supply, major players and the recycling market to assist strategic planning.
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Processing analytics, capacity utilisation rates, logistical flows and plant feeds for the PGM smelters, and refineries of North America, Europe and Russia.
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