The purpose of this blog is to share an internal view on metal markets that the Company is involved in directly or indirectly via its partners. This includes information about various sources of supply, different segments of demand, inventory levels and the possible implications for price. Metals, and commodities more broadly, are part of the larger monetary, financial, economic and political order. The metals & markets blog endeavors to connect both the bottom-up fundamentals with the top-down macroeconomic variables. The result is an interesting, unique perspective that focuses on the medium-to-long term. On this page, we will share select articles on a monthly basis produced and curated by the team at Wheaton Precious Metals International Ltd. (“WPMI”).

These articles are for informational purposes only and are not intended, nor should they be used, as investment, securities, tax, financial, legal or other advice. In reading these articles, you agree not to use these articles for these purposes and any decisions you make based on any information contained in these articles are the sole responsibility of you as the reader. These articles are not an offer to sell or a solicitation of an offer to buy any security or investment.





Green Silver 

Approximately 18 percent of annual silver demand is devoted towards industries with green end uses. Silver’s remarkable chemical properties ensure that it will be used wherever reliability, precision and safety are paramount. Solar panels, electric vehicles and nuclear power plants all require silver.

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Virus Impact on Palladium Supply and Demand 2020-2025

Demand losses greater than supply cuts, and yet deficits remain. Mine supply, relative to the pre-virus 2020-25 outlook as of January 2020, has been reduced by 466 thousand ounces.

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Virus Impact on Silver Supply and Demand 2020-2025

Mine supply, relative to the pre-virus 2020-25 outlook as of January 2020, has been reduced by 167 million ounces.

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Ignore Waning Central Bank Gold Demand

Central bank gold purchases expanded markedly during 2018-19, both in total volume and breadth of participation. The purchases, in conjunction with a rising gold price and an escalating monetary disorder, were given prominence by industry analysts. That surge is set to suffer a “significant” setback with the Bank of Russia announcing it has suspended its procurement program. However, neither the central bank rally nor the impending setback has much to do with price.

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Rising Dollar May Not Be A Problem for Gold

Traditionally the US dollar and gold are inversely correlated to each other. Hence the dollar’s recent, sharp rally is a concerning development for the gold investor. Nevertheless, the gold investor need not be wary as there are exceptions to the traditional, opposing relationship. During periods of intense financial, economic and/or political disorder both rise in concert.

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Gold Slams in the Time of COVID-19

Gold prices were washed away just as the virus wave hit hard. Why? Gold prices suffered two savage declines of $110 and $180 dollars between February 24 and March 16 despite the exponential advancement of the virus, escalating socioeconomic uncertainty and rapid, deep drops in stock markets.

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Gold’s More Worried About the Banks’ Drain Than the Fed’s Faucet

Since September 2019, the Federal Reserve has rapidly expanded the size of its balance sheet. Yet despite this seemingly dramatic increase in supply, the United States dollar has appreciated in value. Ostensibly this suggests the market has a high level of faith in America’s central bank. That is not the case.

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The Gold-Silver Ratio is Indicative of Global Deflation

Is the gold-silver ratio merely a charting curio? Or does it continue to serve in its historic role as a reliable indicator of the global monetary condition? And if the latter, then what do last year’s (nearly) all-time highs augur about the state of the world economy?

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Wheaton Precious Metals International Ltd. (“WPMI”) is a wholly owned subsidiary of Wheaton Precious Metals Corp. and enters into streaming agreements on mines located outside of Canada. WPMI retains an experienced management team and an independent board of directors. As part of the Wheaton group of companies, WPMI also carries out activities in a number of critical business areas including due diligence, contract compliance, metal sales, corporate social responsibility programs and metals market research.