In the Press

Is the Silver Supply Deficit Still Relevant in July 2026? Yes — and importantly, the price correction has not changed it. The Silver Institute’s World Silver Survey 2026, published April 15, 2026 with research by Metals Focus, confirmed the sixth consecutive annual supply deficit at 46.3 million ounces — wider than 2025’s 40.3 million ounce gap. [Silver Institute] In fact, since 2021, the cumulative drawdown from above-ground stocks has reached 762 million ounces. By goldsilver.com

Although the price of gold has regained the $4,100-per-ounce mark, analysts at Metals Focus say the precious metal is set to undergo a summer consolidation for the time being. However, this phase offers promising prospects: Later in the year, strong fundamental drivers are likely to push the price significantly higher again. By Björn Junker for GoldInvest

According to commodity analysts at Metals Focus, renewed conflict between the United States and Iran is supporting higher energy prices, fueling inflation concerns and forcing the Federal Reserve to maintain its new tightening bias. The analysts expect those dynamics to keep gold trading in a broad range through the remainder of the summer. By Neils Christensen for Kitco News

According to research consultancy Metals Focus, the improvement in the gold price has also resulted in manufacturers pivoting into platinum jewellery. Consequently, platinum jewellery demand rose for a second successive year in 2025, up 10% to 2.2-million ounces — its highest level since 2017. By David McKay for Mining MX

Junlu Liang, senior analyst at consultancy Metals Focus, said the movements show how central banks are reassessing the role of gold in reserve management. “In some countries, domestic political considerations have further strengthened calls to relocate gold holdings closer to home,” she said, adding that Austria, the Netherlands and Germany had all repatriated some of their holdings in recent years. By Leslie Hook and Krishn Kaushik for Financial Times

Metals Focus analysts expect the underlying drivers of gold’s 2025 rally to remain in place through 2026. A market with strong structural support and unresolved macro uncertainty is one that will continue to see sharp moves in both directions. By Shaun Bina for FX Street

“Gold rallied strongly in 2025, by 44%, its best performance since 1980,” said Matthew Piggott, Director of Gold and Silver at Metals Focus. “Although net central bank purchases were roughly a fifth lower than the year before following three consecutive years of 1,000 tonnes plus gold demand, the 2025 figure remained significantly above pre-2022 levels, with the official sector continuing to play a strategic role in the gold market…” By Ernest Hoffman for Kitco News

“Gold rallied strongly in 2025, by 44%, its best performance since 1980,” Matthew Piggott, director of gold and silver at Metals Focus, said. “The drivers from 2025 remain intact: ongoing US policy uncertainty, persistent concerns about the dollar’s long-term outlook, elevated geopolitical risks and stretched equity valuations. Together, these factors reinforce gold’s role as a safe haven and portfolio diversifier.” By Canadian Mining Journal Staff

The global gold market is undergoing its biggest transformation in decades. According to the annual Gold Focus 2026 report by consulting firm Metals Focus, reviewed by The Insider, investment is becoming the main source of demand for gold amid record prices, while traditional consumption in the jewelry sector is falling rapidly. By The Insider

Platinum and rhodium prices are forecast to rise 71% and 62% respectively in 2026, while palladium is projected to gain 37%, consultancy Metals Focus said on Monday1. The London-based firm attributed the divergence to persistent supply deficits across the platinum group metals (PGM) complex. By Patricia Miller for Value the Markets News

After a solid start to the year, prices for platinum group metals (PGMs) currently appear to be stuck in a sideways trend. Yet for commodity investors, this very phase could present a strategic buying opportunity. British analysts at Metals Focus expect the fundamental situation across the entire PGM sector to continue tightening, with prices set to rise significantly in 2026. This trend is led by platinum, supported by declining mine production, dwindling inventories, and growing investor interest. By Björn Junker for Gold Invest

Wilma Swarts, head of platinum group metals (PGMs) at Metals Focus, said: “There are multiple reasons for this investment demand interest, but it does have a geopolitical, macro kind of driver behind it, with the gold price having soared to all exorbitant heights. Hard assets have become key and platinum and even some of the more exotic precious metals are…getting to be interesting from an investor’s perspective.” By Maisie Grice For City am

The risk of a protracted US-Iran conflict, the accelerating regionalisation of PGM markets, alongside the launch of platinum and palladium futures on China’s Guangzhou Futures Exchange, represents a structural shift in how platinum group metals (PGMs) are sourced, priced and traded. “We expect these themes, rather than fundamentals alone, to define the year ahead,” precious metals consultancy Metals Focus PGMs director Wilma Swarts says. By Sabrina Jardim for Mining Weekly

Despite recent price consolidation below $2,000 per ounce, the platinum market is sending increasingly bullish signals. The World Platinum Investment Council (WPIC) and UK-based research firm Metals Focus both point to a structural tightening in the platinum market – a trend that has yet to be fully reflected in prices. By Caroline Kong for NAI 500

In its newly released Platinum Group Metals Focus 2026 report, the analysts forecast platinum prices to average $2,190 an ounce next year, up 71% year-on-year, while palladium is expected to average $1,570, a 37% increase. Rhodium is forecast to rise 62% to $10,200, iridium to climb 64% to $7,200. In the smaller ruthenium market, prices are seen more than doubling to $1,560 an ounce. By Neils Christensen for Kitco News

The global silver market is expected to remain in a deficit for a sixth consecutive year amid robust demand for bars and coins, and declining supplies, according to the Silver Institute. The 2026 deficit is projected to widen by 15% to 46.3 million troy ounces, the industry group said in its annual outlook published Wednesday. By Yvonne Yue Li for Bloomberg