The best performing precious metal for the week was palladium, up 5.23%, perhaps in response to Sibanye Stillwater’s announcement of curtailing production unless the price improves. The amount of gold reserves parked overseas by the Reserve Bank of India dropped to the lowest level in six years at the end of March--47% of the total—since it started accumulating the precious metal in December 2017, according to Bloomberg.
Platinum jewelry demand has been in decline despite platinum’s growing discount to gold in the last few years. Headwinds for Chinese platinum jewelry demand is three-pronged. A relatively sluggish economy, an aging population and high youth unemployment have resulted in a shift in jewelry sales patterns, according to Bank of America.
According to Bank of America, with respect to the non-core asset sale process at Newmont, both Akyem and Telfer are expected to be concluded, with proceeds paid-out, in the second half of 2024. The Akyem process was described as “competitive” and expected to be paid all in cash; Telfer might be a mix of cash and equity. The non-core North American asset sales are more likely to conclude in early 2025, with cash payment preferred, though NEM might consider equity.
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