《瑞士资源资本(SRC):2023年贵金属报告(3月版)(英文版)(41页).pdf》由会员分享,可在线阅读,更多相关《瑞士资源资本(SRC):2023年贵金属报告(3月版)(英文版)(41页).pdf(41页珍藏版)》请在三个皮匠报告上搜索。
1、Everything you need to know about gold,silver,platinum and palladium!Precious Metals Report 20232DisclaimerDear reader,Please read the complete disclaimer in the fol-lowing pages carefully before you start reading this Swiss Resource Capital Publication.By using this Swiss Resource Capital Publicati
2、on you agree that you have completely understood the following disclaimer and you agree comple-tely with this disclaimer.If at least one of these point does not agree with you than reading and use of this publication is not allowed.We point out the following:Swiss Resource Capital AG and the authors
3、 of the Swiss Resource Capital AG directly own and/or indirectly own shares of following Companies which are described in this publication:Calibre Mining,Eloro Resources,Endeavour Silver,First Majestic Silver,Gold Line Resources,GoldMi-ning,GoldRoyalty,MAG Silver,Revival Gold,Si-banye-Stillwater,Sie
4、rra Madre Gold&Silver,Steppe Gold.Swiss Resource Capital AG has closed IR consultant contracts with the following compa-nies which are mentioned in this publication:Calibre Mining,GoldMining,GoldRoyalty,MAG Silver,Sibanye-Stillwater,Sierra Madre Gold&Silver.Swiss Resource Capital AG receives compen-
5、sation expenses from the following companies mentioned in this publication:Calibre Mining,Eloro Resources,Endeavour Silver,First Majestic Silver,Gold Line Resources,GoldMining,Gold-Royalty,MAG Silver,Revival Gold,Sibanye-Still-water,Sierra Madre Gold&Silver,Steppe Gold.Therefore,all mentioned compan
6、ies are spon-sors of this publication.Risk Disclosure and LiabilitySwiss Resource Capital AG is not a securities ser-vice provider according to WpHG(Germany)and BrseG(Austria)as well as Art.620 to 771 obliga-tions law(Switzerland)and is not a finance company according to 1 Abs.3 Nr.6 KWG.All publica
7、tions of the Swiss Resource Capital AG are explicitly(in-cluding all the publications published on the website http:/www.resource-capital.ch and all sub-websites(like http:/www.resource-capital.ch/de)and the website http:/www.resource-capital.ch itself and its sub-websites)neither financial analysis
8、 nor are they equal to a professional financial analysis.Instead,all publications of Swiss Resource Capital AG are exclusively for information purposes only and are expressively not trading recommendations regar-ding the buying or selling of securities.All publica-tions of Swiss Resource Capital AG
9、represent only the opinion of the respective author.They are neither explicitly nor implicitly to be understood as guaran-tee of a particular price development of the menti-oned financial instruments or as a trading invitation.Every investment in securities mentioned in publica-tions of Swiss Resour
10、ce Capital AG involve risks which could lead to total a loss of the invested capi-tal and depending on the investment to further obligations for example additional payment liabili-ties.In general,purchase and sell orders should al-ways be limited for your own protection.This applies especially to al
11、l second-line-stocks in the small and micro cap sector and especially to exploration and resource companies which are dis-cussed in the publications of Swiss Resource Capi-tal AG and are exclusively suitable for speculative and risk aware investors.But it applies to all other securities as well.Ever
12、y exchange participant tra-des at his own risk.The information in the publica-tions of Swiss Resource Capital AG do not replace an on individual needs geared professional invest-ment advice.In spite of careful research,neither the respective author nor Swiss Resource Capital AG will neither guarante
13、e nor assume liability for actuali-ty,correctness,mistakes,accuracy,completeness,adequacy or quality of the presented information.For pecuniary losses resulting from investments in securities for which information was available in all publications of Swiss Resource Capital AG liability will be assum
14、ed neither by Swiss Capital Resource AG nor by the respective author neither explicitly nor implicitly.Any investment in securities involves risks.Politi-cal,economical or other changes can lead to signifi-cant stock price losses and in the worst case to a total loss of the invested capital and depe
15、nding on the investment to further obligations for example additional payment liabilities.Especially investments in(foreign)second-line-stocks,in the small and micro cap sector,and especially in the exploration and resource companies are all,in general,associa-ted with an outstandingly high risk.Thi
16、s market seg-ment is characterized by a high volatility and har-bours danger of a total loss of the invested capital and depending on the investment to further obli-gations for example additional payment liabilities.As well,small and micro caps are often very illiquid and every order should be stric
17、tly limited and,due to an often better pricing at the respective domestic exch-ange,should be traded there.An investment in se-curities with low liquidity and small market cap is extremely speculative as well as a high risk and can lead to,in the worst case,a total loss of the invested capital and d
18、epending on the investment to further obligations for example additional payment liabilities.Engagements in the publications of the shares and products presented in all publications of Swiss Resource Capital AG have in part foreign exchange risks.The deposit portion of single shares of small and mic
19、ro cap companies and low capitali-zed securities like derivatives and leveraged pro-ducts should only be as high that,in case of a pos-sible total loss,the deposit will only marginally lose in value.All publications of Swiss Resource Capital AG are exclusively for information purposes only.All infor
20、-mation and data in all publications of Swiss Resource Capital AG are obtained from sources which are deemed reliable and trustworthy by Swiss Resource Capital AG and the respective authors at the time of preparation.Swiss Resource Capital AG and all Swiss Resource Capital AG employed or engaged per
21、sons have worked for the preparation of all of the published contents with the greatest possible dili-gence to guarantee that the used and underlying data as well as facts are complete and accurate and the used estimates and made forecasts are realistic.Therefore,liability is categorically precluded
22、 for pe-cuniary losses which could potentially result from use of the information for ones own investment decision.All information published in publications of Swiss Resource Capital AG reflects the opinion of the res-pective author or third parties at the time of reparati-on of the publication.Neit
23、her Swiss Resource Capi-tal AG nor the respective authors can be held res-ponsible for any resulting pecuniary losses.All information is subject to change.Swiss Resource Capital AG as well as the respective authors assures that only sources which are deemed reliable and trustworthy by Swiss Resource
24、 Capital AG and the respective authors at the time of preparation are used.Although the assessments and statements in all publications of Swiss Resource Capital AG were prepared with due diligence,neither Swiss Resource Capital AG nor the respective authors take any res-ponsibility or liability for
25、the actuality,correctness,mistakes,accuracy,completeness,adequacy or quality of the presented facts or for omissions or in-correct information.The same shall apply for all pre-sentations,numbers,designs and assessments ex-pressed in interviews and videos.Swiss Resource Capital AG and the respective
26、authors are not obliged to update information in pu-blications.Swiss Resource Capital AG and the res-pective authors explicitly point out that changes in the used and underlying data,facts,as well as in the estimates could have an impact on the forecasted share price development or the overall estim
27、ate of the discussed security.The statements and opinions of Swiss Capital Resource AG as well as the respec-32tive author are not recommendations to buy or sell a security.Neither by subscription nor by use of any publica-tion of Swiss Resource Capital AG or by expressed recommendations or reproduc
28、ed opinions in such a publication will result in an investment advice cont-ract or investment brokerage contract between Swiss Resource Capital AG or the respective author and the subscriber of this publication.Investments in securities with low liquidity and small market cap are extremely speculati
29、ve as well as a high risk.Due to the speculative nature of the presented companies their securities or other finan-cial products it is quite possible that investments can lead to a capital reduction or to a total loss and depending on the investment to further obliga-tions for example additional pay
30、ment liabilities.Any investment in warrants,leveraged certificates or other financial products bears an extremely high risk.Due to political,economical or other changes significant stock price losses can arise and in the worst case a total loss of the invested capital and depending on the investment
31、 to further obligations for example additional payment liabilities.Any liabili-ty claim for foreign share recommendations,deriva-tives and fund recommendations are in principle ru-led out by Swiss Resource Capital AG and the res-pective authors.Between the readers as well as the subscribers and the
32、authors as well as Swiss Re-source Capital AG no consultancy agreement is clo-sed by subscription of a publication of Swiss Re-source Capital AG because all information contained in such a publication refer to the respective compa-ny but not to the investment decision.Publications of Swiss Resource
33、Capital AG are neither,direct or indirect an offer to buy or for the sale of the discus-sed security(securities),nor an invitation for the purchase or sale of securities in general.An invest-ment decision regarding any security should not be based on any publication of Swiss Resource Capital AG.Publ
34、ications of Swiss Resource Capital AG must not,either in whole or in part be used as a base for a binding contract of all kinds or used as reliable in such a context.Swiss Resource Capital AG is not responsible for consequences especially losses,which arise or could arise by the use or the failure o
35、f the application of the views and conclusions in the publications.Swiss Resource Capital AG and the respective authors do not guarantee that the expec-ted profits or mentioned share prices will be achie-ved.The reader is strongly encouraged to examine all assertions him/herself.An investment,presen
36、ted by Swiss Resource Capital AG and the respective au-thors in partly very speculative shares and financial products should not be made without reading the most current balance sheets as well as assets and liabilities reports of the companies at the Securities and Exchange Commission(SEC)under www.
37、sec.gov or other regulatory authorities or carrying out other company evaluations.Neither Swiss Resource Capital AG nor the respective authors will guarantee that the expected profits or mentioned share prices will be achieved.Neither Swiss Resource Capital AG nor the respective authors are professi
38、onal invest-ment or financial advisors.The reader should take advice(e.g.from the principle bank or a trusted ad-visor)before any investment decision.To reduce risk investors should largely diversify their investments.In addition,Swiss Resource Capital AG welco-mes and supports the journalistic prin
39、ciples of con-duct and recommendations of the German press council for the economic and financial market re-porting and within the scope of its responsibility will look out that these principles and recommendations are respected by employees,authors and editors.Forward-looking InformationInformation
40、 and statements in all publications of Swiss Resource Capital AG especially in(translated)press releases that are not historical facts are for-ward-looking information within the meaning of ap-plicable securities laws.They contain risks and un-certainties but not limited to current expectations of t
41、he company concerned,the stock concerned or the respective security as well as intentions,plans and opinions.Forward-looking information can of-ten contain words like“expect”,“believe”,“assu-me”,“goal”,“plan”,“objective”,“intent”,“estima-te”,“can”,“should”,“may”and“will”or the negati-ve forms of the
42、se expressions or similar words suggesting future events or expectations,ideas,plans,objectives,intentions or statements of future events or performances.Examples for forward-loo-king information in all publications of Swiss Resour-ce Capital AG include:production guidelines,esti-mates of future/tar
43、geted production rates as well as plans and timing regarding further exploration,drill and development activities.This forward-looking information is based in part on assumption and fac-tors that can change or turn out to be incorrect and therefore may cause actual results,performances or successes
44、to differ materially from those stated or postulated in such forward-looking statements.Such factors and assumption include but are not li-mited to:failure of preparation of resource and re-serve estimates,grade,ore recovery that differs from the estimates,the success of future explorati-on and dril
45、l programs,the reliability of the drill,sample and analytical data,the assumptions regar-ding the accuracy of the representativeness of the mineralization,the success of the planned metallur-gical test work,the significant deviation of capital and operating costs from the estimates,failure to receiv
46、e necessary government approval and en-vironmental permits or other project permits,chan-ges of foreign exchange rates,fluctuations of com-modity prices,delays by project developments and other factors.Potential shareholders and prospective investors should be aware that these statements are subject
47、 to known and unknown risks,uncertainties and other factors that could cause actual events to differ materially from those indicated in the forward-look-ing statements.Such factors include but are not li-mited to the following:risks regarding the inac-curacy of the mineral reserve and mineral resour
48、ce estimates,fluctuations of the gold price,risks and dangers in connection with mineral exploration,de-velopment and mining,risks regarding the credit-worthiness or the financial situation of the supplier,the refineries and other parties that are doing busi-ness with the company;the insufficient in
49、surance coverage or the failure to receive insurance covera-ge to cover these risks and dangers,the relationship with employees;relationships with and the de-mands from the local communities and the indi-genous population;political risks;the availability and rising costs in connection with the minin
50、g cont-ributions and workforce;the speculative nature of mineral exploration and development including ris-ks of receiving and maintaining the necessary licen-ces and permits,the decreasing quantities and gra-des of mineral reserves during mining;the global fi-nancial situation,current results of th
51、e current exploration activities,changes in the final results of the economic assessments and changes of the pro-ject parameter to include unexpected economic factors and other factors,risks of increased capital and operating costs,environmental,security and authority risks,expropriation,the tenure
52、of the com-pany to properties including their ownership,increa-se in competition in the mining industry for proper-ties,equipment,qualified personal and its costs,risks regarding the uncertainty of the timing of events including the increase of the targeted pro-duction rates and fluctuations in fore
53、ign exchange rates.The shareholders are cautioned not to place undue reliance on forward-looking information.By its nature,forward-looking information involves nu-merous assumptions,inherent risks and uncertain-ties both general and specific that contribute to the possibility that the predictions,fo
54、recasts,projec-tions and various future events will not occur.Neit-her Swiss Resource Capital AG nor the referred to company,referred to stock or referred to security undertake no obligation to update publicly other-wise revise any forward-looking information whether 4as a result of new information,
55、future events or other such factors which affect this information,except as required by law.48f Abs.5 BrseG(Austria)and Art.620 to 771 obligations law(Switzerland)Swiss Resource Capital AG as well as the respec-tive authors of all publications of Swiss Resource Capital AG could have been hired and c
56、ompensated by the respective company or related third party for the preparation,the electronic distribution and publi-cation of the respective publication and for other services.Therefore the possibility exists for a conflict of interests.At any time Swiss Resource Capital AG as well as the respecti
57、ve authors of all publications of Swiss Resource Capital AG could hold long and short po-sitions in the described securities and options,futu-res and other derivatives based on theses securities.Furthermore Swiss Resource Capital AG as well as the respective authors of all publications of Swiss Reso
58、urce Capital AG reserve the right to buy or sell at any time presented securities and options,futures and other derivatives based on theses securities.Therefore the possibility exists for a conflict of inte-rests.Single statements to financial instruments made by publications of Swiss Resource Capit
59、al AG and the respective authors within the scope of the res-pective offered charts are not trading recommenda-tions and are not equivalent to a financial analysis.A disclosure of the security holdings of Swiss Re-source Capital AG as well as the respective authors and/or compensations of Swiss Reso
60、urce Capital AG as well as the respective authors by the compa-ny or third parties related to the respective publica-tion will be properly declared in the publication or in the appendix.The share prices of the discussed financial instru-ments in the respective publications are,if not clarified,the c
61、losing prices of the preceding trading day or more recent prices before the respective publication.It cannot be ruled out that the interviews and esti-mates published in all publications of Swiss Resour-ce Capital AG were commissioned and paid for by the respective company or related third parties.S
62、wiss Resource Capital AG as well as the respective authors are receiving from the discussed companies and related third parties directly or indirectly expen-se allowances for the preparation and the electronic distribution of the publication as well as for other services.Exploitation and distributio
63、n rights Publications of Swiss Resource Capital AG may neither directly or indirectly be transmitted to Great Britain,Japan,USA or Canada or to an US citizen or a person with place of residence in the USA,Japan,Canada or Great Britain nor brought or distributed in their territory.The publications an
64、d their contained information can only be distributed or published in such states where it is legal by applicable law.US citizens are subject to regulation S of the U.S.Secu-rities Act of 1933 and cannot have access.In Great Britain the publications can only be accessible to a person who in terms of
65、 the Financial Services Act 1986 is authorized or exempt.If these restrictions are not respected this can be perceived as a violati-on against the respective state laws of the menti-oned countries and possibly of non mentioned countries.Possible resulting legal and liability claims shall be incumben
66、t upon that person,but not Swiss Resource Capital,who has published the publica-tions of Swiss Resource Capital AG in the menti-oned countries and regions or has made available the publications of Swiss Resource Capital AG to persons from these countries and regions.The use of any publication of Swi
67、ss Resource Capital AG is intended for private use only.Swiss Resource Capital AG shall be notified in advance or asked for permission if the publications will be used professionally which will be charged.All information from third parties especially the estimates provided by external user does not
68、reflect the opinion of Swiss Resource Capital AG.Conse-quently,Swiss Resource Capital AG does not gua-rantee the actuality,correctness,mistakes,ac-curacy,completeness,adequacy or quality of the information.Note to symmetrical information and opinion ge-nerationSwiss Resource Capital AG can not rule
69、out that other market letters,media or research companies are discussing concurrently the shares,companies and financial products which are presented in all pu-blications of Swiss Resource Capital AG.This can lead to symmetrical information and opinion genera-tion during that time period.No guarante
70、e for share price forecastsIn all critical diligence regarding the compilation and review of the sources used by Swiss Resource Capital AG like SEC Filings,official company news or interview statements of the respective manage-ment neither Swiss Resource Capital AG nor the re-spective authors can gu
71、arantee the correctness,accuracy and completeness of the facts presented in the sources.Neither Swiss Resource Capital AG nor the respective authors will guarantee or be liable for that all assumed share price and profit develop-ments of the respective companies and financial products respectively i
72、n all publications of Swiss Resource Capital AG will be achieved.No guarantee for share price dataNo guarantee is given for the accuracy of charts and data to the commodity,currency and stock markets presented in all publications of Swiss Re-source Capital AG.CopyrightThe copyrights of the single ar
73、ticles are with the respective author.Reprint and/or commercial dis-semination and the entry in commercial databases is only permitted with the explicit approval of the respective author or Swiss Resource Capital AG.All contents published by Swiss Resource Capi-tal AG or under www.resource-capital.c
74、h website and relevant sub-websites or within www.resour-ce-capital.ch newsletters and by Swiss Resource Capital AG in other media(e.g.Twitter,Facebook,RSS-Feed)are subject to German,Austrian and Swiss copyright and ancillary copyright.Any use which is not approved by German,Austrian and Swiss copyr
75、ight and ancillary copyright needs first the written consent of the provider or the respective rights owner.This applies especially for reproducti-on,processing,translation,saving,processing and reproduction of contents in databases or other electronic media or systems.Contents and rights of third p
76、arties are marked as such.The unauthorised reproduction or dissemination of single contents and complete pages is not permitted and punisha-ble.Only copies and downloads for personal,priva-te and non commercial use is permitted.Links to the website of the provider are always welcome and dont need th
77、e approval from the website provider.The presentation of this website in external frames is permitted with authorization only.In case of an infringement regarding copyrights Swiss Resource Capital AG will initiate criminal pro-cedure.54Information from the Federal Financial Supervi-sory Authority(Ba
78、Fin)You can find further information on how to pro-tect yourself against dubious offers in BaFin bro-chures directly on the website of the authority at www.bafin.de.Liability limitation for linksThe http:/www.resource-capital.ch website and all sub-websites and the http:/www.resour-ce-capital.ch new
79、sletter and all publications of Swiss Resource Capital AG contain links to websi-tes of third parties(“external links”).These websi-tes are subject to liability of the respective operator.Swiss Resource Capital AG has reviewed the for-eign contents at the initial linking with the external links if a
80、ny statutory violations were present.At that time no statutory violations were evident.Swiss Resource capital AG has no influence on the cur-rent and future design and the contents of the lin-ked websites.The placement of external links does not mean that Swiss Resource Capital AG takes ownership of
81、 the contents behind the reference or the link.A constant control of these links is not rea-sonable for Swiss Resource Capital AG without concrete indication of statutory violations.In case of known statutory violations such links will be im-mediately deleted from the websites of Swiss Re-source Cap
82、ital AG.If you encounter a website of which the content violates applicable law(in any manner)or the content(topics)insults or discrimi-nates individuals or groups of individuals,please contact us immediately.In its judgement of May 12th,1998 the Landge-richt(district court)Hamburg has ruled that by
83、 pla-cing a link one is responsible for the contents of the linked websites.This can only be prevented by ex-plicit dissociation of this content.For all links on the homepage http:/www.resource-capital.ch and its sub-websites and in all publications of Swiss Re-source Capital AG applies:Swiss Resour
84、ce Capital AG is dissociating itself explicitly from all contents of all linked websites on http:/www.resource-capi-tal.ch website and its sub-websites and in the http:/www.resource-capital.ch newsletter as well as all publications of Swiss Resource Capital AG and will not take ownership of these co
85、ntents.”Liability limitation for contents of this websiteThe contents of the website http:/www.resour-ce-capital.ch and its sub-websites are compiled with utmost diligence.Swiss Resource Capital AG however does not guarantee the accuracy,comple-teness and actuality of the provided contents.The use o
86、f the contents of website http:/www.resour-ce-capital.ch and its sub-websites is at the users risk.Specially marked articles reflect the opinion of the respective author but not always the opinion of Swiss Resource Capital AG.Liability limitation for availability of websiteSwiss Resource Capital AG
87、will endeavour to of-fer the service as uninterrupted as possible.Even with due care downtimes can not be excluded.Swiss Resource Capital AG reserves the right to change or discontinue its service any time.Liability limitation for advertisementsThe respective author and the advertiser are exclusivel
88、y responsible for the content of advertise-ments in http:/www.resource-capital.ch website and its sub-websites or in the http:/www.resour-ce-capital.ch newsletter as well as in all publica-tions of Swiss Resource Capital AG and also for the content of the advertised website and the advertised produc
89、ts and services.The presentation of the ad-vertisement does not constitute the acceptance by Swiss Resource Capital AG.No contractual relationshipUse of the website www.resource-capital.ch and its sub-websites and www.resource-capital.ch newsletter as well as in all publications of Swiss Re-source C
90、apital AG no contractual relationship is ente-red between the user and Swiss Resource Capital AG.In this respect there are no contractual or qua-si-contractual claims against Swiss Resource Capital AG.Protection of personal dataThe personalized data(e.g.mail address of cont-act)will only be used by
91、Swiss Resource Capital AG or from the respective company for news and infor-mation transmission in general or used for the res-pective company.Data protectionIf within the internet there exists the possibility for entry of personal or business data(email addresses,names,addresses),this data will be
92、disclosed only if the user explicitly volunteers.The use and payment for all offered services is permitted if technical pos-sible and reasonable without disclosure of these data or by entry of anonymized data or pseudonyms.Swiss Resource Capital AG points out that the data transmission in the intern
93、et(munication by email)can have security breaches.A complete data protection from unauthorized third party access is not possible.Accordingly no liability is assumed for the unintentional transmission of data.The use of contact data like postal addresses,telephone and fax numbers as well as email ad
94、dresses published in the imprint or similar information by third parties for transmission of not explicitly requested information is not permitted.Legal action against the senders of spam mails are expressly reserved by infringement of this prohibition.By registering in www.resource-capital.ch web-s
95、ite and its sub-websites or in the www.resource-ca-pital.ch newsletter you give us permission to cont-act you by email.Swiss Resource Capital AG recei-ves and stores automatically via server logs information from your browser including cookie in-formation,IP address and the accessed websites.Reading
96、 and accepting our terms of use and privacy statement are a prerequisite for permission to read,use and interact with our website(s).67Disclaimer 02Table of Contents|Imprint 07Preface 09The FIAT currency system is reaching its limits Central banks in particular are buying gold like theres no tomorro
97、w!.10Expert-Interview with David GarofaloChairman&CEO of Gold Royalty Corp.and Chairman&CEO of the Marshall Precious Metals Fund.20Expert-Interview with Prof.Dr.Torsten Dennin CIO Asset Management Switzerland AG.28Company profiles Calibre Mining.30Eloro Resources.34Endeavour Silver.38First Majestic
98、Silver.42Gold Line Resources.46GoldMining.50Gold Royalty.54MAG Silver.58Revival Gold.62 Sibanye-Stillwater.66Sierra Madre Gold&Silver.72Steppe Gold.76EditorSwiss Resource Capital AG Poststr.19100 Herisau,Schweiz Tel:+41 71 354 8501Fax:+41 71 560 4271inforesource-capital.ch www.resource-capital.chEdi
99、torial staffJochen StaigerTim RdelLayout/DesignFrauke DeutschAll rights reserved.Reprinting material by copying in electronic form is not permitted.Editorial Deadline:01/31/2023Cover:shutterstock_1664547556Page 11:shutterstock_30211121Page 12:Fotolia_16885023Page 15:AdobeStock_126054156Page 19:Page
100、22:All pictures and graphics have been provided by the companies,unless otherwise stated.Back:#1:Fotolia_16885023#2:AdobeStock_126054156#3:#4:Charts:02/26/2023JS Charts by amChartsInvest with the commodity professionalsYou do not have to be a stock market professional to make wise investment decisio
101、ns.Invest together with Swiss Resource Capital AG and Asset Management Switzerland AG in the mega-trend commodities.Since 05.03.2020 the experts specialist knowledge has been available as a Wikifolio certifi cate:SRC Mining&Special Situations Certifi cateISIN:DE000LS9PQA9WKN:LS9PQA Currency:CHF/Euro
102、*Certifi cate fee 0,95%p.a.Performance fee:15%Currently the following titles are represented in the SRC Mining&Special Situations Certifi cate(02/2023):ALPHA LITHIUM CORPORATION|ANGLO AMERICAN|AURANIA RESOURCES|BARRICK GOLD|BHP BILLITON|CALEDONIA MINING|CALIBRE MINING|CANADA NICKEL|CANAGOLD RESOURCE
103、S LTD.|CENTURY LITHIUM CORP.|-CHESAPEAKE GOLD|CONDOR GOLD|CONSOLIDATED URANIUM|COPPER MOUNTAIN MINING|DISCOVERY SILVER CORP.|FRANCO-NEVADA|FREEPORT-MCMORAN|FURY GOLD MINES|GOLD ROYALTY CORP.|GOLD TERRA RESOURCE|GOLDMINING|HANNAN METALS|ISOENERGY|KARORA RESOURCES|KUTCHO COPPER|LABRADOR URANIUM INC.|L
104、I-METAL CORP.|MAG SILVER|MAPLE GOLD MINES|MAWSON GOLD|MEDMIRA INC.|NEWMONT GOLDCORP|OCE-ANAGOLD|OSISKO GOLD ROYALTIES|PETROBRAS(ADR)|REVIVAL GOLD|RIO TINTO|SATURN OIL&GAS|SIBANYE STILLWATER|SKEENA RESOURCES|SUMMA SILVER CORP.|TARACHI GOLD|TIER ONE SILVER INC.|TINONE RESOURCES INC.|TORQ RESOURCES INC
105、.|TRILLIUM GOLD MINES|TUDOR GOLD CORP.O.N.|URANIUM ENERGY|US CRITICAL METALS CORP|VICTORIA GOLD|VIZSLA SILVERWe recommend that interested parties and potential investors obtain comprehensive information before making an investment decision.In particular,about the potential risks and rewards of the s
106、ecurity.You are about to purchase a product that is not simple and can be diffi cult to understand.Further,important information can be found at:www.resource-capital.ch/de/disclaimer-agb*Trading in Euro is possible at the Euwax in Stuttgart.Table of ContentsImprint9Dear Readers,It is with great plea
107、sure that we present you our special report on precious metals and this time also with a silver special in addition to our suc-cessful battery metals and uranium reports.Precious metals are indispensable today in times of high inflation,with simultaneously ri-sing interest rates that are likely to b
108、ring many a state to the brink of insolvency very soon.Some augurs think that gold and its little bro-ther silver have lost their safe haven status“because they did not perform well last year.Ho-wever,first and foremost they are always an independent wealth preservation insurance.Performance comes w
109、hen you dont expect it.The manipulations in the futures markets could end with a bang,namely when the physical stocks are no longer available for delivery and service.For silver in particular,we see massive shortages looming as early as 2023.This is because silver is indispensable for the energy tra
110、nsition,e-mobiles,high-tech and above all photovoltaics.The years-long policy of cheap money by the global central banks,including zero interest rate policy make life hell for sa-vers,pensioners and tenants.One may now pay the bill for the moronic central bank policy,above all an ECB in Frankfurt,wh
111、ere it seems that one first denies inflation,then slowly ro-wing back and then simply wondering why this has come to stay.We have seldom seen so much ignorance of macroeconomics and mo-netary theory as in the last 3 years.Instead,to-pics such as gender and climate protection are on the ECBs agenda,f
112、or which it has no man-date at all.The bottom line:zero return on sa-vings and exorbitantly rising prices at the same time.The spectre of stagflation is haunting us and causing additional worry lines.With gold,but also with platinum and palladium,you can weather many a storm to preserve your wealth.
113、We look positively into the future and take gold as a store of value and inflation pro-tection.Platinum and palladium are facing re-valuations,as here the Russia sanctions lead to a shortage on the world market.There is also a lack of new mines for the hydrogen future.PrefaceMining companies are sti
114、ll far too cheaply valued.Especially budding precious metal pro-ducers have an enormous leverage on the res-pective metal price,but also established pro-ducers that already pay dividends are massively undervalued.In this precious metal report,we will introduce you to some interesting companies that
115、are sui-table for speculation on rising precious metal prices.We also want to give you the necessary basic knowledge by means of our general part,so that you can make your own decisions.Swiss Resource Capital AG has made it its busi-ness to inform commodity investors,interested parties and those who
116、 would like to become one,up-to-date and comprehensively about the most diverse commodities and mining compa-nies.On our website www.resource-capital.ch you will find more than 35 companies and a lot of information and articles about commodities.We would like to give you the necessary insights and i
117、nform you comprehensively through our special reports.In addition,our two commo-dity IP-TV channels www.Commodity-TV.net&www.Rohstoff-TV.net are always available to you free of charge.For on the go,we recom-mend our new Commodity TV App for iPhone and Android,which provides you with real-time charts
118、,quotes and also the latest videos.My team and I hope you enjoy reading the Spe-cial Report on Precious Metals and hope to be able to provide you with a lot of new information,impressions and ideas.Only those who inform themselves in a versatile way and take their in-vestment matters into their own
119、hands will be able to win in these difficult times and preserve their assets.Precious metals have endured for thousands of years and will continue to do so.Yours,Jochen StaigerJochen Staiger is founder and CEO of Swiss Resource Capital AG,located in Herisau,Switzerland.As chief-editor and founder of
120、 the first two resource IP-TV-channels Commodity-TV and its German counterpart Rohstoff-TV,he reports about companies,experts,fund managers and various themes around the international mining business and the correspondent metals.Tim Rdel is Manager Newsletter,Threads&Special Reports at SRC AG.He has
121、 been active in the commodities sector for more than 15 years and accompanied several chief-editor positions,e.g.at Rohstoff-Spiegel,Rohstoff-Woche,Rohstoffraketen,the publications Wahrer Wohlstand and First Mover.He owns an enormous commodity expertise and a wide-spread network within the whole res
122、ource sector.The whole world of commodities in one App:Commodity-TV CEO and expert interviews Site-Visit-Videos Reports from trade shows and conferences around the world Up-to-date mining information Commodity TV,Rohstoff-TV and Dukascopy TV Real-time charts and much more!Swiss Resource Capital AG|P
123、oststrasse 1|9100 Herisau|Schweiz|www.resource-capital.ch|inforesource-capital.chcreated byFree download here:1011The FIAT currency system is reaching its limits Central banks in particular are buying gold like theres no tomorrow!Gold:store of value in difficult timesGold has always been considered
124、the num-ber 1 store of value!Especially in times like these,in which an explosive mixture of high inflation,threatening recession,completely out of control debt levels,war behavior in-cluding(energy)price explosion represent a constantly growing danger for the savings.In addition,it seems that a zer
125、o more or less no longer matters.Whereas in 1983 it was possible to save an entire state with the now seemingly ridiculous sum of 1 billi-on German marks(the Strauss deal with the GDR,the equivalent of around 511 million euros),today there is a quick 100 billion eu-ros for the rescue“of the German a
126、rmy.Years ago,former Fed chief Ben Bernanke coined the term helicopter money,“in which central bank money created out of thin air is paid out directly to the state or citizens.Long frowned upon,we now have this for some time in rough quantities.Of course,somewhat differently packaged,as Corona emerg
127、ency aid“,gas price brake“or tank rebate“,so that it is not immedia-tely so noticeable.All this means that the FIAT currency system as we know it is irre-vocably reaching its limits.This can be seen well in the US debt ceiling,which has once again been reached(at US$31.4 trillion)and means that the
128、US will not be allowed to take on any more new debt for the time being.Nor should they,since a whopping US$853 billion in interest payments was in-curred in the fourth quarter of 2022 alone.So additional debt and another rate hike should be urgently avoided if the US$is not to implode completely.Mea
129、nwhile,the glo-bal gold supply cannot be increased at will,which meant that gold could also serve as a valuable store of value in 2022.The price of gold is likely to rise sharply at the latest when global key interest rates are expected to fall,delighting investors not only for the purpose of storin
130、g value but also,and abo-ve all,with gains on corresponding preci-ous metal shares.Silver:Electrical industry and invest-ment sector set new demand re-cordsUnlike gold,more than 50%of total silver demand recently came from the industrial sector,while the remainder was mainly de-manded by professiona
131、l investors in the form of bars and coins and by the jewelry industry.Demand continued to rise sharply last year,with the existing supply deficit now increasingly attributable to ever higher demand from industry and as in previous years no longer exclusively from the inves-tment sector.Constantly in
132、creasing demand from emerging or still young boom high-tech industries such as electromobility,pho-tovoltaics and 5G technology clearly make silver one of the metals most in demand in the current decade,whereby production has not been able to keep pace for a long time and de facto has not been able
133、to be covered by recycling for several years.In the future,the energy sector in particular will play a dominant role.The use in many new components of more and more electric vehicles,in photovoltaic systems(installed over several decades),but also in 5G net-works and in the medical sector,will cause
134、 industrial demand to rise sharply in the co-ming years.Platinum:The supply surplus will most likely turn into a supply deficit in 2023Platinum has not performed well in recent years but has been showing relative strength again for several months.The in-creasing shift away from diesel as the num-ber
135、 one combustion engine led to a decline in demand for platinum,which is mainly used in diesel catalytic converters.Howe-ver,there is increasing substitution of palla-dium by platinum,which is boosting de-mand.In the future,platinum will be increa-singly used in catalysts to accelerate the reaction o
136、f hydrogen and oxygen in fuel cells.The supply chain problems of recent years have largely dissipated,so a strong increase in demand can be expected from the automotive industry.In addition,invest-ment demand is expected to pick up further.For both platinum and palladium,a supply slump is to be expe
137、cted in the coming ye-ars,as the important South African mines in particular will not be able to maintain their production to the usual extent.Even rising prices are unlikely to contribute to an im-provement.Palladium:Downward price adjust-ment is not yet too completePalladium is mainly an industria
138、l metal.It is mainly used in catalytic converters of gaso-line vehicles,which is why palladium de-veloped very well in recent years in terms of price.This changed about a year ago,when a price decline began,which is still continuing.The reasons for this are com-plex,but still mainly to be found in t
139、he price.Because palladium can be substituted in certain parts by platinum,which is still much cheaper.In addition,palladium is used almost exclusively in the construction of catalytic converters for gasoline vehicles.And these are losing more and more market share to diesel vehicles,but above all t
140、o electric vehicles.Nevertheless,there is a ray of hope for palladium,because produc-tion has been declining for years.Russia is the worlds largest palladium producer,with just under 40%.In addition,the production of the second largest producer,South Afri-ca,is declining more and more.There is a ris
141、k that western countries will experience a massive undersupply.Rising prices are li-kely to be the consequence.What are precious metals?From a purely chemical point of view,preci-ous metals are metals which are corrosi-on-resistant,i.e.,which are permanently chemically stable in a natural environmen
142、t under the influence of air and water.The group of precious metals primarily includes gold and silver,as well as the so-called pla-tinum metals platinum,palladium,rutheni-um,rhodium,osmium and iridium.Mercury is also a precious metal.In addition,there are a number of so-called semi-precious metals,
143、including copper.A third group is formed by the so-called short-lived(radi-oactive)transition metals,such as Darmstadtium or Roentgenium,which,ho-wever,play virtually no role in practice.(Source:)1213Gold is a chemical element with the ele-ment symbol Au and the atomic number 79.Due to its moderate
144、melting temperature,it is very easy to work mechanically and does not corrode.It is extremely rare,and its yel-low luster is also durable,which is why it is considered imperishable and is therefore largely processed into jewelry or used in coin or bar form to store value.Gold is also considered to b
145、e easily alloyable,which makes it very attractive as a material.Gold has proven its worth as a store of value for thousands of years and is therefore mainly considered an investment.Main properties:Appearance,corro-sion resistance,good workability,good contact Not only in the form of investment obje
146、cts such as jewelry or coins,but also in medical applications,gold scores above all with its corrosion resistance.In dental prosthetics,for example,additional precious metals such as platinum are added to achieve the necessary hardness.In industry,gold is used primarily in the construction of circui
147、ts as a gold-plating additive for wires,printed circuit boards,switching contacts and connectors.Occurrence and extractionGold occurs very rarely in nature,but it is pure.On average,there are only 4 grams of gold per 1,000 tons of rock in the earths crust.It is found in primary raw material de-posit
148、s as gold-bearing rock(gold ore)as well as in secondary deposits,among others in placer deposits.Up to 20%of the gold mined annually is extracted as a by-product,mainly from copper,nickel or other precious metal mines.Supply situation According to the World Gold Council,a to-tal of 3,474.7 tons of g
149、old was mined in 2020 and 1,292.3 tons was recovered from recycling.Thus,the total gold supply(inclu-ding recycling and hedging)fell by about 187 tons to 4,721.1 tons compared to 2019.In 2021,3,546.2 tonnes of gold were mined and 1,136.2 tonnes were recycled.In 2022,3,610.4 tonnes were mined and 1,1
150、44.1 tonnes were recycled.The main gold mining regions are currently China,Russia,Australia,the USA and Ca-nada,which together account for almost half of the total annual output.They are fol-lowed by Peru,Ghana,South Africa,Mexi-co and Brazil.In Europe,only Sweden and Finland have significant gold p
151、roduction.Gold production remains below peakSince the turn of the millennium,gold pro-duction has risen every year until 2018,but has recently been weakening more and more.While around 2,862 tons of the yellow metal were extracted from the earth world-wide in 2011,the figure was 3,336 tons in 2015.S
152、ince then,production rose to 3,667.8 tons in 2018,then fell to 3,531.8 tons in 2019.In 2020,another drop occur-red to only 3,474.7 tons,mainly due to plant closures caused by the Covid 19 pandemic.In 2021,an increase occurred again,rea-ching 3,546.2 tons.Finally,2022 saw a mine production of 3,610.4
153、 tons,which was still below the peak from 2018.It can be assumed that the gold peak,i.e.,the annual gold production has reached its peak in 2018.In all likelihood,this will not change in 2023 either.The eligible average grades are getting lower and lowerSeveral factors contribute to this.First,more
154、and more deposits are reaching the end of their life.Those that have not yet been fully exploited have to be expanded at ever greater expense in order to access further gold-bearing material.Some mines already reach depths of 4,000 meters and more.The gold content continues to decline stea-dily.Curr
155、ently,gold deposits are still being exploited at an average of just over 1 gram of gold per ton of rock(g/t).However,there are already indications that this mark will fall to below 0.9 g/t in a few years for depo-sits that have not yet been developed.A third point is the(lack of)discovery of new dep
156、osits.While more than one billion ounces of gold were discovered in the 1990s,between 2000 and 2014,only slight-ly more than 600 million ounces were dis-covered.Since then,new discoveries have once again plummeted.This is mainly due to the fact that in the past few years,due to the slump in gold pri
157、ces at the time,the gold producers have concentrated prima-rily on reducing mining prices.Particular savings were made in exploration,which led to the fact that hardly any larger depo-sits were discovered in recent years.Demand situation In 2020,global demand for gold was only around 3,759.6 tons,al
158、most 627 tons or 14.3%less than in 2019.In 2021,however,the gold sector then experienced a rebound in demand to a total of 4,017.8 tons.In 2022,there was a further jump in demand of a whopping 18%to 4,741 tons,almost matching the previous record year of 2011(4,746 tons).The jewelry sector played a m
159、ajor role in the surge in demand following the 2020 co-rona year,consuming 2,221 tons in 2021,up 67%from 2020.In 2022,global demand from the jewelry industry was around 2,190 Gold:Facts&FiguresGold-supply(blue)and-demand(grey)(Source:own representation)Gold-supply and-demand(Source:Fotolia_16885023)
160、1415an immense technological boost during the Corona crisis in particular.But silver is much more than that:unlike gold,it is sometimes bonded for many ye-ars in appropriate applications(e.g.,photo-voltaic panels),with the sheer volume of potential applications growing steadily as technology advance
161、s.In addition to being an industrial metal,sil-ver is also an investment object(hence the term hybrid metal“).Like gold,it is basical-ly money and serves to preserve value.It can also be seen as a kind of hedge against progressive inflation.Main applications:Electronics,alloys,photography,pharmaceut
162、i-cals/medicine,photovoltaics,elec-tromobilityIts top values in important properties(hig-hest electrical conductivity of all metals,high thermal conductivity and pronounced optical reflectivity)make silver indispensab-le above all in the fields of electrics(photo-voltaics),electronics(electromobilit
163、y)and optics or photography.In addition,there are applications as silver alloys(with copper,zinc,tin,nickel,indium),which are used in electrical engineering and soldering tech-nology as soldering alloys(so-called hard Silver is a chemical element with the ele-ment symbol Ag and the atomic number 47
164、and belongs to the so-called transition me-tals,to which the precious metals also be-long.From a purely chemical point of view,precious metals are metals which are corro-sion-resistant,i.e.which are permanently chemically stable in a natural environment under the influence of air and water.Silver is
165、 a soft,easily malleable heavy metal with unique properties,such as the highest electrical conductivity of all elements and the highest thermal conductivity of all me-tals.It is precisely these properties that make it an indispensable metal in industrial applications.The metal is finding its way int
166、o more and more high-tech areas such as photovoltaics or the electric car,but also in medical applications,which experienced rather than the supply side.In 2020,central bank gold purchases initially fell sharply due to a lack of money because of the Co-rona pandemic.In 2021,global central banks repo
167、rted net purchases of 463 metric tons,up 82%from 2020 and pushing cent-ral bank gold holdings to nearly a 30-year high.2022 eclipsed all of that once again.Central banks added 1,136 tons of gold,for example,which was a 55-year high.In the fourth quarter of 2022 alone,they bought 417 tons of new gold
168、.Summary:Central banks set the direction:Storing value and moving away from FIAT money are trumps!The global central banks are thus clearly setting the direction:Value storage and above all foreign exchange or FIAT money reduction are currently trump!The gold price was able to regain some ground in
169、recent weeks,although it will now depend on how quickly the central banks tighten their monetary policy and when they will herald the turnaround in interest rates.Inte-rest rate hikes often mean headwinds for the gold price,but their initially negative ef-fect on the gold price can turn into the op-
170、posite quite quickly.The fourth quarter of 2022 in particular,which showed total gold demand of 1,337 tons(an all-time record),shows that investors will continue to be on the safe side with gold in the future.tons of gold.Thus,demand from this sector remains at a high level.The investment sector(bar
171、s and coins)re-corded an increase of over 30%to 1,191 tonnes in 2021,an 8-year high.In 2022,this increased again and recorded a demand of 1,218 tons.Global gold ETFs,which saw net outflows of 189 tons in 2021 after gai-ning 892 tons in 2020,experienced only slight outflows of 110 tons in 2022,with i
172、n-creased inflows just towards the end of the year.Demand from the technology sector was also strong,increasing by 9%to 330 tons in 2021,despite the continued existence of Corona-related production losses.This showed that gold is increasingly finding its way into the electromobility sector in parti-
173、cular.A circumstance which,in view of an incipient electric(mobility)revolution,is li-kely to lead to continued strong growth in demand from the technology sector in the future.In 2022,the industry demanded around 309 tons of gold.Central banks buy gold like there is no tomorrowAfter decades of sell
174、ing gold since 2010,central banks are back on the buying side and how!Central banks increased their gold stocks by 656.6 tons in 2018.That was 73%more than in 2017,and central bank purchases totaled about 605 tons in 2019.Thus,a large amount of supply was taken off the market by central banks alone,
175、once again acting on the demand side Goldprice US$/oz(Surce:JS by amChart)Silver:Facts&Figures(Source:AdobeStock_126054156)1617with+21%.Demand from the industrial sector(excluding photography)increased by 8%to a record high of 511 million oun-ces.This trend continued in 2022,where an in-crease in de
176、mand from industry of 5%and for silverware of 72%was calculated.De-mand for jewelry increased again by around 29%in 2022.Physical silver investments are estimated to have increased by 18%to a record 329 million ounces of silver.Photovoltaics and electromobility cause rapid growth in demand Since 201
177、1,the photovoltaic sector has played a major role in silver demand.This rose from 48.4 million ounces in 2014 to 113.7 million ounces in 2021.The Silver In-stitute has even calculated further growth to 127 million ounces for 2022.In recent ye-ars,many governments around the world have issued ambitio
178、us plans to expand their photovoltaic fleets.Experts expect de-mand from the photovoltaic sector to in-crease to up to 160 to 180 million ounces per year by 2025.Importantly,this means that more and more silver will be tied up in corresponding solar modules for several decades!Additional demand is c
179、oming from the au-tomotive sector.Silver is increasingly being used in a wide range of electronic compo-nents,the sheer number of which is greatly increased in electric vehicles compared to vehicles with internal combustion engines.A fully equipped car may have more than 50 silver-tipped switches to
180、 activate such things as the engine,power steering,bra-kes,windows,mirrors,locks and other electrical accessories.In addition,silver is considered an important conductor in bat-tery packs and solar panels for car roofs.The automotive sector alone demanded 52 million ounces in 2021.In 2010,there were
181、 just 10 million ounces,and about one milli-on in 2000.By 2025,leading silver pro-ducers expect demand to rise to over 100 million ounces per year.Just emerging is demand from the 5G sector.Here,the in-crease in silver demand from the 5G revolu-its supply to 176 million ounces of silver by 2021.For
182、2022,an increase to around 185 million ounces was calculated.This means that the recycling sector will still not be able to make up the existing supply deficit in 2022.Silver supply rising overall Overall,global silver supply in 2022(inclu-ding recycling)recorded an increase of around 2%or 19 millio
183、n ounces to 1.017 bil-lion ounces.Silver production(excluding recycling)increased by 1%,recycling by 5%.Demand situationTotal silver demand including ETPs(exch-ange traded products,physically deposi-ted)reached a record high of around 1,063 million ounces in 2013 and fell to around 954 million ounce
184、s by 2018.In 2020,al-though there was a Corona-related slump in demand excluding ETPs to 887 million ounces,at the same time there was de-mand from ETPs of around 331 million oun-ces,resulting in record demand of 1,218 million ounces of silver.In 2021,total de-mand fell to about 1,111 million ounces
185、.For 2022,The Silver Institute“calculated de-mand excluding ETPs of 1,210 million oun-ces of silver,which decreased by 110 milli-on ounces to a total demand of 1,100 milli-on ounces due to silver outflows.Overall,demand for silver in 2022 increased in all key sectors,with only ETPs struggling with a
186、 decline in demand.Demand from jewelry sector and industry continues to soar after record growth in 2021The strongest increase in demand in 2021 was recorded by physical silver invest-ments in the form of bars and coins with 278 million ounces(+36%),followed by sil-verware with+32%and the jewelry in
187、dustry ducer.These three countries were thus to-gether responsible for around 50%of glo-bal silver production.Silver is mainly extracted as a by-productOnly about a quarter of the annual silver production comes from mines in which sil-ver is the primary raw material.Most of it comes from mines where
188、 silver is only a by-product,i.e.,mainly from zinc/lead mi-nes,but also from copper and gold mines.Base and precious metal prices influence silver production in both directionsFor many years,this heavy dependence primarily on base metals such as lead,zinc and copper meant that weak base and pre-ciou
189、s metal prices and the associated clo-sure of mines or at least reduction in the corresponding base metal production also had a negative impact on the production of silver as a by-product.In recent years,price declines above all for copper,but also for lead have caused silver producti-on to fall.A r
190、ecent increase in base and precious metal prices will lead to an increa-se in supply from secondary mines in the short term,but several medium to large zinc/lead mines are expected to close in the coming years,which means that silver volumes are likely to decline.Furthermore,there is still an invest
191、ment backlog which has accumulated in the past years due to the weak price development.Correspon-ding mining projects have been put on hold and only insufficiently developed.As a re-sult,these projects are likely to be brought into production only after a long delay.Recycling share continues to rise
192、Silver recycling fell from 233 million ounces in 2011 to just 146 million ounces in 2016.Since then,the recycling sector has been able to make some gains again,increasing soldering),contact materials(especially in relays)and conductive materials(for ex-ample as capacitor coatings).Since silver has a
193、ntibacterial and antiviral effects,it is already considered a potential savior in medical and pharmacological ap-plications of the future.Supply situationAccording to The Silver Institute,global silver production reached its all-time high of around 900 million ounces in 2016.Sin-ce then,annual silve
194、r production fell stea-dily to around 836 million ounces in 2019.In the first corona year 2020,global silver production slumped to just 781 million ounces due to corona,falling below the 800-million-ounce mark for the first time since 2012.In 2021,there was an increase from an extremely low level to
195、 821 million ounces.For 2022,the experts at The Sil-ver Institute“calculated production of 830 million ounces,which would bring it back to the pre-crisis level of 2019.This de-velopment is primarily supported by higher production from primary silver mines.With annual production of around 196 milli-o
196、n ounces,Mexico ranked first among the producing nations in 2021,followed by China(113 million ounces)and Peru(108 million ounces).China thus replaced Peru as the second most important silver pro-Silversupply(blue)und Silverdemand(grey)(Source:own representation)Silver-supply and-demand1819The possi
197、ble uses are broadPlatinum finds its way into a whole range of very different applications.By far the most common use of platinum is in the automoti-ve industry,where it is used in the form of autocatalysts.In addition to the classic die-sel oxidation catalysts,platinum is also in-creasingly finding
198、 its way into catalysts in fuel cells or as a substitute for the far more expensive palladium,which could be an enormous demand driver in the future.The second major area of application in industry is the chemical sector.Platinum is also used in alloys,for glass production(crucibles),in the electric
199、al sector in resistors and for me-dical applications and equipment.Another large field of application is the je-welry industry,where platinum is often allo-yed with other metals,mainly gold.The fourth major area is the investment sector.Occurrence and extractionPlatinum occurs naturally in the form
200、of ele-ments.Metallic platinum(platinum soap)is practically no longer mined today.Although a large proportion of the platinum mined is from primary deposits in a few places,its extraction as a by-product in the producti-Platinum is not so much an investment ob-ject,but above all an important buildin
201、g material in the automotive industry.The sil-ver-gray metal is a chemical element with the element symbol Pt and the atomic num-ber 78.Main properties:forgeability,ductili-ty and corrosion resistance It has an extremely high density,but at the same time it is very malleable and ductile.Its gray-whi
202、te color has fascinated people since time immemorial,probably also because platinum has remarkable corrosi-on resistance and therefore does not tar-nish.Due to its high durability,tarnish re-sistance and rarity,platinum is therefore particularly suitable for the production of high-quality jewelry.Th
203、e supply side has recently picked up again,which is not surprising after the ext-remely weak year 2020.However,the highs of past years could not be reached again.In recent years,most primary silver producers focused primarily on reducing mining prices due to a persistent bear market in silver prices
204、.Particular savings were made in ex-ploration,which resulted in very few major deposits being discovered in recent years.Price weaknesses in several base metals meant that the development of mines pro-ducing silver as a by-product was initially put on hold.In 2022,the increase in pro-duction was jus
205、t 1%,with no significant jumps expected in 2023 either,as many mi-nes,especially in South America,will report declining production volumes.On the other hand,there is a good chance of a strong expansion in demand due to an expected upswing,especially from high-tech boom industries,and on the other ha
206、nd,additional demand from the invest-ment sector,as many investors want to pro-tect their savings from increasing currency devaluation and will invest in silver.Even in the event of a prolonged recession and the associated demand restraint,the inflation-related increase in mining costs is likely to
207、ensure that supply will not rise further either.A rising supply deficit is the-refore the most likely option for the coming years.tion will not be driven so much by the direct introduction of 5G-enabled hardware but will manifest itself primarily through an ex-panded range of capabilities in which s
208、ilver can play a significant role.Overall,the elec-trical and electronics industry demanded 330 million ounces of silver in 2021.60 mil-lion more than 10 years earlier.This reflects the increasingly rapid expansion of the electric mobility fleet.In the coming years,double-digit percentage leaps in d
209、emand for silver can be expected from this sector.Summary:New industrial develop-ments will continue to create high supply deficitsIn the silver sector,there was an oversupply until 2018,which turned into a supply defi-cit again from 2019 initially thanks to in-creased inflows into silver-backed sil
210、ver ETPs.In 2020,including ETPs,a supply de-ficit of 262 million ounces was even recor-ded,and in 2021 a supply deficit of around 113 million.Although 2022 saw net out-flows from ETPs of 110 million ounces,a supply deficit of around 84 million ounces was still recorded.This resulted from a massive i
211、ncrease in silver demand,mainly from the industrial and jewelry sectors.Above all,Indias continuing hunger for je-welry and the gradual resolution of supply chain problems are creating more industrial demand.And even the threat of recession does not seem to be hurting demand for the miracle metal si
212、lver.Too many new techni-cal applications are now coming on stream at the same time.Silverprice US$/oz(Surce:JS by amChart)Platinum:Facts&Figures(Source:)2021on of non-ferrous metals(copper and ni-ckel)is becoming increasingly important.There,the platinum group metals are pro-duced as a by-product o
213、f nickel refining.Supply situationThere is extensive and significant primary platinum mining only in the South African Bushveld complex,as well as in the Stillwa-ter complex in Montana/USA and in Russia.74.4%of the platinum mined worldwide in 2021 came from South African mines.This was followed by R
214、ussia with around 10.3%,and all other countries with a total of around 15%.Overall,platinum mining is a relatively small sector,with only about 5.64 million ounces mined in 2022,for example.For 2023,the World Platinum Investment Coun-cil assumes a similar production of about 5.73 million ounces.High
215、 recycling rateAlthough a certain amount of gold is also recycled,recycling accounts for an extre-mely high percentage of platinum.In 2022,approximately 1.666 million ounces were recovered from recycling.Supply slumped in 2020,almost back to pre-crisis level in 2021,weaker in 2022,higher in 2023Over
216、all,the global platinum supply in 2020 really collapsed due to Covid 19.While around 7.8 million ounces of platinum were that by 2030 at the latest,the purchase cost of a fuel cell-powered truck will be lower than that of a diesel truck.In addition,more and more expensive pal-ladium is being substit
217、uted by platinum.While this figure was already around 340,000 ounces in 2022,it is estimated to be over 500,000 ounces by 2023.Summary:Supply surplus likely to turn into supply deficit soon In 2022,a global decline in demand was recorded,almost entirely attributable to the investment sector and indu
218、stry,which re-corded high ETF outflows on the one hand and fell back from record demand levels on the other.In 2023,on the other hand,de-mand is expected to increase especially from the automotive sector and the invest-ment sector,coupled with falling production rates,especially in South Africa.The
219、still too low platinum price should stabilize the in-vestment sector again before new technolo-gical developments above all in the area of mobility will further boost demand in the following years.available in 2013(of which around 5.8 milli-on ounces came from mining and just un-der 2 million ounces
220、 from recycling),around 8.2 million ounces of platinum entered the open market in 2019(mining:6.1 million ounces,recycling:2.1 million ounces).In 2020,platinum supply fell to 6.64 million ounces(mining:4.94 million ounces,recy-cling:1.70 million ounces).In 2021,plati-num supply recovered and almost
221、reached the pre-crisis level of 2019.A total of 6.20 million ounces of platinum were mined in 2021 and 1.66 million ounces of platinum were recovered from recycling.As a result,total platinum supply in 2021 was 7.86 mil-lion ounces.In 2022,the total platinum sup-ply recorded a decline to 7.32 millio
222、n oun-ces.For 2023,the World Platinum Invest-ment Council expects a small increase in supply to 7.466 million ounces.Demand situationSimilar to silver,platinum has a kind of hyb-rid function.This means that about two-thirds of total platinum demand comes from industry,while the rest comes primarily
223、from the jewelry industry and from investors in the form of bars and coins.The main demand is from the auto-motive industry followed by the jewelry industry In terms of figures,it is the automotive sec-tor that demanded the most platinum in 2022.2.964 million ounces were used for catalytic converter
224、 construction.In 2023,demand is expected to increase to 3.288 million ounces,mainly because the supply chain problems of previous years have im-proved massively.The jewelry industry de-manded 1.953 million ounces in 2022,which is expected to remain at the same level in 2023.Demand from the rest of t
225、he industry reached 2.11 million ounces in 2022,which was about 340,000 ounces less than in the record year of 2021,and industrial demand is expected to reach 2.316 million ounces in 2023.The investment sector,which saw demand plummet from a net 361,000 ounces in 2017 to just 67,000 ounces in 2018,e
226、xperi-enced a true renaissance in 2019,with de-mand really exploding to 1.13 million oun-ces.Despite Corona,this trend was main-tained,with around 1.02 million ounces of platinum still flowing into the investment sector in 2020.In 2021,there was a net out-flow of 28,000 ounces from the investment se
227、ctor,primarily due to outflows from ETFs and central bank sales.In 2022,there were approximately 525,000 ounces of net out-flows from the investment sector.A net in-flow of 212,000 ounces is expected for 2023.Overall,platinum demand fell by around 490,000 ounces from 2021 to 2022 to 6.502 million ou
228、nces.This results in a supply surplus of around 840,000 ounces of plati-num for 2022.For 2023,on the other hand,the experts of the World Platinum Invest-ment Council assume a supply deficit of 303,000 ounces(supply:7.466 million oun-ces,demand:7.770 million ounces).Future demand drivers continue to
229、come from the automotive sectorFor the future,platinum is seen above all as a metal that will continue to be used in the automotive sector,albeit less in combusti-on models and increasingly in fuel cell ve-hicles.Innovative hydrogen storage tech-nologies are already being researched in several count
230、ries.Power generation using platinum electrodes is the big issue here.Cost-effective hydrogen storage systems for fuel cell vehicles and portable applica-tions are still dreams of the future,but Chi-na alone plans to produce two million hy-drogen fuel cell vehicles by 2030.In Germa-ny,the worlds fir
231、st hydrogen fuel cell train has entered service.A major platinum com-pany is already investing in the develop-ment of hydrogen compression technology together with Shell Technology.These so-called platinum electric vehicles,as the name suggests,need platinum as their ba-sic raw material.Leading expe
232、rts predict Platinum-supply(blue)and-demand(grey)(Source:own representation)Platinumprice US$/oz(Source:JS by amChart)Platinum-supply and-demand2223Palladium is a chemical element with the element symbol Pd and atomic number 46.It is considered by many experts to be a substitute for platinum in seve
233、ral applica-tions,mainly in the production of catalysts,as it is very similar to platinum in chemical behavior.Main properties:Low melting point,reactivity and absorbencyPalladium has the lowest melting point among the platinum metals and is also the most reactive.At room temperature,it does not rea
234、ct with oxygen.It retains its metallic luster in air and does not tarnish,which ma-kes it interesting for jewelry and,to a lesser extent,for the investment sector.Its low melting point makes it easier to process than platinum.Palladium also has the hig-hest absorption capacity of all elements for hy
235、drogen.At room temperature,it can bind up to 3,000 times its own volume.Main applications:Exhaust gas catalysts,alloys,electrode materialsFinely divided,palladium is an excellent ca-talyst for accelerating chemical reactions,in particular for the addition and elimination of hydrogen and for cracking
236、 hydrocar-bons.By far the most important application for palladium is thus in the field of exhaust gas catalysts for gasoline engines.Around 82.6%of the palladium demanded in 2021 was required for catalytic converter const-ruction.Furthermore,palladium is frequent-ly used for alloys in the jewelry s
237、ector;here especially in combination with gold,resul-Palladium:Facts&Figuresting in so-called white gold.Palladium is also used as an electrode material for fuel cells and as a contact material for relays.Occurrence and extractionMetallic palladium and palladium-bearing alloys are mainly found in ri
238、ver sediments as geological placers,but these are largely exploited.Most of it is extracted as a by-product from nickel and copper mines.Supply situationSouth Africa and Russia have emerged as the clearly dominant palladium producing nations in recent years.In 2022,Russia ac-counted for 37.7%of tota
239、l production,fol-lowed by South Africa with 36.6%.Most of the remaining palladium production was shared by the U.S.and Canada,as well as Zimbabwe.Overall,platinum mining is a re-latively small sector,with,for example,only about 7.18 million ounces produced in 2022.High recycling rateSimilar to plati
240、num,a large recycling quota for palladium also helps to cover most of the demand.In 2022,a total of 3.01 million ounces of palladium were recycled.Supply on the rise againThe palladium supply showed stable to declining trends in the past three years accelerated again by Corona-related pro-duction cu
241、ts with this rising again signifi-cantly after the exceptional year 2020.This is attributable to several decisive factors.Palladium production still rose moderately by 92,000 ounces from 2018 to 2019 to 7.117 million ounces,but in 2020 it collap-sed completely.In total,only 6.16 million ounces were
242、produced in 2020.In 2021,there was an increase to 6.99 million oun-ces and in 2022 to 7.18 million ounces.Recycling rose above 3 million ounces for the first time in 2018,exactly 3.11 million ounces were recycled in 2018.Finally,in 2019,3.40 million ounces.This was follo-wed by a dip to 3.14 million
243、 ounces in 2020,with recycling yields of 2.78 million ounces in 2021 and 3.01 million ounces of palladi-um in 2022.Net returns from the investment sector,mainly from corresponding palladium-ba-cked ETFs,turned into net inflows in 2021.For example,659,000 ounces of palladium returned to the open mark
244、et in 2015,646,000 ounces in 2016,386,000 ounces in 2017,and about 574,000 ounces in 2018.In 2019,net returns were only 87,000 oun-ces,in 2020 190,000 ounces,and in 2021 a net 17,000 ounces even flowed back into corresponding ETFs.For 2022,a net zero sum game is to be assumed.This caused total palla
245、dium supply(inclu-ding recycling)to increase from 9.214 milli-on ounces in 2015 to as high as 10.50 milli-on ounces in 2019,before collapsing to just 9.31 million ounces in 2020.An expected increase to 9.77 million ounces then occur-red in 2021 and to 10.22 million ounces of palladium in 2022.As is
246、the case with platinum,the recycling rate for palladium is expected to have in-creased in recent years,but production will decline.Demand situationA significant supply deficit has prevailed in the palladium market for years,amounting to about 721,000 ounces in 2017 and about 216,000 ounces in 2018.I
247、n 2019,this then jumped to about 936,000 ounces,while in 2020 this amounted to 647,000 ounces.In 2021,on the other hand,235,000 more ounces were offered than demanded.This was a surprise,mainly due to the fact that South Africa produced almost 800,000 ounces more palladium than a year earlier.In 202
248、2,on the other hand,a slight supply deficit of 90,000 ounces was again recor-ded.(Quelle:)2425Palladiumprice US$/oz(Source:JS by amChart)Summary:Steadily declining production meets rising demandFor palladium,a(partly)high supply deficit prevailed for many years.This was mainly due to a steady declin
249、e in production and a simultaneous increase in demand.The ex-tent to which this will continue or dissipate in the coming years depends not only on the palladium price,but also on how the gasoline combustion engine will continue.Palladiums dependence on the automotive industry is unmistakably high,ma
250、king it a riskier investment than gold,for example.In addition,the high price ensures that more palladium will be replaced by the less ex-pensive platinum.The best precious metal stocks promise multiplication potential!Precious metal stocks are still strongly un-dervalued compared to the major(stan-
251、dard)indices.We have taken this as an op-portunity to present some promising preci-ous metal companies to you in the following.We focus mainly on development compa-nies with extremely promising projects and on already producing mining companies with established and profitable deposits.Car manufactur
252、ers demand almost as much palladium as before the crisisThe main reason for an almost constant supply deficit is the strong increase in de-mand from the automotive sector.While in 2015 there was demand for 7.7 million oun-ces of palladium,mainly for use in catalytic converters,in 2016 it was already
253、 7.98 mil-lion ounces,in 2017 as much as 8.42 milli-on ounces and in 2018 8.84 million ounces.Finally,2019 saw another jump of 800,000 ounces to 9.65 million ounces.Although only“7.40 million ounces of palladium were still in demand in 2020 due to Corona,catalyst manufacturers ordered slightly more
254、palladium again in 2021 with 7.69 mil-lion ounces.In 2022,the automotive sector recorded global palladium demand of around 8.50 million ounces.If demand for gasoline engines declines,however,palla-dium demand will also fall.This may be off-set by the use of fuel-cell-powered vehicles,but these are s
255、till a long way off.Palladium-supply(blue)and -demand(grey).(Source:own presentation)Palladium-supply and-demandYou do not have to be a stock market professional to make wise investment decisions.Invest together with Swiss Resource Capital AG and Asset Management Switzerland AG in the mega-trend com
256、modities.Since 05.03.2020 the experts specialist knowledge has been available as a Wikifolio certifi cate:SRC Mining&Special Situations Certifi cateISIN:DE000LS9PQA9WKN:LS9PQA Currency:CHF/Euro*Certifi cate fee 0,95%p.a.Performance fee:15%Currently the following titles are represented in the SRC Min
257、ing&Special Situations Certifi cate(02/2023):ALPHA LITHIUM CORPORATION|ANGLO AMERICAN|AURANIA RESOURCES|BARRICK GOLD|BHP BILLITON|CALEDONIA MINING|CALIBRE MINING|CANADA NICKEL|CANAGOLD RESOURCES LTD.|CENTURY LITHIUM CORP.|-CHESAPEAKE GOLD|CONDOR GOLD|CONSOLIDATED URANIUM|COPPER MOUNTAIN MINING|DISCO
258、VERY SILVER CORP.|FRANCO-NEVADA|FREEPORT-MCMORAN|FURY GOLD MINES|GOLD ROYALTY CORP.|GOLD TERRA RESOURCE|GOLDMINING|HANNAN METALS|ISOENERGY|KARORA RESOURCES|KUTCHO COPPER|LABRADOR URANIUM INC.|LI-METAL CORP.|MAG SILVER|MAPLE GOLD MINES|MAWSON GOLD|MEDMIRA INC.|NEWMONT GOLDCORP|OCE-ANAGOLD|OSISKO GOLD
259、 ROYALTIES|PETROBRAS(ADR)|REVIVAL GOLD|RIO TINTO|SATURN OIL&GAS|SIBANYE STILLWATER|SKEENA RESOURCES|SUMMA SILVER CORP.|TARACHI GOLD|TIER ONE SILVER INC.|TINONE RESOURCES INC.|TORQ RESOURCES INC.|TRILLIUM GOLD MINES|TUDOR GOLD CORP.O.N.|URANIUM ENERGY|US CRITICAL METALS CORP|VICTORIA GOLD|VIZSLA SILV
260、ERWe recommend that interested parties and potential investors obtain comprehensive information before making an investment decision.In particular,about the potential risks and rewards of the security.You are about to purchase a product that is not simple and can be diffi cult to understand.Further,
261、important information can be found at:www.resource-capital.ch/de/disclaimer-agb*Trading in Euro is possible at the Euwax in Stuttgart.Invest with the commodity professionals2627 Gold Royalty Corp is a leader in all of the-se respects,with a diversified portfolio of over 200 royalties in the Americas
262、 driving the highest growth rate in revenue in the precious metal royalty sector and with a concentration of royalties in some of the largest,longest-life gold mines in North America.1.Exposure to rising gold prices with free upside exposure to exploration,mine life extensions,and operating capacity
263、 expansions.2.Minimal overhead costs royalty com-panies do not require large operating teams.Gold Royalty currently has 8 full time employees,and we could run a company 10 times the size with the same headcount.3.Insulation from cost inflation Royalties and streams provide top line exposure and comp
264、any profits are not exposed to rising mine site operating or capital costs.When choosing individual royalty and streaming companies to invest in,the most important aspect is asset quality.In-vesting in companies with high-quality,di-versified long-life assets,with strong ope-rators,in favourable min
265、ing jurisdictions is the best way to have exposure to reliable revenues tied to the price of gold.Interview with David Garofalo Chairman&CEO of Gold Royalty Corp.and Chairman&CEO of the Marshall Precious Metals FundDavid Garofalo,Chairman and CEO of Gold Royalty Corp.and Chairman and CEO of the Mars
266、hall Precious Metals Fund.Mr.Garofalo,you are one of the great per-sonalities in the precious metals sector.Can you give us a brief overview of your CV?I currently serve as Chairman&CEO of Gold Royalty Corp.and Chairman&CEO of the Marshall Precious Metals Fund.I also recently joined GoldMining Inc a
267、s Co-Chairman of the Board of Directors.Prior to that,I was CEO,President and Di-rector of Goldcorp(2016-2019),culmina-ting in the largest merger(US$32 billion)in gold mining history.I also served as Presi-dent&CEO and Director of Hudbay from 2010,Senior Vice President and CFO and Director of Agnico
268、-Eagle from 1998 and Treasurer of Inmet Mining from 1990.I was recognized as The Northern Miners Mining Person of the Year for 2012 and awarded Canadas CFO of the Year by Financial Executives International Canada in 2009.The gold price has recently been able to regain ground.What are the reasons for
269、 this?The primary driver of the gold price has historically been related to real interest ra-tes and that is no different today.As real interest rates go down or into negative ter-ritory,gold rises.We saw some downward pressure on the gold price through 2022 as the Fed and other central banks looked
270、 to increase interest rates to combat inflation.Now in early 2023 we are seeing central banks signal the end of these rate hikes and inflation still holding strong over 6%.This results in negative real rates for the fo-reseeable future which is fundamentally strong for the price of gold.Currently,ev
271、erything and everyone seems to be glued to the lips of the FED.Initially,the Fed opened the floodgates to money,but then it rowed back again by means of massive interest rate hikes and sought an answer to record inflation rates.Now the-re is the threat of a massive recession.What do you think about
272、all these de-velopments?While we saw interest rates rise in 2022,the signaled end of these interest rate in-creases in 2023 was inevitable given the amount of debt that has been strapped on to the global economy.During the last ma-jor inflationary cycle in the late 70s and ear-ly 80s when we saw nom
273、inal rates around 20%to combat inflation,global debt to GDP was only at 100%.Global debt to GDP currently sits around 350%.Given this debt burden,there is no conceivable way for nominal rates to increase to a suffi-cient level to combat entrenched inflation without bankrupting nations,corporations,a
274、nd individuals.The prospect of an upcoming recession in 2023 is of course concerning,but more pervasive is the ongoing trend of inflation.The central banks I spoke of earlier intend to inflate the debt away as the value of fiat currency is further eroded.An upcoming recession would also likely lead
275、to further nominal rate cuts,which is a strong funda-mental indicator for gold.What would you currently advise inves-tors who are invested in the precious me-tals sector or want to invest in it?The case for hard assets is obvious.If your savings are in a currency that is rapidly lo-sing its purchasi
276、ng power due to inflation,it only makes sense to shift some of that exposure to precious metals which will see a relative increase in value.The next question you need to ask yourself is what is the best way to play the rising price of gold.The royalty and streaming model is the best way to play the
277、price of gold for numerous reasons:The case for hard assets is obvious.If your savings are in a currency that is rapidly losing its purchasing power due to inflation,it only makes sense to shift some of that exposure to precious metals which will see a relative increase in value.“Canadian Malartic M
278、ine(Source:Gold Royalty)2829book From Tulips to Bitcoins“,which de-als with all kinds of speculation and finan-cial bubbles,is a bestseller.Your latest work Games of Greed“is already in the starting blocks.What does it deal with and when will it be available?I am delighted that From Tulips to Bit-co
279、ins“has had such a broad appeal and has now been translated into seven langu-ages.The unifying theme is speculation and financial bubbles:The tulip mania in Holland in the 17th century was considered the biggest bubble in the financial markets for almost 400 years bigger than the crash or the price
280、drops during the 2008 financial crisis until the Bitcoin bub-ble burst in modern times.In my new book Games of Greed“,which will be published in spring 2023 almost si-multaneously in the USA and in Germany,I take up the topic of greed in the capital market.Fear and greed are known to be among the mo
281、st important drivers of stock market activity.And here the circle closes to the precious metals,because gold and silver have always proven to be a stable value anchor for asset protection,regard-less of the ups and downs of prices and emotions on the stock markets.What advice would you currently giv
282、e to investors who want to invest in the preci-ous metals sector?Two things:Have staying power and trust a solid fundamental analysis that you can un-derstand with your common sense.Becau-se the sector is for marathon runners,not sprinters.This is as true for precious me-tals as it is for gold and s
283、ilver mining stocks.Because while greed and fear determine the ups and downs on the stock markets in the short term,it is the fundamental data that prevails in the long term.And these clearly speak in favor of precious metals.For this reason,with the Angelmountain Precious Metals Fund and the SRC Mi
284、ning and Special Situations Certificate(ISIN DE-000LS9PQA9)in cooperation with Swiss Resource Capital AG,we have two invest-ment vehicles that follow this long-term trend.The Angelmountain Fund specializes in gold and silver mines,while the invest-ment universe in the SRC Certificate is so-mewhat br
285、oader in the commodity univer-se.Its an approach that has already paid off,with+29%value growth here since launch in September 2019,despite the Co-rona crisis and the Russia-Ukraine war.In addition to your involvement in the commodities sector,you are also a very successful book author.Your current
286、in a larger context,namely against the backdrop of the abolition of the gold peg of the U.S.dollar with the Nixon Shock and the end of Bretton Woods in 1971.This is the birth of our current international mone-tary system and the ability of sovereigns to incur debt without restraint.The turnaround in
287、 interest rates now being implemented by the worlds major central banks,i.e.,the in-creases in key interest rates in the USA and Europe,could come to an abrupt end as early as this year against the backdrop of a weakening economy.This would be ano-ther positive factor for the price develop-ment of p
288、recious metals such as gold and silver.What are currently the driving forces in supply and demand in the precious me-tals sector and when will we see new highs in gold,silver&Co.Anyone comparing the gold price forecasts of leading banks on Bloomberg at the be-ginning of the year does not come to the
289、 conclusion that gold could be a worthwhile investment.The estimates of 16 analysts range between US$1,650 and US$2,150 for the year 2023,implying an increase in value of just 10%to the most optimistic price estimate.However,the current dri-ving forces in gold and silver rather sug-gest a strong mov
290、ement in the price.This picks up on a report that gained attention just before Christmas 2022 on CNBC titled Gold at$4,000?“against the backdrop of a looming recession and still high inflation numbers.This is reminiscent of the stagfla-tion environment of the 1970s,a period of high inflation caused
291、by rising energy prices coupled with stagnant economic output.By comparison,in the 1970s,the price of gold rose from US$35 to US$680(+1,800%)and silver from US$1.50 to over US$36(+2,300%).Adjusted for inflation,by the way,the all-time high for gold is around US$2,600 and for silver even around US$14
292、0.Mr.Dennin,precious metals have recently shown a clear upward trend.In your opi-nion,what are the reasons for this rise?Despite all adversities,gold and silver pro-ved to be a rock in the past year.The out-break of war between Russia and Ukraine catapulted the gold price well above the US$2,000 mar
293、k in Q1,but gold and silver trended weaker from here for months.In the balance of 2022 as a whole,however,precious metals were able to maintain their value,while equities and bonds each pos-ted painful losses for investors.The long-term fundamental conditions for precious metals are right,which make
294、s gold and silver an indispensable part of any portfo-lio.High inflation,rising sovereign debt,negative real interest rates and geopolitical uncertainties are fundamental value dri-vers of this development.And since Octo-ber 2022,the almighty U.S.dollar has also been losing strength.This in turn is
295、the de-cisive short-term factor for both gold and silver.Quantitative easing,key interest rate hi-kes,inflation,the threat of recession,etc.Currently,many economic terms are buz-zing through the media landscape,with hardly anyone being able to see through the exact interrelationships.Can you bring s
296、ome order into this jumble of technical jargon and explain what influen-ce the individual parameters have on the gold price?These are enormously exciting times in which we live.Unconventional money prin-ting and hidden government financing on an ever-increasing scale(commonly refer-red to as quantit
297、ative easing)is the answer to the financial crisis of 2008,the sovereign debt crisis of 2010,and the Corona pande-mic of 2020.In the future,it will also be the answer to the energy crisis of 2023,climate change,and the green energy revolution of 2025.But one has to see this development Interview wit
298、h Prof.Dr.Torsten Dennin CIO Asset Management Switzerland AGProf.Dr.Torsten Dennin is Head of Asset Management and Member of the Board of Directors of Asset Management Switzerland AG.Since 2003,Prof.Dr.Dennin has been analyzing the international financial markets with a focus on commodities as well
299、as the equity sectors Oil&Gas and Metals&Mining.Dr.Dennin studied economics at the University of Cologne,Germany,and at Pennsylvania State University,USA,and received his PhD in commodity markets from the Schumpeter School of Business and Economics.As a professor of economics,he teaches at several u
300、niversities in Germany and Switzerland.Torsten Dennin is the author of several books.His latest book,From Tulips to Bitcoins,is published worldwide in seven languages.Torsten is married and lives with his wife and daughter in Switzerland.Torsten Dennin,Games of GreedGreenleaf Book GroupISBN-13:97816
301、32996411US$20.95(hardcover)Torsten DenninFrom Tulips To BitcoinsGreenleaf PublishingMay 2019,ISBN 9781632992277These are enormously exciting times in which we live.Unconventional money printing and hidden government financing on an ever-increasing scale is the answer to the financial crisis of 2008,
302、the sovereign debt crisis of 2010,and the Corona pandemic of 2020.In the future,it will also be the answer to the energy crisis of 2023,climate change,and the green energy revolution of 2025.“3130Calibre Mining Low-cost and sustainable gold production meets gigantic resource potentialCalibre Mining
303、is a Canadian mining de-velopment company specializing in the mi-ning of gold deposits in Nicaragua and Ne-vada.There,the company pursues a hub-and-spoke“strategy and extracts gold cost-effectively from several mines.The company currently has excess capacity in Nicaragua,which will allow Calibre Min
304、ing to greatly increase recovery in the coming years.In addition to a high resource base,the company has a disproportionately hig-her resource potential,as recent drilling re-sults impressively demonstrate.With the acquisition of the Pan Mine in Nevada,Ca-libre Mining is preparing to establish a se-
305、cond hub-and-spoke operation.In 2022,it was able to produce just under 222,000 ounces of gold.For the current year,the company is targeting an expansion of pro-duction to 250,000 to 275,000 ounces of gold.Hub-and-spoke strategy and growth targetsThe companys hub-and-spoke strategy is to process mate
306、rial from multiple mines(spokes)at a central processing plant(hub).At Calibre Mining,the plant base in Nicara-gua accordingly includes multiple ore sour-ces,an installed mill capacity of 2.7 million tonnes per year in two processing plants,excellent infrastructure,and favorable transportation costs.
307、Resources from the Limon and Pavon mines are transported to the Libertad hub“,with transportation costs from Limon/Pavon to Libertad only around US$25 to US$30 per ton.There is immense growth potential here,as there is currently around 1.5 million tons of excess capacity per year.El Limn mine and pr
308、ocessing plantEl Limn comprises a mining permit of 12,000 hectares plus the Bonete-Limn,Guanacastal III,San Antonio and Guana-castal II exploration permits,which are ad-jacent to the mining permit and cover a to-tal area of 8,147 hectares,and the Villanu-eva 2 exploration permit,which covers 1,200 h
309、ectares.The deposit currently hosts approximately 1.175 million ounces of gold in the indicated category(including 529,000 ounces of gold in reserves)plus 177,000 ounces of gold in the inferred category.Mining is carried out in the conventional Limn Central open pit mine and in the Santa Pancha unde
310、rground mines.The an-nual throughput is about 500,000 tons per year and the historical recovery is 94%to 95%.El Limn has a high exploration potential,which has been impressively confirmed by recent drilling.In the Panteon North zone,for example,17.8g/t gold were encounte-red over 7.3 meters,as well
311、as 66.03g/t gold over 5.6 meters and 52.59g/t gold over 3.8 meters.Recent drilling has also in-tersected high grade gold mineralization in previously undrilled areas,including 22.5g/t gold over 4.9 metres,17.8g/t gold over 7.9 metres and 11.6g/t gold over 9.3 metres.La Libertad mine and processing p
312、lantLa Libertad has a mining concession co-vering an area of 10,937 hectares and also includes the Buenaventura and Cerro Quiroz exploration concessions,which are adjacent to the La Libertad mining conces-sion and cover a total area of 4,600 hecta-res.The project hosts approximately 631,000 ounces o
313、f gold in the indicated category(including reserves of 484,000 ounces of gold)plus inferred resources of 726,000 ounces of gold,according to the latest estimates.The project is located about 110 kilometers east of Nicaraguas capital Managua and is accessible by road.The La Libertad proces-sing plant
314、 is capable of processing approxi-mately 2.25 million tons per year,with cur-rent gold recoveries of approximately 94%to 95%.Currently,the plant is fed with ore from Limon and Pavon,as well as ore mined near the mill at the Jabali underground mine.The Jabali Antenna and San Antonio mines,which were
315、operated in the past,are also planned to be reactivated in the future.Calibre Mining has embarked on an exten-sive exploration program at La Libertad fo-cused on resource expansion and disco-very.La Libertad has a total of 411 square kilometers.Most recently,exploration acti-vities indicated shallow
316、 open pit potential in several target areas.Amalia and El Nispero are located approximately 30 kilo-meters from the Libertad mill.Pavon MinePavon is located within the Natividad and Las Brisas exploration concessions with a total area of 31.5 square kilometers located approximately 300 kilometers on
317、 paved highways from the Libertad processing plant.Pavon was or is designed to feed the La Libertad processing plant,supplying approximately 320,000 tons of rock per year.In addition to reducing overcapacity at La Libertad,work at Pavon is focused on increasing resources.Currently,the project has 23
318、0,000 ounces of gold in the indica-ted category(including 200,000 ounces of gold in reserves)plus 62,000 ounces of gold in the inferred category.Pavon represents an emerging gold district in Nicaragua,in a region largely unexplored by modern methods.Recent drilling(inclu-ding 12.4 meters at 11.56g/t
319、 gold)confir-med the high-grade nature of the mine.Pa-von is expected to start production in the first half of 2023.The company has already received the environmental permit required for this.Eastern Borosi Gold-Silver ProjectThe Eastern Borosi gold-silver project,located in northeastern Nicaragua i
320、n a low-sulphidation epithermal area and hos-ting numerous high-grade gold-silver vein systems,covers approximately 176 square kilometers.The vein systems,which host the current inferred resource of 700,500 ounces of gold and 11,359,000 ounces of silver,can be further expanded along with numerous un
321、drilled targets.Several gold-bearing zones promise immensely high resource potential.For example,the Cadillac zone,which yielded 2.6 meters averaging 8.93g/t gold and 57.4g/t silver,the San Cristobal zone,which yielded 5.7 meters averaging 10.92g/t gold and 859.0g/t silver,the Veta Loca zone,which y
322、ielded 5.4 meters averaging 10.15g/t gold and 6.9g/t silver,and the La Luna South zone,which yielded 12.7 meters averaging 5.75g/t gold and 34.3g/t silver.In October 2022,Calibre Mining received the key en-vironmental permits for the development and production of the open pit and underg-round mines
323、at Eastern Borosi.Calibre is currently advancing the high-grade satellite deposits,which are expected to be in pro-duction later in the current year 2023 and will feed into the Companys Libertad pro-cessing plant.Eastern Borosi is Calibres third major mine development permit in just three years.Pan
324、MinePan is a Carlin-style heap leach open pit mine located in east-central Nevada,approximately 28 kilometers southeast of the town of Eureka,on the prolific Batt-le-Mountain Eureka gold trend.The mine achieved gold production of 45,397 oun-ces in 2021,benefiting from an expansion of the heap leach
325、pad and primary crushing circuit.Pan hosts proven and probable re-serves and measured and indicated re-sources of 290,500 ounces and 427,400 ounces,respectively.An additional 61,000 ounces are in the inferred category.Recent drilling confirmed the mines tremendous exploration potential.Among others,
326、3.35g/t gold was encountered over 18.3 meters,as well as 1.36g/t gold over 13.7 meters and 0.61g/t gold over 18.3 meters.The latter results came from an area that had never been drilled before.Gold RockGold Rock is a government-approved pro-ject with a grade 30%higher than the Pan Mine,located about
327、 30 kilometers away.In 3332grade)and leaves a lot of speculation for a huge upside potential at Golden Eagle.Summary:Conveyor expansion will further reduce costsCalibre Mining has mill overcapacity of approximately 1.5 million tonnes in Nicara-gua alone.As a result,the company will continue to optim
328、ize its mine and proces-sing plans in 2023,while taking a hub-and-spoke“approach to maximize value and enable the company to quickly translate exploration successes into production and cash flow.Particular focus will initially be on Pavon and Eastern Borosi,both of which are expected to come online
329、in the current 2023 year.This is likely to be followed by the extremely high-grade Pantheon North zone and the Gold Rock project,which will further increase production and depress costs even further.The exploration potenti-al is almost gigantic,which is impressively proven again and again by the lar
330、ge drilling programs as well as steady full hits.Calibre Mining recently published documentation that impressively underlines the companys sustainability and social commitment: Mining has a high cash position,no debt and is highly undervalued compared to peer group companies.2020,the former operator
331、 Fiore Gold pub-lished a positive PEA.Based on an achie-vable gold price of US$1,600/ounce,the project yields an after-tax net present value(NPV5%)of US$77.2 million and an inter-nal rate of return(IRR)of a strong 32.5%,with a mine life cash flow of US$149.0 mil-lion.Gold Rock has indicated resource
332、s of 403,000 gold ounces,in addition to the in-ferred resource of 83,000 gold ounces,with excellent potential to expand the re-source.Recent drilling returned impressive results of 2.19g/t gold over 44.2 meters,as well as 6.8g/t gold over 4.6 meters and 6.6g/t gold over 5.8 meters,among others.Antic
333、ipated production at Gold Rock,com-bined with Pan,could organically increase Nevada production to over 100,000 ounces annually.Golden EagleLocated in Washington State,the Golden Eagle project is 100%owned by Calibre Mining and hosts a resource of 2 million ounces of gold in the measured and indica-ted category and 200,000 ounces in the inferred category.In January 2023,the company landed a real bu