Precious Metals
Gold hit new all-time highs in most currencies during Q1.2023. During the quarter, gold traded to new highs in Japanese Yen (JPY +9.9%), Chinese Yuan (CNY +7.7%), Australian and Canadian Dollars (AUD +9.9%, CAD +7.8%) and British Pounds (GBP +5.3%) amongst others. Gold traded near to all-time highs in US Dollars in Q1.2023. Most notably, central banks continue to be gold buyers foretelling the dawn of a new era for global reserve balances.
Silver lagged gold in Q1.2023 returning +0.4% in USD, in a trend that may reverse in the coming quarter. The Gold/Silver ratio closed the quarter at 81.85, which is considerably above the 53-year average (calculated from 1970) of 54.15. A reversion to the Gold/Silver ratio 53-year mean would imply a rally of +54% in silver with no further movement in gold. Silver is one of only a handful of metals that did not trade to new all-time price highs in the last 24 months and will now likely provide outsize returns as supply/demand imbalances perpetuate, concurrent with renewed precious metal interest.
Rhodium led the Platinum Group Metals lower returning -45.0% on the quarter and closing out Q1.2023 trading at $6,000 $USD/t oz. Rhodium hit an all-time high of $29,900 $USD/t oz. on March 23rd, 2021, but the market is now anticipating that accelerating adoption of Electric Vehicles will reduce demand for Platinum Group Metal catalysts.
Battery Metals
Lithium prices crashed spectacularly in Q1.2023 after hitting all-time highs in November 2022. Lithium Carbonate (Li₂CO₃) prices retraced -52.4% on the quarter as a confluence of negative catalysts conspired to end lithium’s biggest ever rally. On January 1st, 2023, China discontinued subsidies for buyers of electric vehicles which ended 13 years of government support. According to the China Passenger Car Association (CPCA) sales of new energy vehicles fell by -6.3% in January in sharp contrast to the +90% growth of 2022.
Rystad Energy sees the global market deficit of Lithium shrinking from 76,000 tonnes of Lithium Carbonate Equivalent (LCE) in 2022 to around 25,000 tonnes in 2023. Longer-term, several forecasters show Lithium Carbonate (Li₂CO₃) supply growing at +35% annually and outpacing demand which is projected to grow at only +25%. Today, however, Lithium supply deficits prevail, and significant price volatility is expected to continue.
Reported by: Christopher J. Berlet BSc, CFA
Supported by: Khadijah Samnani, Analyst
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Q1 2023 |
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% Change |
31.Mar.2023 |
31.Dec.2022 |
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PRECIOUS METALS |
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Gold |
$USD/oz. |
8.0% |
$1,970 |
$1,825 |
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Silver |
$USD/oz. |
0.4% |
$24.07 |
$23.98 |
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PLATINUM GROUP METALS |
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Platinum |
$USD/oz. |
-7.4% |
$990.0 |
$1,069 |
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Palladium |
$USD/oz. |
-18.5% |
$1,401 |
$1,719 |
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Rhodium |
$USD/oz. |
-45.0% |
$6,000 |
$10,900 |
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Iridium |
$USD/oz. |
0.0% |
$4,800 |
$4,800 |
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Ruthenium |
$USD/oz. |
0.0% |
$600.00 |
$600.00 |
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Rhenium |
$USD/oz. |
0.0% |
$49.04 |
$49.04 |
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BASE METALS |
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Nickel |
$USD/lb. |
-23.0% |
$10.51 |
$13.66 |
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Copper |
$USD/lb. |
6.3% |
$4.04 |
$3.80 |
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Aluminum |
$USD/lb. |
1.3% |
$1.19 |
$1.17 |
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Zinc |
$USD/lb. |
-2.7% |
$1.34 |
$1.38 |
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Lead |
$USD/lb. |
-9.0% |
$0.97 |
$1.07 |
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BATTERY METALS |
% Change |
31.Mar.2023 |
31.Dec.2022 |
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CATHODE |
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Lithium Metal (Li) |
$USD/lb. |
-21.3% |
$21.91 |
$27.86 |
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Lithium Carbonate (Li₂CO₃) |
$USD/lb. |
-52.4% |
$15.62 |
$32.84 |
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Lithium Hydroxide (LiOH.H₂O) |
$USD/lb. |
-37.7% |
$21.82 |
$35.01 |
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Cobalt (Co) |
$USD/lb. |
-10.1% |
$19.06 |
$21.19 |
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Cobalt Sulfate (CoSO₄) |
$USD/lb. |
-17.2% |
$2.61 |
$3.15 |
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Cobalt Chloride (CoCl₂) |
$USD/lb. |
4.2% |
$3.26 |
$3.13 |
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Nickel Oxide (NiO) |
$USD/lb. |
-6.7% |
$11.02 |
$11.81 |
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Nickel Sulfate (NiSO₄) |
$USD/lb. |
-3.4% |
$2.41 |
$2.50 |
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Nickel Chloride (NiCl₂) |
$USD/lb. |
6.7% |
$3.41 |
$3.20 |
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Vanadium Pentoxide (V₂O₅) |
$USD/lb. |
9.0% |
$9.70 |
$8.90 |
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ANODE |
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Graphite (C) + 50 XL |
$USD/lb. |
0.0% |
$0.88 |
$0.88 |
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Graphite (C) + 80 large |
$USD/lb. |
0.0% |
$0.70 |
$0.70 |
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Graphite (C) + 100 med |
$USD/lb. |
0.0% |
$0.60 |
$0.60 |
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Graphite (C) + 150 small |
$USD/lb. |
0.0% |
$0.40 |
$0.40 |
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ENERGY METALS |
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Uranium |
$USD/lb. |
3.10% |
$50.50 |
$49.00 |
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HEAVY RARE EARTH METALS |
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Gadolinium Oxide (Gd₂O₃) |
$USD/lb. |
-38.9% |
$17.55 |
$28.71 |
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Terbium (Tb) |
$USD/lb. |
-26.5% |
$846.5 |
$1,151.60 |
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Terbium Oxide (Tb₄O₇) |
$USD/lb. |
-25.5% |
$682.4 |
$915.40 |
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Dysprosium (Dy) |
$USD/lb. |
-14.2% |
$178.8 |
$208.30 |
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Dysprosium Oxide (Dy₂O₃) |
$USD/lb. |
-17.0% |
$135.8 |
$163.70 |
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Erbium Oxide (Er₂O₃) |
$USD/lb. |
-12.7% |
$16.90 |
$19.36 |
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Yttrium (Y) |
$USD/lb. |
0.0% |
$15.42 |
$15.42 |
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Yttrium Oxide (Y₂O₃) |
$USD/lb. |
-6.6% |
$3.25 |
$3.48 |
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Battery Grade Mischmetal |
$USD/lb. |
-25.9% |
$8.37 |
$11.29 |
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LIGHT RARE EARTH METALS |
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Lanthanum Oxide (La₂O₃) |
$USD/lb. |
-5.3% |
$0.41 |
$0.44 |
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Cerium (Ce) |
$USD/lb. |
1.9% |
$1.74 |
$1.71 |
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Cerium Oxide (CeO₂) |
$USD/lb. |
-4.4% |
$0.43 |
$0.45 |
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Praseodymium (Pr) |
$USD/lb. |
-24.6% |
$46.26 |
$61.35 |
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Praseodymium Oxide (Pr₂O₃) |
$USD/lb. |
-23.0% |
$35.11 |
$45.60 |
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Neodymium (Nd) |
$USD/lb. |
-28.3% |
$44.95 |
$62.66 |
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Neodymium Oxide (Nd₂O₃) |
$USD/lb. |
-27.3% |
$36.75 |
$50.53 |
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Samarium Oxide (Sm₂O₃) |
$USD/lb. |
0.0% |
$0.98 |
$0.98 |
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MINOR METALS |
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Antimony (Sb) |
$USD/MT |
11.0% |
$12,650 |
$11,400 |
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Beryllium (Be) |
$USD/kg. |
0.0% |
$1,070.49 |
$1,070.49 |
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Cadmium (Cd) |
$USD/MT |
24.6% |
$5,208 |
$4,181 |
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Gallium (Ga) |
$USD/kg. |
-37.6% |
$235.07 |
$376.84 |
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Germanium (Ge) |
$USD/kg. |
11.9% |
$1,287 |
$1,150 |
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Indium (In) |
$USD/kg. |
2.7% |
$216.27 |
$210.48 |
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Magnesium (Mg) |
$USD/MT |
0.0% |
$3,443 |
$3,443 |
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Manganese (Mn) |
$USD/T |
4.7% |
$6.47 |
$6.18 |
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Molybdenum Oxide (MoO₃) |
$USD/lb. |
-28.3% |
$3.83 |
$5.35 |
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Niobium (Nb) |
$USD/kg. |
0.0% |
$73.78 |
$73.78 |
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Selenium (Se) |
$USD/kg. |
19.4% |
$31.10 |
$25.32 |
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Silicon (Si) |
$USD/MT |
27.1% |
$2,510 |
$1,975 |
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Tellurium (Te) |
$USD/kg. |
3.9% |
$85.64 |
$82.46 |
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Tungsten (W) |
$USD/kg. |
-1.1% |
$6.73 |
$6.80 |
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Zirconium (Zr) |
$USD/kg. |
2.4% |
$30.74 |
$30.02 |
Source: MineralPrices.com
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