[SMM Flash] Pandora, the world’s largest jeweller, is continuing its strategy of replacing some sterling-silver jewellery with platinum-plated alternatives, despite silver prices falling sharply from their January peak above $120/oz to below $65/oz in August. CEO Berta de Pablos-Barbier told CNBC that the move is part of efforts to diversify the company’s material portfolio, reduce exposure to volatile precious-metal prices and support profit margins. Pandora shares have rebounded around 55% over the past three months, supported by the company’s recent performance. The continued shift towards platinum-plated jewellery could provide a positive demand signal for platinum from the retail sector. Pandora has hedged 90–100% of its 2027 silver requirements at around $65/oz and raised its 2026 organic growth guidance to 0–3%, from -1% to 2% previously. The company also increased its full-year operating profit margin guidance to 22–23%, highlighting its focus on maintaining margins while diversifying its use of precious metals.

August 13, 2026 The Chinese gold market showed a clear dichotomy in the first half of 2026: whilst demand for jewellery slumped amid record prices, physical investment products recorded strong growth. According to data from the China Gold Association (CGA), China’s total consumption rose slightly by 1.23 per cent to 511.41 tonnes (previous year: 505.21 tonnes). Investment demand offsets slump in jewellery High gold retail prices and changes to tax rules had a noticeable dampening effect on consumers. Nevertheless, there was a significant shift towards physical assets as a store of value: • Jewellery: −33.88 per cent to 132.13 tonnes • Bullion & coins: +28.42% to 339.34 tonnes • Industry & other: −2.90% to 39.94 tonnes Retail investors made targeted use of price corrections to make additional purchases via domestic banks. As a result, the investment sector more than fully offset the slump in the jewellery sector. Domestic production slumps – strategic focus on physical metal In parallel with the shift in demand, domestic supply contracted: China’s mining output from its own raw materials fell by 14.62 per cent to 152.91 tonnes. The main cause was regulatory environmental requirements and safety inspections, which led to temporary shutdowns. By contrast, the processing of imported ores rose by 4.62 per cent to 77.08 tonnes. Overall, domestic production thus fell by 9.01 per cent to 229.99 tonnes. For commodity investors, market expert Willem Middelkoop ( Commodity Discovery Fund ) places these developments within a broader macroeconomic context. He sees a familiar pattern in China’s approach: the state is systematically using price dips to make strategic purchases – much as it has done with oil and copper. Middelkoop does not interpret the recent consistent restriction by major Chinese banks on retail investors’ access to leveraged paper and futures trading on the Shanghai Gold Exchange (SGE) as a market crisis. Rather, he sees it as a state-directed measure to defuse speculative overheating and a targeted redirection of private capital away from paper-based derivatives towards physically backed holdings. By curbing leveraged trades, financial institutions are reducing systemic risks in the domestic market and forcing capital to be tied up directly in physical assets. China thus remains the key driver of the global market: whilst high prices are dampening cyclical jewellery consumption, they are accelerating the strategic, long-term accumulation of physical metal. Against the backdrop of declining domestic production, this development is simultaneously exacerbating China’s structural dependence on imports of raw gold and ores – a trend that is likely to increasingly constrain physical liquidity on Western trading markets. Source： https://goldinvest.de/en/china-s-appetite-for-gold-is-growing-investors-are-increasingly-turning-to-gold-bars-and-coins

[SMM Flash] Belgium-based materials technology and recycling company Umicore reported a strong first-half performance for 2026, with adjusted earnings per share rising by more than 14% year-on-year. The company attributed much of this growth to its Recycling Business Group, which recorded a 36% increase in adjusted EBITDA on revenue growth of 8%. Umicore’s recycling operations, which recover precious and specialty metals from end-of-life electronics, jewellery and industrial materials, benefited from high processing activity, robust demand for recycled metals and a favourable precious metals price environment. The division continued to leverage its closed-loop business model, enhancing operational efficiency while supporting sustainable metal supply chains. The Recycling Business Group accounted for nearly three-quarters of Umicore’s total sales during the first half of 2026, underlining the strategic importance of recycled metal feedstock to the company’s earnings profile. The results highlight the growing role of secondary supply in the precious metals market, particularly for platinum group metals, gold and silver, as industrial consumers increasingly seek secure and sustainable sources of raw materials.

Published: 3 Aug 2026, 17:30 BST RBC’s high scenario keeps gold near $5,300 through 2027 as central-bank buying and stronger Asian investment demand cushion bullion on the downside. The Gold price in US Dollars slipped back towards $4,037 on Monday after ending last week near $4,072, but analysts at RBC Capital Markets still see a route towards $5,300 under its bullish scenario. The bank’s latest forecast puts gold at an average $5,132 in the third quarter, rising to $5,203 in the fourth quarter. Its 2027 high case averages $5,296, with quarterly forecasts between $5,249 and $5,321. RBC’s central scenario is more restrained, forecasting $4,558 this quarter, $4,370 in the fourth quarter and an average of $4,225 in 2027. The bullish case rests partly on demand holding up better than the headline data suggest. “In a YTD period that has seen a nearly $1,500/oz range for gold prices, Q2 ended with some notable dynamics,” RBC said. Central banks bought 289 tonnes during the second quarter after a slower opening quarter, outpacing both jewellery demand and bar-and-coin purchases. RBC said the official sector remained a “consistent positive undercurrent”, adding that Poland, Uzbekistan, China and Kazakhstan were the largest reported buyers this year. Gold traded between roughly $3,963 and $4,202 over the past month before returning towards $4,070. Investor demand in Asia is another important support. RBC highlighted “underlying shifts in Asia towards investor products, at the detriment of consumer products like jewellery”, arguing that the move still “nets out positive for total demand”. The bank added that Asian markets continue to dominate global bar-and-coin demand. Gold Outlook: Official Buying Cushions the Downside Exchange-traded fund demand weakened during the second quarter, but RBC noted that “Q3 has started off with inflows and YTD flows are positive”. That helps explain why the bank’s high scenario remains well above current prices despite gold’s difficult year. XAU/USD is down around 5.7% in 2026 and continues to trade below its 20-day and 50-day moving averages. The price of Gold remains lower for the year after falling sharply from January’s peak above $5,500. RBC’s low scenario still warns of substantial downside, with gold averaging $3,729 in the third quarter and $3,661 during 2027. Its high case, however, keeps the prospect of $5,300 gold firmly alive if central-bank purchases remain strong and investment demand continues shifting towards bullion. Source： https://www.exchangerates.org.uk/news/46716/2026-08-03-gold-price-forecast-predictions-2026-2027-rbc-sees-bullion-reaching-5-321.html

August 4, 2026 Silver trades at around USD 58, roughly 52 per cent below its January record. At the same time, the market is heading for its sixth consecutive supply deficit. Two facts that appear not to fit together – and one deficit figure currently circulating through the financial press in two entirely different versions. Time for a sober stocktake. The silver market has been through one of the sharpest moves in its recent history in 2026. On 29 January the price reached an unprecedented USD 121.62 per ounce. Since then the metal has given back a good half of that and now hovers around USD 58. To many investors, that looks like a rally that failed. In parallel, a series of reports has appeared over recent weeks attesting to a widening supply deficit – but with markedly different numbers attached. Some cite 67 million ounces, others 46.3 million. Anyone wanting to know what an investment case can actually be built on first has to establish which figure applies. What the World Silver Survey Actually Shows The authoritative source is the World Silver Survey , produced by the Silver Institute together with the London research house Metals Focus. The 2026 edition was published on 15 April – and it puts this year's deficit at 46.3 million ounces. That represents an increase of around 15 per cent on the 40.3 million ounce shortfall recorded in 2025, and it marks the sixth consecutive deficit year. The number is indeed growing – but it is growing from a lower base than recent headlines suggest. The frequently quoted 67 million ounces comes from an earlier Silver Institute projection published ahead of the full survey. More recent data on mine production, recycling and end-use have since superseded that estimate. Anyone arguing on the basis of 67 million ounces today is simply working with an outdated figure. This is not pedantry. The gap between the two numbers amounts to roughly a third of the deficit itself. Building the silver case on the higher figure substantially overstates the scarcity. The Genuinely Relevant Number Lies Elsewhere The annual deficit is not, in any case, the most meaningful metric. Set against global annual demand of around 1.11 billion ounces, 46.3 million ounces amounts to roughly four per cent – hardly a dramatic gap in isolation. The cumulative figure is more instructive. Since the market flipped from surplus to deficit in 2021, it has drawn a total of around 762 million ounces from above-ground stocks to cover the gap between supply and demand. That is close to a full year of global mine production. This is where the supply story really sits. It is not the individual annual shortfall that strains the market, but the fact that available inventories have been steadily eroding for six years. The consequences have already shown themselves repeatedly in the form of thin liquidity, elevated lease rates and unusually violent price swings. The Composition of Demand Is Shifting Markedly What is notable is that the 2026 deficit widens even though total demand is falling. Metals Focus expects a decline of around two per cent to 1,112.6 million ounces, alongside supply falling by roughly two per cent to 1,066.4 million ounces. Within demand, a clear reallocation is under way: Industrial demand: down three per cent to 639.6 million ounces, a second consecutive annual decline. At around 57 per cent of the total, the segment nonetheless remains by far the largest demand pillar and stays historically elevated. Jewellery fabrication: falling to 159.4 million ounces, a five-year low. The drop is particularly pronounced in India at around 18 per cent, where high prices are driving lighter pieces and subdued rural demand. Coins and bars: up 18 per cent, the strongest level since 2022. The pattern is unambiguous. Manufacturers are designing silver out of their processes wherever high prices make that viable, while private investors take up physical metal. The market is therefore increasingly driven by investment flows rather than by fabrication demand. The Gold-Silver Ratio as a Valuation Anchor A further perspective comes from the relationship between the two precious metals. With gold at around USD 4,050 and silver at roughly USD 58, the gold-silver ratio currently stands at just under 70. For comparison: in December the ratio briefly fell below 55:1, its lowest reading since 2013. Silver has therefore given up considerably more than gold during the correction – unsurprising given the metal's stronger industrial linkage. In downturns that dual role acts as a drag; in upswings it acts as leverage. Historically, a ratio around 70 is neither extreme nor especially cheap – it sits in the middle of the range of the past two decades. As a buy signal it is therefore of little use. As an indication that silver has not kept pace with gold's recent moves, it is rather more telling. What Investors Should Take From This The supply side remains the strongest element of the silver case, and it is structurally anchored. Around 70 per cent of silver arises as a by-product of lead, zinc, copper and gold mining. Higher silver prices therefore do not automatically translate into higher output, because the production decision rests on the economics of the primary metals. Metals Focus expects mine production to remain broadly flat in 2026. At the same time, the risks should not be waved away. Metals Focus itself points out that persistent geopolitical tension and instability in the Middle East could weigh on industrial demand. Monetary headwinds compound this: the US Federal Reserve is currently debating rate increases rather than cuts, which is fundamentally unhelpful for non-yielding assets such as precious metals. And in a market carried increasingly by investment flows, sharp sell-offs remain possible at any point should financial investors withdraw in size. The sober conclusion, then, is this. The structural deficit is real, it is widening, and six years of inventory drawdown have left the market vulnerable. But it is not an argument for any particular price path over the coming months – and certainly not one that benefits from being reinforced with inflated deficit figures. Anyone investing in silver should treat the volatility as a permanent feature rather than an aberration. Source： https://goldinvest.de/en/the-silver-deficit-is-widening-but-it-is-smaller-than-many-believe

August 4, 2026 The world's central banks acquired a net 288.9 tonnes of gold in the second quarter of 2026 – the highest figure ever recorded for a second quarter. What makes this remarkable is the timing: the buying took place during a quarter in which the gold price fell by around 16 per cent. Anyone reading the World Gold Council's figures closely, however, will find a second and considerably more awkward story. The "Gold Demand Trends" report published by the World Gold Council (WGC) on 30 July delivers what may be the most important message of the summer for precious metals investors. While private investors exited gold ETFs during the second quarter and jewellery demand buckled under high prices, official institutions bought with rare conviction. At a net 288.9 tonnes, purchases were roughly 62 per cent above the year-earlier figure of 177.9 tonnes. The contrast with price action could hardly be sharper. The second quarter was gold's weakest since 2013; from the record high of USD 5,598 set in January, the metal has since given up considerable ground and currently trades at around USD 4,050. Central banks evidently did not read that weakness as a warning signal, but as an opportunity. Poland and China Lead the Buyers' List The single largest buyer was the National Bank of Poland with 51 tonnes. Warsaw is thereby continuing a course that brings the country close to its self-imposed target of 700 tonnes of gold reserves. In second place comes the People's Bank of China with 33 tonnes – its largest quarterly addition since late 2023, and a signal that Beijing is accelerating its diversification strategy again after a quieter phase. Behind these two sits a broad field of smaller buyers: Uzbekistan with 16 tonnes, Kazakhstan with 15 tonnes, and the central banks of Jordan and the Czech Republic with around 6 tonnes each. This breadth matters more for interpretation than the headline figure does. A record quarter carried by a single large buyer would be fragile. When demand is spread across numerous institutions from different regions and with different motivations, that points to a structural trend rather than a one-off effect. Russia Stands on the Other Side Not every central bank was buying. The Bank of Russia was the quarter's largest seller at 22 tonnes. The reason is understood to be pressure on the federal budget – here gold simply serves as a liquidity reserve to be drawn upon to plug deficits. Türkiye was also on the selling side once again, though at just 4 tonnes it was markedly more restrained than in the first quarter. These sales are central to any sound interpretation. They show that a portion of official gold movements has nothing to do with strategic conviction and everything to do with fiscal constraints. Anyone reading central bank purchases as a blanket vote of confidence in gold is making it too easy for themselves – and the same applies to anyone reading central bank sales as a blanket loss of faith. The Awkward Part: A Revision That Changes the Half-Year Picture This is where matters become interesting for attentive investors. Alongside the record second-quarter figure, Metals Focus – the World Gold Council's data provider – has sharply revised its estimate for the first quarter downwards: from an original 244 tonnes to just 57 tonnes. That is no cosmetic adjustment but a revision of more than three quarters, and it changes the overall picture considerably. Taken together, central bank demand for the first half of 2026 amounts to roughly 345 tonnes – the weakest half-year figure since 2022. Viewed soberly, then, the record quarter was primarily a catch-up movement following an exceptionally weak start to the year. For assessment purposes this means both statements are true at the same time. The second quarter was a record. The first half-year was weak. Anyone citing only one of the two figures is telling an incomplete story – and in the coverage of recent days, usually only the first has been on offer. What the Statistics Do Not Show A further point deserves attention: a substantial share of central bank purchases is never officially reported. Since 2022 the WGC has consistently identified a high proportion of unreported buying – the gap between estimated total demand and the purchases institutions actually disclose. The reported data underlying the report were, moreover, only captured up to 24 July; later disclosures may lead to further revisions. Investors should draw the right conclusion from this. Central bank demand is real and it is significant – but the published quarterly figures are estimates carrying a considerable margin of error, not exact measurements. An investment decision built on a single quarterly number rests on shifting ground. The Outlook Remains Constructive For all these caveats, the structural direction is unambiguous. The WGC's own survey of reserve managers shows that a large majority of the institutions polled expect global gold reserves to rise over the coming twelve months. Around three quarters also anticipate that their dollar holdings will decline over the next five years. This is where the real substance of the story lies. Central banks do not operate in quarters but in decades. Their gold purchases are not a timing signal for short-term price movements – anyone who bought in April on the basis of central bank demand is sitting on losses today. They are, however, an indicator of how institutional actors assess the long-term role of the US dollar and the case for hedging against geopolitical risk. For the 2026 full year, the World Gold Council expects another strong year of official demand, albeit below the 2025 level. Supply should grow only modestly: high prices and healthy producer margins support mine output, but operational constraints and long project lead times limit the pace. What the gold market did in the first half of 2026 was, above all, to change its buyer. Investors taking a long-term view in this phase will find remarkably patient company in the world's central banks. Source： https://goldinvest.de/en/central-banks-buy-record-amount-of-gold-in-the-very-quarter-prices-fell