Gold Investor Base Shift Signals Broader Move Into Hard Assets

Gold

Gold investor base expansion is becoming a wider signal for how capital may move across physical assets, including industrial metals. Speakers at the FT Commodities Summit in Lausanne said central bank buying, tokenised products and tighter traceability standards are changing the structure of the gold market.

Gold investor base growth is no longer driven only by traditional bullion buyers. Central banks, institutional investors and digital channels are bringing new liquidity, broader access and stronger strategic demand into the market.

Gold investor base changes also matter beyond precious metals. They show that investors are increasingly looking for hard assets that can act as stores of value in a fragmented geopolitical and monetary environment.

The LBMA official gold price AM fell to $4,679.80/oz on 24 April from a record $5,501.70/oz on 29 January. But speakers said the pullback does not weaken the structural case for gold as a long-term diversifier.

Central Banks and Tokenised Products Broaden Demand

Central bank buying remains the clearest signal behind gold’s structural shift. Reserve managers are becoming more sensitive to concentration risk in US dollar assets as geopolitical alliances and monetary conditions change.

Gold offers central banks an asset without direct credit risk. It also supports reserve diversification at a time when inflation, debt debasement and currency risk are shaping long-term allocation decisions.

This trend is especially visible in emerging markets. Adding domestically sourced gold to reserves can support national balance sheets while reducing dependence on foreign reserve assets.

New financial channels are also expanding access. Tokenised gold and gold-backed digital products are attracting investors who may not have entered traditional bullion markets.

Stablecoin issuer Tether has emerged as a significant physical buyer over the past 18 months, adding a new category of demand alongside central banks and institutional investors.

This matters because easier access can change market behaviour. When physical gold becomes more liquid through digital channels, its investor base can expand faster than traditional vault, bullion and exchange-traded routes would allow.

For industrial metals, the signal is important. Copper, aluminium, rare earths, gallium, germanium and other strategic materials are also becoming policy-linked assets as governments and investors focus on supply security.

Gold may therefore offer an early example of how geopolitical risk, capital flows and physical asset ownership can reinforce one another.

Traceability Becomes Essential as Physical Demand Rises

Broader gold market participation also raises the importance of standards. Higher prices can make illicit flows more attractive and increase the risk of laundering through recycled or poorly documented material.

This creates pressure for stronger traceability, refining standards and chain-of-custody systems. Buyers and regulators increasingly want to know where metal comes from, how it was produced and whether it meets responsible sourcing requirements.

The market is moving from gold of unknown origin toward gold of known origin. That transition will require transparency, technology and stricter documentation across refining and recycling routes.

The issue is especially important for artisanal and small-scale mining supply. These flows can be difficult to document, but they remain important in many producing regions.

The same traceability logic is moving into industrial metals. Strategic stockpiling, defence procurement, battery regulations and critical minerals policies are making origin and documentation more important across supply chains.

For metals markets, this means physical assets are becoming more valuable, but also more scrutinised. Capital wants exposure to hard assets, while buyers and regulators want cleaner provenance.

That combination could reshape commodity markets. The winners will be suppliers that can provide not only material, but also verified origin, reliable custody and trusted compliance.

The Metalnomist Commentary

Gold’s changing investor base shows that hard assets are becoming strategic financial instruments again. For industrial metals, the lesson is clear: capital will flow toward physical scarcity, but only trusted and traceable supply will command the strongest premium.

Sibanye Stillwater Metallix acquisition boosts US precious metals recycling

Sibanye Stillwater

Sibanye Stillwater Metallix acquisition boosts US precious metals recycling

Sibanye Stillwater Metallix acquisition will add scale to US recycling. The $105mn deal secures Metallix Refining’s North Carolina assets. The Sibanye Stillwater Metallix acquisition advances urban mining and awaits approvals to close in 3Q 2025. The move complements Sibanye’s US operations in Montana and Pennsylvania.

Why Metallix matters to Sibanye

Metallix operates two precious-metal facilities in Greenville, North Carolina. The plants serve customers in the US, UK, and South Korea. They recover gold, silver, and PGMs from industrial waste streams. Sources include catalytic converters, semiconductors, electroplating, and automotive scrap. The company processed 4.2mn lbs of feed in 2024. It produced 21,000oz gold and 874,000oz silver. It also produced 48,000oz palladium and 48,000oz platinum. Output included 4,000oz rhodium, 3,000oz iridium, and 263,000lb copper.

Metallix Refining

Strategic fit and expected synergies

Sibanye Stillwater Metallix acquisition strengthens sourcing and logistics. The company expects broader reach and optimized internal flows. It also deepens relationships across PGM and gold recycling. Management aims to expand urban mining with higher US capacity. The acquisition adds industrial feed that supports circular supply chains.

Sibanye will integrate Metallix with its Montana and Pennsylvania sites. As a result, the group can balance feed quality and throughput. The buyer highlighted improved material sourcing as a priority. Closing remains subject to regulatory approvals in the US. The transaction is targeted for the third quarter of 2025.

The Metalnomist Commentary

This deal extends Sibanye’s PGM and gold footprint into high-quality US industrial scrap. With tight primary PGM supply, diversified recycling becomes strategic insurance. Expect the combined platform to compete aggressively for catalytic and semiconductor residues.

Metallium Indium Offtake Deal Strengthens US Critical Metals Recycling Chain

Metallium

Metallium Indium offtake deal plans will strengthen the US recycling route for critical metals used in advanced electronics, semiconductors and thin-film manufacturing. Australian metals recovery firm Metallium has signed a binding 10-year offtake agreement with US-based metals refiner and manufacturer Indium.

The Metallium Indium offtake deal covers several recovered metals, including gallium, germanium, copper, tin, indium and gold. Pricing will be formula-based, while final quantities have not yet been disclosed.

The Metallium Indium offtake deal gives Metallium a long-term commercial outlet for metals recovered from its US recycling operations. It also gives Indium access to secondary supply for materials used in solders, fluxes, thermal interface materials, sputtering targets and semiconductor-related products.

Texas Recycling Facility Targets High-Value Electronic Scrap

Metallium expects to recover metals at its recently commissioned Texas facility using flash joule heating technology. The process rapidly heats scrap mixtures in a controlled chlorine atmosphere to recover metals from synthesized LED manufacturing scrap.

The plant was first commissioned in December, with initial recovery focused on copper, tin, gold and silver from printed circuit board feedstock. Metallium later plans to establish gallium and germanium processing lines, which would move the facility deeper into critical minor metals recovery.

This matters because gallium and germanium are strategically important for semiconductors, optoelectronics, infrared systems, LEDs, solar technologies and defense-related applications. Recycling can help reduce exposure to concentrated primary supply and export-control risks.

Indium Agreement Links Recycling to Advanced Manufacturing Demand

Indium’s role gives the agreement direct industrial relevance. The company supplies materials into advanced electronics, semiconductor and thin-film markets, where high-purity and reliable metal supply are essential.

The companies are also discussing feedstock supply separately, which could deepen the partnership beyond offtake. If feedstock and product flows are aligned, the arrangement could support a more integrated recycling-to-refining model.

Metallium’s recent A$75mn capital raise from US institutional investors and earlier US Defense Logistics Agency support add strategic weight to the Texas facility. The funding shows that US critical minerals recycling is becoming a defense, technology and industrial policy priority.

The Metalnomist Commentary

The Metallium-Indium agreement shows that critical mineral security is moving into electronic scrap and advanced recycling. The key opportunity is not only recovering copper and precious metals, but building domestic capacity for gallium, germanium and indium supply chains.

Sinomine to Build Copper, Gallium, and Germanium Smelters in Africa: A Strategic Move for Resource Expansion

Sinomine

Chinese diversified mining company Sinomine Resource has announced a bold step in its global resource strategy by unveiling plans to build a copper smelter at its Kitumba mine in Zambia and a germanium/gallium recycling facility at the Tsumeb smelter in Namibia. These investments come as part of Sinomine's ongoing strategy to expand its reach in the mining sector, focusing on copper, germanium, and gallium—key strategic metals for the global market.

Sinomine’s Copper Smelter in Zambia

The first phase of Sinomine’s expansion involves a $562.9 million investment in a new copper smelter at its Kitumba mine in Zambia. The smelter will process 3.5 million tons per year of copper ore, with a production capacity of 60,000 tons per year of copper cathode. The project is set to be completed by late 2026, with a construction period of 1½ years, and will have an expected operating life of 11 years after commissioning. The smelter’s establishment aligns with Sinomine's strategy of expanding its copper resources globally, particularly in Africa, a continent rich in mineral deposits.

Sinomine took control of the Kitumba mine in March and began production in August, marking a significant milestone in its overseas copper operations. The Kitumba project complements Sinomine’s other Zambian ventures, including the commissioning of a second concentrator at the Kasisi copper and gold mine earlier in 2023. This move has significantly increased copper ore processing capacity, further bolstering Sinomine’s growing presence in Zambia.

Expansion in Namibia: Gallium and Germanium Recycling Facility

In addition to copper, Sinomine has also turned its attention to germanium and gallium, two metals that are crucial to industries such as information technology, renewable energy, and aviation. The company is investing $222 million in a multi-metal recycling facility at the Tsumeb smelter in Namibia. The facility will have an annual processing capacity of 200,000 tons and will produce 33 tons per year of zone-melting grade germanium, 11 tons per year of 99.9% industrial-grade gallium, and 10,900 tons per year of zinc. This ambitious project will be built in two phases and is expected to operate for 15 years. However, detailed launch dates are still to be disclosed.

The polymetallic slag at the Tsumeb smelter is estimated to contain substantial quantities of germanium, gallium, and other metals, including zinc and copper, making it an attractive site for advanced metal recycling and extraction. Sinomine’s investment reflects the growing global demand for germanium and gallium, both of which have seen price increases following China’s introduction of export licensing schemes in August 2023. These metals are considered critical for high-tech applications, and their strategic importance has driven companies worldwide to diversify their supply sources.

The Global Significance of Germanium and Gallium

Germanium, used extensively in industries ranging from telecommunications to clean energy, is a strategic resource that is primarily produced in China, which has been reducing its export volume. The global reserves of germanium are estimated at just 8,600 tons, according to the US Geological Survey. Gallium, which is essential for electronics and solar technology, is also in high demand. Sinomine's strategic investments in germanium and gallium facilities will position the company to capitalize on the rising global need for these critical materials, while reducing its reliance on Chinese supply chains.

Conclusion

Sinomine’s investment in copper and multi-metal recycling projects in Zambia and Namibia highlights its forward-thinking approach to securing a diverse range of valuable resources. As global demand for copper, germanium, and gallium grows, Sinomine is positioning itself as a key player in the African mining sector. With an expanding footprint across the continent, the company is set to shape the future of metal production and recycling, supporting industries from renewable energy to electronics.

UK Unveils Critical Raw Material Recovery Plan for Defence Sector

Team Defence Information

MoD Targets CRM Recycling in Defence Supply Chain

The UK Ministry of Defence (MoD) has unveiled a comprehensive framework to recover critical raw materials (CRMs) from end-of-life military equipment, aiming to secure strategic resources and strengthen national supply chain resilience. Developed with trade association Team Defence Information, the plan embeds circular economy principles into procurement, maintenance, and disposal processes across the defence sector. This marks a significant departure from past practices, where most military equipment was discarded without extracting valuable materials.

Defence spending is set to rise, with Prime Minister Keir Starmer pledging an increase to 2.5% of GDP by 2027 from 2.3% in 2024. This growth will drive demand for specialty metals such as rare earth elements, tungsten, and cobalt — all of which face potential supply disruptions due to geopolitical tensions. The framework addresses these risks by prioritising domestic recovery and processing, reducing dependence on imports from politically sensitive regions.

Expanding Domestic Processing and Recycling Capacity

The new strategy identifies vulnerabilities within the UK's critical minerals supply chain, mapping gaps in domestic recovery and refining capabilities. It recommends building vertically integrated recycling operations capable of handling everything from dismantling retired military vehicles to processing complex alloys used in advanced defence systems. By leveraging its mature electronic waste recycling infrastructure, the UK can extend recovery efforts beyond precious metals such as gold, silver, and platinum group metals to include less commonly recycled elements essential for defence technologies.

However, achieving this goal will require substantial investment. The framework calls for stronger financial incentives, such as tax relief and targeted subsidies, to encourage both public and private sector participation. It also suggests that the MoD could directly fund projects aligned with its operational needs, enabling rapid scaling of pilot programmes. Collaboration with research institutions and industry will be key to developing cost-effective recovery methods for metals embedded in complex military hardware.

Strategic Benefits for National Security

Strengthening domestic CRM recovery is not just an environmental initiative but also a matter of national security. A reliable domestic supply of critical metals can shield the defence sector from price volatility, trade restrictions, and supply chain shocks. This is especially important as global competition for critical minerals intensifies, driven by the energy transition and the rapid growth of clean technologies.

The UK’s mature recycling infrastructure, combined with targeted investment in processing technologies, positions the country to become a leader in defence-related CRM recovery. If successfully implemented, the framework could serve as a model for other NATO members seeking to enhance their strategic resource independence while meeting sustainability targets.

The Metalnomist Commentary

The UK’s CRM recovery framework reflects a strategic convergence of defence policy and resource security. By integrating circular economy practices into military logistics, the country can reduce reliance on geopolitically sensitive imports and strengthen its industrial base. The key challenge will be balancing speed of implementation with cost efficiency, ensuring that recovery operations are both technically viable and commercially sustainable.

Platinum Market Faces Deepening Deficit as Supply Drops and Demand Shifts

Platinum

Strong Investment and Jewellery Demand Drive Q1 Growth

The platinum market faces deepening deficit in 2025 as demand surges and mine supply tightens, according to the World Platinum Investment Council (WPIC). In Q1 2025, total global demand rose 10% year-on-year to 2,274 koz. This growth was largely driven by a sharp increase in investment demand, which compensated for declines in both automotive and industrial sectors.

Automotive demand fell by 4% to 753 koz in the first quarter. However, the WPIC noted that market resilience remained, despite mounting uncertainty from evolving U.S. tariff policies. Meanwhile, jewellery demand rose by 5% to 2,114 koz, led by strong recovery in China. Platinum’s widening discount to gold has attracted new buyers, particularly in the Asian jewellery market.

Sterck, WPIC’s strategist, stated that jewellery demand “is moving so quickly that we may not have captured the total upside.” He emphasized China’s outsized influence on the latest demand momentum.

Ongoing Mine Disruptions and Policy Risks Deepen 2025 Deficit Forecast

On the supply side, total Q1 output dropped 10% year-on-year to 1,458 koz. Mine supply fell across all major regions except Africa, with South Africa’s output down 10% due to heavy rainfall. Recycling rose by just 2% to 372 koz, not enough to compensate for reduced mining activity.

As a result, the platinum market posted a first-quarter deficit of 816 koz—the largest single-quarter deficit in six years. WPIC has now revised its full-year 2025 deficit forecast upward to 966 koz, reflecting worsening structural constraints.

WPIC projects 2025 supply will fall by 4% to 6,999 koz—the lowest level in five years. Recycling is expected to rise 3% to 1,537 koz, helped by a slight uptick in spent autocatalyst recovery. However, this remains well below pre-pandemic levels.

Total demand in 2025 is forecast to decline 4% to 7,965 koz. This includes a 2% decrease in automotive platinum demand, despite slower-than-expected EV adoption. WPIC expects U.S. tariff uncertainties, especially under the Trump administration, to continue disrupting global PGM flows and investor behavior.

Sterck warned that market volatility may persist: “Trade distortions and significant metal flows are likely outcomes of this uncertain geopolitical environment.”

The Metalnomist Commentary

Platinum’s third consecutive annual deficit highlights a widening disconnect between structural supply limitations and fragmented demand dynamics. While China’s jewellery surge offers short-term upside, geopolitical risk and policy distortion—particularly around U.S. tariffs—may define market direction through 2025.

Metallium raises $50.6mn for Texas plant to scale e-waste metals recovery

Metallium

Metallium raises $50.6mn for Texas plant as it accelerates commissioning at its Gator Point Technology Campus. Metallium raises $50.6mn for Texas plant through a capital raise backed by US institutional investors. As a result, Metallium can expand capacity, secure feedstock, and strengthen working capital during ramp-up.

Metallium raises $50.6mn for Texas plant to push its proprietary Flash Joule Heating (FJH) technology closer to repeatable industrial output. The company started commissioning in December. Meanwhile, it is prioritizing printed circuit board processing to recover copper, tin, gold, and silver in the first commissioning stage.

What the funding supports in capacity, feedstock, and technology

Metallium plans to allocate the proceeds across equipment, feedstock procurement, and technology development. The company also needs liquidity because e-waste recycling strains working capital. Therefore, a larger balance sheet can help stabilize purchase programs for scrap-rich inputs during volatile metals pricing.

The ramp-up also signals an intent to move beyond basic recovery into higher-value separation. However, recyclers must prove consistent yields and impurity control across variable feed streams. That execution risk often defines whether early-stage plants reach steady-state utilization.

Why gallium and germanium processing matters for critical minerals supply chains

Metallium plans to add a gallium and germanium processing line after its initial commissioning stage. Gallium and germanium sit at the intersection of semiconductors, defense electronics, and export-controlled materials. As a result, any credible non-Chinese recovery route attracts strategic interest from buyers and policymakers.

Glencore has also agreed to supply 2,400t/yr of electronic waste to support Metallium’s Texas buildout. Meanwhile, a secured feedstock channel reduces one of the biggest risks in recycling economics. However, Metallium still needs to translate contracted volumes into qualified products that meet customer specs.

The Metalnomist Commentary

This raise looks like a scale-up bet on execution rather than a pure technology story. However, Metallium must prove throughput and unit economics before it moves into gallium and germanium. The recyclers that lock feedstock and deliver consistent purity will capture the premium.

US critical minerals list expands: copper, lead, potash, rhenium, silicon, silver added

US Critical Minerals

The US critical minerals list expanded to 54 minerals in the new USGS draft. The US critical minerals list now includes copper, lead, potash, rhenium, silicon, and silver. As a result, the US critical minerals list reshapes policy, permitting, and supply-chain priorities across energy, defense, and manufacturing.

What changed in the draft and why it matters

USGS removed arsenic and tellurium because supply-chain risks have eased. However, the agency added copper, lead, potash, rhenium, silicon, and silver. These additions align with domestic manufacturing needs and national security goals. The Energy Act of 2020 requires triennial updates. Therefore, the draft signals a structured, risk-based refresh. Copper’s inclusion elevates grid, EV, and data-center wiring. Meanwhile, silver and silicon support solar, power electronics, and semiconductors. Rhenium targets superalloys in aerospace and defense. Lead anchors batteries and critical industrial uses. Potash underpins fertilizers and food security, which intersect with energy transition metals through logistics.

What could come next: uranium, coal, and update cadence

USGS invited industry feedback on whether to include uranium, metallurgical coal, or other minerals. It also asked if annual updates are preferable to three-year cycles. As a result, planning horizons could shorten, affecting investment timing and offtake strategies. President Donald Trump directed USGS on 20 January to consider uranium in the 2025 list. Meanwhile, several assessed materials—such as molybdenum, phosphates, helium, and gold—did not make the cut. Therefore, the draft narrows focus to minerals with acute vulnerability and strategic leverage.

The Metalnomist Commentary

Bringing copper onto the list is the headline move. It strengthens the case for streamlined permits, midstream incentives, and recycling scale-up. If USGS shifts to annual updates, treasury, traders, and OEMs must adapt faster to policy-driven risk signals.