Gold and silver rally drives mining stocks, Fresnillo snaps in London
Platinum, palladium and copper have also been on the upswing since the beginning of the year. This trend, according to traders, typically increases the revenues and margins of companies in the sector, strengthens cash flows and balance sheets
(Il Sole 24 Ore Radiocor) - The rally of gold and silver is driving mining companies on global listings. In the wake of the new precious metal records, the prices of Fresnillo (+3.77%), Antafagosta (+2.99%) and Anglo American (+1.99%) in London also soared. The largest American companies in the sector also rose in the premarket on Wall Street: Newmont gained 4.5% and Barrick Mining 3.5%. Strong rises for US-listed South African companies such as Gold Fields, AngloGold Ashanti and Harmony Gold, as well as for Canadian Agnico Eagle Mines and Kinross Gold.
Gold again broke records beyond the symbolic $5,000 threshold at $5,100 (currently up 2.07% to $5,091 for the spot contract), extending the rally it had achieved in 2025 amid market uncertainty and volatility. The precious metal rose 64% last year, the biggest 12-month rise since 1979. Fuelling the race towards the safe haven asset par excellence are the geopolitical tensions sweeping the world, from Ukraine to Greenland to Venezuela. In addition, expectations for potential new rate cuts by the Fed in 2026 also contribute to the metals' rise. Gold is also the focus of robust purchases by central banks, as well as investor flows into ETFs as a hedge against global political risks and macroeconomic uncertainty. Bullion prices have already risen more than 18% this year.
Even more remarkable is the leap in silver, which advanced 52% in 2026 and is currently trading close to the $110 mark. In 2025 it had more than doubled in value with a 136% rally. Platinum (+41%) and spot palladium (+33% in 2026) have also surged since the start of the year, while copper is up 5%. This upward trend, according to traders, typically boosts mining companies' revenues and margins, strengthens cash flows and balance sheets, and gives companies more room to finance expansion, dividends or debt reduction.
