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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

Q1 2023

 

 

% Change

31.Mar.2023

31.Dec.2022

PRECIOUS METALS

 

 

 

 

Gold

$USD/oz.

8.0%

$1,970

$1,825

Silver

$USD/oz.

0.4%

$24.07

$23.98

PLATINUM GROUP METALS

Platinum

$USD/oz.

-7.4%

$990.0

$1,069

Palladium

$USD/oz.

-18.5%

$1,401

$1,719

Rhodium

$USD/oz.

-45.0%

$6,000

$10,900

Iridium

$USD/oz.

0.0%

$4,800

$4,800

Ruthenium

$USD/oz.

0.0%

$600.00

$600.00

Rhenium

$USD/oz.

0.0%

$49.04

$49.04

BASE METALS

Nickel

$USD/lb.

-23.0%

$10.51

$13.66

Copper

$USD/lb.

6.3%

$4.04

$3.80

Aluminum

$USD/lb.

1.3%

$1.19

$1.17

Zinc

$USD/lb.

-2.7%

$1.34

$1.38

Lead

$USD/lb.

-9.0%

$0.97

$1.07

 

 

 

 

 

BATTERY METALS

% Change

31.Mar.2023

31.Dec.2022

 

 

 

 

 

CATHODE

Lithium Metal (Li)

$USD/lb.

-21.3%

$21.91

$27.86

Lithium Carbonate (LiCO₃)

$USD/lb.

-52.4%

$15.62

$32.84

Lithium Hydroxide (LiOH.HO)

$USD/lb.

-37.7%

$21.82

$35.01

Cobalt (Co)

$USD/lb.

-10.1%

$19.06

$21.19

Cobalt Sulfate (CoSO)

$USD/lb.

-17.2%

$2.61

$3.15

Cobalt Chloride (CoCl)

$USD/lb.

4.2%

$3.26

$3.13

Nickel Oxide (NiO)

$USD/lb.

-6.7%

$11.02

$11.81

Nickel Sulfate (NiSO)

$USD/lb.

-3.4%

$2.41

$2.50

Nickel Chloride (NiCl)

$USD/lb.

6.7%

$3.41

$3.20

Vanadium Pentoxide (VO)

$USD/lb.

9.0%

$9.70

$8.90

 

 

 

 

 

 

ANODE

 

Graphite (C) + 50 XL

$USD/lb.

0.0%

$0.88

$0.88

Graphite (C) + 80 large

$USD/lb.

0.0%

$0.70

$0.70

Graphite (C) + 100 med

$USD/lb.

0.0%

$0.60

$0.60

Graphite (C) + 150 small

$USD/lb.

0.0%

$0.40

$0.40

 

ENERGY METALS

 

Uranium

$USD/lb.

3.10%

$50.50

$49.00

HEAVY RARE EARTH METALS

Gadolinium Oxide (GdO)

$USD/lb.

-38.9%

$17.55

$28.71

Terbium (Tb)

$USD/lb.

-26.5%

$846.5

$1,151.60

Terbium Oxide (TbO)

$USD/lb.

-25.5%

$682.4

$915.40

Dysprosium (Dy)

$USD/lb.

-14.2%

$178.8

$208.30

Dysprosium Oxide (DyO)

$USD/lb.

-17.0%

$135.8

$163.70

Erbium Oxide (ErO)

$USD/lb.

-12.7%

$16.90

$19.36

Yttrium (Y)

$USD/lb.

0.0%

$15.42

$15.42

Yttrium Oxide (YO)

$USD/lb.

-6.6%

$3.25

$3.48

Battery Grade Mischmetal

$USD/lb.

-25.9%

$8.37

$11.29

LIGHT RARE EARTH METALS

 

 

 

 

Lanthanum Oxide (LaO)

$USD/lb.

-5.3%

$0.41

$0.44

Cerium (Ce)

$USD/lb.

1.9%

$1.74

$1.71

Cerium Oxide (CeO)

$USD/lb.

-4.4%

$0.43

$0.45

Praseodymium (Pr)

$USD/lb.

-24.6%

$46.26

$61.35

Praseodymium Oxide (PrO)

$USD/lb.

-23.0%

$35.11

$45.60

Neodymium (Nd)

$USD/lb.

-28.3%

$44.95

$62.66

Neodymium Oxide (NdO)

$USD/lb.

-27.3%

$36.75

$50.53

Samarium Oxide (SmO)

$USD/lb.

0.0%

$0.98

$0.98

MINOR METALS

Antimony (Sb)

$USD/MT

11.0%

$12,650

$11,400

Beryllium (Be)

$USD/kg.

0.0%

$1,070.49

$1,070.49

Cadmium (Cd)

$USD/MT

24.6%

$5,208

$4,181

Gallium (Ga)

$USD/kg.

-37.6%

$235.07

$376.84

Germanium (Ge)

$USD/kg.

11.9%

$1,287

$1,150

Indium (In)

$USD/kg.

2.7%

$216.27

$210.48

Magnesium (Mg)

$USD/MT

0.0%

$3,443

$3,443

Manganese (Mn)

$USD/T

4.7%

$6.47

$6.18

Molybdenum Oxide (MoO)

$USD/lb.

-28.3%

$3.83

$5.35

Niobium (Nb)

$USD/kg.

0.0%

$73.78

$73.78

Selenium (Se)

$USD/kg.

19.4%

$31.10

$25.32

Silicon (Si)

$USD/MT

27.1%

$2,510

$1,975

Tellurium (Te)

$USD/kg.

3.9%

$85.64

$82.46

Tungsten (W)

$USD/kg.

-1.1%

$6.73

$6.80

Zirconium (Zr)

$USD/kg.

2.4%

$30.74

$30.02

Source: MineralPrices.com

For further information please contact:
(416) 525 – 6869
manager@mineralprices.com

Precious Metal & Battery Metal Prices and News:

https://mineralprices.com


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