Lifecycles of gold mines are being challenged

It is important to note that existing mines age and will be phase out gradually. And absent margin motivations, it is possible that gold production could fall in the medium to longer term, and declining older mines could partially offset any new increase.

On the other hand, a rising gold price, which usually pushes up miners’ margins, is likely to “Encourage the opening of new mines; See old mines, which were once closed due to lack of profitability, re-open, or maintain existing mines beyond their anticipated life; and Incentivise growth in ASGM.

While re-opening old mines and growth in ASGM may have an immediate impact on gold production, it takes much longer and becomes more difficult for new mines to start producing. It was found that while a rising gold price usually coincides with higher gold miners’ CAPEX in the same year, mined production lags the gold price by at least six years.

All of these factors contribute to a scenario where global mined gold production eases up to peak levels in the coming years before plateauing and undergoing a very gradual decline from 2028 onward.

Alongside relatively stable gold demand – due principally to gold’s dual nature as a consumer good and an investment asset – the global gold market is one of resilience and balance.

Tin’s remarkable rise continues in 2026, up 29% in January

Tin’s remarkable rise continues, leading the base metal rally into the new year. Already up 29% in January, LME prices reached an all-time high yesterday, topping $53,000/t.

The tin industry is navigating a new era—one shaped by global economic uncertainty, trade friction, resource nationalism, a new wave of supply chain regulations, and the race for strategic metals. At the same time, tin’s essential role in enabling emerging technologies, the energy transition, and electronics has never been more vital.
Tin’s performance comes despite rising visible exchange stocks, soft physical indicators, and no material change in supply-demand dynamics, highlighting a growing disconnect between prices and fundamentals. Financial flows are playing an increasingly important role in short-term price formation, with Chinese investors in particular driving prices higher amid surging open interest on the SHFE.
Tin is therefore likely to remain structurally volatile, with price action increasingly influenced by speculative positioning and evolving supply narratives, placing greater demands on risk management across the supply chain. Ongoing supply disruptions in Myanmar and the DRC remain pivotal.