Group 1 - Fresnillo plc is a Mexican precious metals miner listed on the London Stock Exchange and is part of the FTSE 100 index [1] - The company operates several mines, including the Fresnillo mine located in Zacatecas [1]

Core Viewpoint - The Sprott Silver Miners & Physical Silver ETF (SLVR) has rapidly gained assets, reaching $100 million in assets under management within five months of its launch, highlighting strong investor interest in silver as an undervalued precious metal [2][3]. Company Overview - Sprott Asset Management USA, Inc. is a global asset manager focused on precious metals and critical materials investments, with a strong emphasis on in-depth knowledge and experience in the sector [9]. ETF Details - SLVR is the only ETF providing pure-play exposure to silver miners and physical silver, investing at least 80% of its total assets in securities of the Nasdaq Sprott Silver Miners Index (NSLVR) [2][3]. - The ETF aims to track the performance of a selection of securities in the silver industry, including producers, developers, explorers, and physical silver [3][4]. Market Context - Silver prices have recently surpassed $35 per ounce for the first time in over 12 years, indicating a potential upward trend that may benefit silver miners as fundamentals improve and industrial demand grows [3]. - The ETF's launch comes at a time when silver is perceived to be undervalued relative to gold, suggesting a favorable investment environment for silver-related assets [3]. Related Products - SLVR is part of a broader family of Sprott ETFs, which includes other precious metals ETFs such as the Sprott Active Gold & Silver Miners ETF (GBUG), Sprott Gold Miners ETF (SGDM), and Sprott Junior Gold Miners ETF (SGDJ) [4]. - Sprott also offers critical materials ETFs that provide exposure to sectors like uranium, copper, lithium, and nickel [4][6].

Investment Rating - The report maintains a bullish outlook on gold, indicating a long-term uptrend is intact with a price forecast increase for 2025E from $2900 to $3100, representing a 7% change [53]. Core Insights - Gold's recent rally to record highs was orderly and well anticipated, with expectations of continued consolidation in the near term, supported by strong buying interest during pullbacks [4][5]. - Gold has outperformed other asset classes year-to-date due to elevated macroeconomic uncertainty and tariff risks, acting as a safe-haven asset [5][15]. - The report highlights that gold remains under-owned, suggesting potential for increased allocations by investors [4]. Summary by Sections Gold Market Dynamics - Futures trading volumes and open interest have been declining as prices consolidate within a narrow range, with global ETFs increasing approximately 10 million ounces year-to-date, although inflows have recently stalled [10]. - Gold's spot premium over fair value remains at record highs, indicating a breakdown in macro correlations [13]. - Speculative net long positions in gold appear lean, with broader market positioning remaining low compared to previous periods of rising gold prices [18][20]. Demand and Supply Factors - Physical demand for gold is supported by investment interest, with net buying continuing albeit at a slower pace [25][33]. - The report notes a gradual slowdown in official sector buying, but new buyers in 2024 have helped offset slower purchases from others [28][29]. - Consumer demand for gold in India is expected to remain resilient, with outstanding gold loans growing [46]. Price Forecasts - UBS forecasts for gold prices show an upward trend, with projections for 2026E increasing from $2900 to $3500, a 21% change, and for 2027E from $2700 to $3250, a 20% change [53]. - The report also indicates upside risks to investment, particularly in China, where gold ETFs have seen significant inflows amid strong bullish sentiment [37]. White Metals Outlook - The report suggests that silver and platinum are well-positioned for catch-up trades, with market participants optimistic about platinum due to supply risks in South Africa and potential recovery in jewelry demand in China [55][57]. - Palladium is noted to be vulnerable to interim spikes due to persistent deficits and net shorts [57][85].

Group 1 - The article emphasizes the importance of in-depth research on undervalued miners, highlighting the potential for portfolio outperformance through strategic positioning [1] - Subscribers gain access to current portfolios, real-time buy/sell alerts, and detailed metrics such as grams per tonne (G/T), gold-equivalent ounces (GEOs), and all-in sustaining costs (AISC) [1] - The article mentions specific terminology relevant to the mining industry, including life of mine plan (LOMP), tonnes per day (TPD), and production cost of sales [1]

Core Viewpoint - In 2025, the global economic landscape remains turbulent, leading to increased interest from domestic investors in London gold, which has reached a historical high of $3167 per ounce, up 19% from the beginning of the year due to fluctuating Federal Reserve interest rate expectations, heightened geopolitical risks, and persistent inflation pressures [1] Group 1: Recommended Trading Platforms - The selection of a reliable trading platform is crucial for London gold investment. The top five recommended platforms for 2025 include: 1. **Wanzhou Gold**: Recognized for its technical strength and user experience, it uses the MT5 trading system and has an average fund withdrawal time of 30 minutes, significantly faster than the industry standard of 2 hours [2] 2. **Jinrong China**: Known for low trading costs with a spread of $20 per lot and a user satisfaction rate of 98.2%, it offers daily technical analysis and has a millisecond-level order execution speed [4] 3. **Rongsheng Gold**: Designed for professional investors, it boasts a 99.97% order execution success rate and strict fund management, making it suitable for high-efficiency traders [5] 4. **Lingfeng Precious Metals**: Offers various products and employs bank-level SSL encryption for fund security, achieving a 100% compliance rate in third-party audits [6] 5. **Fude Precious Metals**: Regulated by Australia's ASIC, it provides a stable trading environment and is user-friendly for newcomers [7] Group 2: Account Opening Process - Although London gold trading is not fully open in China, investors can participate through compliant platforms. The updated account opening process for 2025 includes: 1. **Choosing a Compliant Platform**: Preferably select AA-class members of the Hong Kong Gold Exchange or platforms regulated by international bodies like FCA or ASIC [9] 2. **Preparing Required Documents**: Investors need to gather identification documents, contact information, and bank account details for verification and fund transactions [9] 3. **Filling Out the Application**: Ensure the accuracy of the information provided in the application form, which will be reviewed by the platform [9] 4. **Funding the Account**: Investors must deposit funds into their trading accounts, noting that different platforms may have varying minimum deposit requirements [9] 5. **Simulated Trading**: It is advisable to engage in simulated trading to familiarize oneself with the platform and market dynamics before actual trading [10]