Gold, silver and platinum hit fresh records on Friday, with spot gold touching $4,540/oz, February Comex futures peaking at $4,584/oz and March silver futures jumping over 9% to $78.30/oz, as palladium surged 13% to above $2,000/oz. Gold is heading for a >70% annual gain, driven by robust central bank buying and ETF inflows, including SPDR Gold Shares (GLD) increasing its holdings by more than 20% and physically backed funds taking in $82 billion (749 tonnes) by 22 December. Silver has rallied 160% in 2025 amid an October short squeeze, ongoing supply dislocations between London and New York vaults, and a pending US Commerce Department probe that could impose tariffs or trade restrictions.

Copper prices surged again on Friday, with London Metal Exchange contracts hitting a record $12,282/t before the Christmas break and Shanghai Futures Exchange prices briefly touching 100,000 yuan/t (~$14,270/t), creating a sharp premium over New York. Comex March copper climbed more than 5% to $5.903/lb (~$13,000/t), its highest since July’s short squeeze, as 2025 production was hit by accidents at Grasberg, Kamoa-Kakula and Codelco’s El Teniente. BMO now projects an average $12,500/t by Q2 2026, while Goldman Sachs still sees a 160 kt surplus capping prices at $10,000–$11,000/t.

B2Gold is closing 2025 with commercial production at the Goose mine in Nunavut, targeting 4,000 tonnes per day and about 300,000 oz. gold annually, while maintaining Fekola output in Mali at 515,000–550,000 oz. under a split open-pit/underground plan. CEO Clive Johnson is leveraging his Bema Gold experience in remote Russia to manage Goose’s long, seasonal ice-road supply chain and complex permitting under Mali’s 2023 mining code for trucking satellite ore to the Fekola mill. Additional growth options include the Antelope underground discovery at Otjikoto in Namibia (1.75 Mt at 6.91 g/t for ~390,000 oz.) and a 9.9% strategic stake in Snowline Gold’s Valley project in the Yukon.