Despite the sharp correction, silver continues to be supported by a structural market deficit. In platinum, an equally tight supply backdrop is meeting additional long-term industrial demand drivers.
Advertisement/Promotional Communication - This article is distributed on behalf of Sibanye-Stillwater Ltd. and Vizsla Silver Corp. SRC Swiss Resource Capital AG maintains paid investor relations consulting and communications agreements with both companies. · Producer/Publisher: SRC Swiss Resource Capital AG · Author/Editor: Ingrid Heinritzi · Editorial deadline: August 4, 2026, 10:30 p.m. Zurich/Berlin time · First publication: August 5, 2026, 9:40 p.m. Zurich/Berlin time ·
At present, silver and platinum are underpinned by two distinct but interconnected sets of fundamentals. Silver has corrected sharply after its record-setting run at the start of the year, but continues to be supported by a structural supply deficit and its broad range of industrial uses. In platinum, the central issue is the tight supply situation.
On August 4, 2026, the gold-silver ratio stood at around 68. Spot gold traded at approximately US$4,092 per ounce, while silver was around US$59.82. The ratio was therefore above the long-term historical average of just under 60 identified in a Silver Institute study published in July 2026, covering the period from 1970 through May 2026. The ratio is not a standalone buy signal. It merely indicates that silver remained valued lower relative to gold than its long-term average.
According to the Silver Institute, silver reached an all-time high of more than US$121 per ounce on January 29, 2026. Since then, the price has almost halved - a clear indication of the market's pronounced volatility. However, the tight physical market backdrop has changed little. The World Silver Survey 2026 forecasts a sixth consecutive market deficit this year, amounting to approximately 46.3 million ounces. The market therefore remains dependent on drawdowns from above-ground inventories.
Industrial demand also remains broadly diversified. Silver is used, among other applications, in electronics, vehicles, power grids, data centers, and photovoltaics. In the solar industry, silver use per cell is declining due to thrifting and partial substitution. However, the growing number of electrical and digital applications continues to support demand. For investors, this creates a market in which a structural deficit coincides with a high but highly volatile price base.
Platinum also faces a tight supply outlook. The World Platinum Investment Council forecasts a fourth consecutive annual deficit for 2026. Supply is expected to fall short of demand by around 297,000 ounces. By year-end, above-ground inventories could decline to less than three months of global demand. This leaves the platinum market particularly sensitive to production disruptions or unexpected demand surges.
Platinum is used primarily in automotive catalysts, the chemical and glass industries, and jewelry. Additional long-term demand could emerge from platinum-based fuel cells and proton exchange membrane (PEM) technologies for the hydrogen economy. The scale and timing of this growth, however, depend on investment, infrastructure, government support, and actual market penetration. Platinum is therefore less a straightforward growth story than a tightly supplied market with several potential demand catalysts.
Sibanye-Stillwater - https://www.commodity-tv.com/play/sibanye-stillwater-focus-on-maximizing-margins-and-operational-efficiency/ - is a globally diversified mining and metals processing group with operations, projects, and investments across five continents. The company ranks among the world's largest producers and refiners of platinum group metals and among the leading gold producers. Its portfolio also includes nickel, chrome, copper, silver, cobalt, and zinc, as well as a substantial recycling business. This broad positioning provides exposure to multiple metals markets, while also increasing operational and geographic complexity. On July 22, 2026, Sibanye-Stillwater reported that UBS Group AG had increased its beneficial interest in the company's issued ordinary shares to 5.15%.
Vizsla Silver - https://www.commodity-tv.com/play/mining-news-flash-with-vizsla-silver-fortuna-mining-and-gold-royalty/ - is developing the 100%-owned Panuco silver-gold project in Sinaloa State, Mexico. Based on proven and probable Mineral Reserves, the November 2025 Feasibility Study outlines average annual payable production of approximately 17.4 million ounces of silver equivalent over an initial mine life of 9.4 years. In the base case, the study estimated an after-tax net present value at a 5% discount rate of US$1.802 billion and an internal rate of return of 111%. Pre-production capital expenditures are estimated at US$238.7 million. After accounting for assumed pre-production revenue of US$127.7 million and pre-production costs of US$62 million, net initial capital is approximately US$173 million. The calculations are based, among other assumptions, on long-term prices of US$35.50 per ounce of silver and US$3,100 per ounce of gold and do not guarantee actual future results.
According to the company, Vizsla is targeting first silver production in the second half of 2027. However, a final construction and production decision has not yet been made and remains subject, among other things, to the required permits and further technical and corporate approvals. In June 2026, Vizsla awarded FLSmidth a supply agreement for key equipment packages for the planned processing plant. Engineering work has commenced; the start of fabrication remains subject to a formal Notice to Proceed.
Conclusion: The case for silver rests on the continuing structural deficit, its broad industrial use, and a gold-silver ratio above its long-term average. For platinum, the focus is on an expected fourth consecutive deficit year and low above-ground inventories. As a diversified group, Sibanye-Stillwater provides exposure to gold, platinum group metals, and recycling. Vizsla Silver is much more directly dependent on the development of the Panuco project and the silver price; until potential production is achieved, permitting, financing, construction execution, and metal price risks remain.
Current company information and news releases from Sibanye-Stillwater (- https://www.resource-capital.ch/de/unternehmen/sibanye-stillwater-ltd/) and Vizsla Silver (- https://www.resource-capital.ch/de/unternehmen/vizsla-silver-corp/ -).
Further information is available in the Battery Metals Report - https://www.resource-capital.ch/de/reports/ansicht/batteriemetall-report-2026-03 and the Precious Metals Report - https://www.resource-capital.ch/de/reports/ansicht/edelmetall-report-2026-03/ - is also available.
Kind Regards
Yours
Marc Ollinger
CEO Swiss Resource Capital AG
Sources and Data Cut-Off
• Reuters, "Gold rises on softer oil prices; US jobs data, Fed rate outlook on tap", August 4, 2026
• Silver Institute, "Gold:Silver Ratio Continues to be Relevant in the Modern Era", July 22, 2026
• World Platinum Investment Council, "Platinum Quarterly Q1 2026", May 18, 2026
• Sibanye-Stillwater, Investor Fact Sheet, May 2026
• Vizsla Silver, "Vizsla Silver Awards Equipment Supply Agreement for Panuco", June 16, 2026
Technical basis for Panuco: The scientific and technical information above is based on the Feasibility Study published by Vizsla Silver Corp. on November 12, 2025, and the related corporate news release prepared in accordance with NI 43-101. The study was prepared by independent Qualified Persons at Ausenco Engineering Canada ULC, Mining Plus Canada Consulting Ltd., and SGS Canada Inc. Kevin Murray, P.Eng., was responsible, among other matters, for the economic analysis and cost estimates; Jason Blais, P.Eng., for the Mineral Reserve estimate, mining methods, and mining costs; and Allan Armitage, Ph.D., P.Geo., for the Mineral Resource estimate. Jesus Velador, Ph.D., MMSA QP, then Vice President Exploration of Vizsla Silver, reviewed and approved the scientific and technical content of the underlying corporate news release. This English-language article was not submitted to the issuers or the named Qualified Persons for review or approval.
Important Notices, Conflicts of Interest and Disclaimer
Nature of the article and conflict of interest: This article is a paid advertising and marketing communication (advertorial) and does not constitute independent financial analysis or investment research. SRC Swiss Resource Capital AG receives compensation from Sibanye-Stillwater Ltd. and Vizsla Silver Corp. for investor relations consulting and communications services. This gives rise to a material conflict of interest that may influence both the selection of the companies discussed and the way they are presented. Before publication, the article was not submitted to the issuers, their management, or the named Qualified Persons for review or approval.
Disclosure of conflicts of interest pursuant to Article 20 of Regulation (EU) No 596/2014 (MAR) in conjunction with Commission Delegated Regulation (EU) 2016/958 and Section 85 of the German Securities Trading Act (WpHG): The author holds no positions in the shares of the issuers discussed. The net position of SRC Swiss Resource Capital AG in the shares of each of the two issuers discussed is less than 0.5% of the respective issued share capital. No issuer discussed holds an interest of 5% or more in SRC Swiss Resource Capital AG. Paid relationship: investor relations consulting and communications agreements with both issuers. No scheduled update of this article is planned; any statutory obligations to correct or update information remain unaffected. The article reflects the circumstances and publicly available information as of the editorial deadline on August 4, 2026, at 10:30 p.m. Zurich/Berlin time.
Methodology, data cut-off and price references: The gold-silver ratio was calculated by dividing the gold price per troy ounce by the silver price per troy ounce. The spot prices cited reflect data available on August 4, 2026, and may vary by data provider, trading venue, and time of observation. Historical averages, market deficits, and study metrics are descriptive data points, not price targets or trading signals. Facts, company statements, study assumptions, and editorial assessments have been distinguished in the wording of the article.
No individual investment advice: The information provided is intended solely for general information purposes. It is not tailored to any person's individual investment objectives, financial circumstances, or risk tolerance and does not constitute individual investment advice, an invitation, or an offer to buy or sell securities or other financial instruments. Investment decisions should be made only on the basis of the reader's own assessment and, where appropriate, with the assistance of independent professional advisers.
Risks: Securities of commodity, mining, and project development companies involve substantial risks. These include, in particular, commodity price, currency, financing, dilution, permitting, construction, operational, environmental, political, and country-specific risks. Project developers may fail, exceed schedules or cost budgets, or raise additional capital on terms disadvantageous to existing shareholders. Losses, including the total loss of invested capital, are possible. Past performance, historical market prices, and study results are not reliable indicators of future results.
Forward-looking statements, study metrics and technical information: This article contains forward-looking statements, corporate objectives, and economic metrics derived from technical studies. These are based on assumptions, estimates, and expectations as of the respective date of publication. Actual results may differ materially due to known and unknown risks. In particular, projected production volumes, production start dates, net present values, returns, costs, mine lives, Mineral Resources, and Mineral Reserves do not guarantee actual economic viability or implementation. The scientific, technical, and economic information regarding Panuco has not been independently verified by SRC Swiss Resource Capital AG from a technical perspective, but has been taken from the Qualified Person-reviewed primary sources listed in the sources section. The QP approvals referred to therein relate to those primary sources and not to this English-language article.
Accuracy, completeness and external content: This content has been prepared with editorial care on the basis of the cited sources, which are considered reliable. Nevertheless, no assurance can be given as to its accuracy, completeness, timeliness, or continued availability. Liability that cannot be excluded under applicable law remains unaffected. The operators of external websites are solely responsible for their content. Linked content was reviewed when the link was created; continuous monitoring without specific indications of unlawful content is not reasonably possible. If unlawful content becomes known, the corresponding links will be removed.
Use of AI-assisted systems: In preparing and editing our articles, AI-assisted systems may be used as editorial tools, particularly to support research, analysis, structuring, and language editing. All content intended for publication undergoes substantive human and editorial review before publication, is revised where necessary, and is approved by the responsible editorial team. Editorial responsibility for the published content remains fully and exclusively with the respective publisher.
The general disclaimer of SRC Swiss Resource Capital AG also applies: resource-capital.ch/de/disclaimer-agb/
Advertisement/Promotional Communication - This article is distributed on behalf of Sibanye-Stillwater Ltd. and Vizsla Silver Corp. SRC Swiss Resource Capital AG maintains paid investor relations consulting and communications agreements with both companies. · Producer/Publisher: SRC Swiss Resource Capital AG · Author/Editor: Ingrid Heinritzi · Editorial deadline: August 4, 2026, 10:30 p.m. Zurich/Berlin time · First publication: August 5, 2026, 9:40 p.m. Zurich/Berlin time ·
At present, silver and platinum are underpinned by two distinct but interconnected sets of fundamentals. Silver has corrected sharply after its record-setting run at the start of the year, but continues to be supported by a structural supply deficit and its broad range of industrial uses. In platinum, the central issue is the tight supply situation.
On August 4, 2026, the gold-silver ratio stood at around 68. Spot gold traded at approximately US$4,092 per ounce, while silver was around US$59.82. The ratio was therefore above the long-term historical average of just under 60 identified in a Silver Institute study published in July 2026, covering the period from 1970 through May 2026. The ratio is not a standalone buy signal. It merely indicates that silver remained valued lower relative to gold than its long-term average.
According to the Silver Institute, silver reached an all-time high of more than US$121 per ounce on January 29, 2026. Since then, the price has almost halved - a clear indication of the market's pronounced volatility. However, the tight physical market backdrop has changed little. The World Silver Survey 2026 forecasts a sixth consecutive market deficit this year, amounting to approximately 46.3 million ounces. The market therefore remains dependent on drawdowns from above-ground inventories.
Industrial demand also remains broadly diversified. Silver is used, among other applications, in electronics, vehicles, power grids, data centers, and photovoltaics. In the solar industry, silver use per cell is declining due to thrifting and partial substitution. However, the growing number of electrical and digital applications continues to support demand. For investors, this creates a market in which a structural deficit coincides with a high but highly volatile price base.
Platinum also faces a tight supply outlook. The World Platinum Investment Council forecasts a fourth consecutive annual deficit for 2026. Supply is expected to fall short of demand by around 297,000 ounces. By year-end, above-ground inventories could decline to less than three months of global demand. This leaves the platinum market particularly sensitive to production disruptions or unexpected demand surges.
Platinum is used primarily in automotive catalysts, the chemical and glass industries, and jewelry. Additional long-term demand could emerge from platinum-based fuel cells and proton exchange membrane (PEM) technologies for the hydrogen economy. The scale and timing of this growth, however, depend on investment, infrastructure, government support, and actual market penetration. Platinum is therefore less a straightforward growth story than a tightly supplied market with several potential demand catalysts.
Sibanye-Stillwater - https://www.commodity-tv.com/play/sibanye-stillwater-focus-on-maximizing-margins-and-operational-efficiency/ - is a globally diversified mining and metals processing group with operations, projects, and investments across five continents. The company ranks among the world's largest producers and refiners of platinum group metals and among the leading gold producers. Its portfolio also includes nickel, chrome, copper, silver, cobalt, and zinc, as well as a substantial recycling business. This broad positioning provides exposure to multiple metals markets, while also increasing operational and geographic complexity. On July 22, 2026, Sibanye-Stillwater reported that UBS Group AG had increased its beneficial interest in the company's issued ordinary shares to 5.15%.
Vizsla Silver - https://www.commodity-tv.com/play/mining-news-flash-with-vizsla-silver-fortuna-mining-and-gold-royalty/ - is developing the 100%-owned Panuco silver-gold project in Sinaloa State, Mexico. Based on proven and probable Mineral Reserves, the November 2025 Feasibility Study outlines average annual payable production of approximately 17.4 million ounces of silver equivalent over an initial mine life of 9.4 years. In the base case, the study estimated an after-tax net present value at a 5% discount rate of US$1.802 billion and an internal rate of return of 111%. Pre-production capital expenditures are estimated at US$238.7 million. After accounting for assumed pre-production revenue of US$127.7 million and pre-production costs of US$62 million, net initial capital is approximately US$173 million. The calculations are based, among other assumptions, on long-term prices of US$35.50 per ounce of silver and US$3,100 per ounce of gold and do not guarantee actual future results.
According to the company, Vizsla is targeting first silver production in the second half of 2027. However, a final construction and production decision has not yet been made and remains subject, among other things, to the required permits and further technical and corporate approvals. In June 2026, Vizsla awarded FLSmidth a supply agreement for key equipment packages for the planned processing plant. Engineering work has commenced; the start of fabrication remains subject to a formal Notice to Proceed.
Conclusion: The case for silver rests on the continuing structural deficit, its broad industrial use, and a gold-silver ratio above its long-term average. For platinum, the focus is on an expected fourth consecutive deficit year and low above-ground inventories. As a diversified group, Sibanye-Stillwater provides exposure to gold, platinum group metals, and recycling. Vizsla Silver is much more directly dependent on the development of the Panuco project and the silver price; until potential production is achieved, permitting, financing, construction execution, and metal price risks remain.
Current company information and news releases from Sibanye-Stillwater (- https://www.resource-capital.ch/de/unternehmen/sibanye-stillwater-ltd/) and Vizsla Silver (- https://www.resource-capital.ch/de/unternehmen/vizsla-silver-corp/ -).
Further information is available in the Battery Metals Report - https://www.resource-capital.ch/de/reports/ansicht/batteriemetall-report-2026-03 and the Precious Metals Report - https://www.resource-capital.ch/de/reports/ansicht/edelmetall-report-2026-03/ - is also available.
Kind Regards
Yours
Marc Ollinger
CEO Swiss Resource Capital AG
Sources and Data Cut-Off
• Reuters, "Gold rises on softer oil prices; US jobs data, Fed rate outlook on tap", August 4, 2026
• Silver Institute, "Gold:Silver Ratio Continues to be Relevant in the Modern Era", July 22, 2026
• World Platinum Investment Council, "Platinum Quarterly Q1 2026", May 18, 2026
• Sibanye-Stillwater, Investor Fact Sheet, May 2026
• Vizsla Silver, "Vizsla Silver Awards Equipment Supply Agreement for Panuco", June 16, 2026
Technical basis for Panuco: The scientific and technical information above is based on the Feasibility Study published by Vizsla Silver Corp. on November 12, 2025, and the related corporate news release prepared in accordance with NI 43-101. The study was prepared by independent Qualified Persons at Ausenco Engineering Canada ULC, Mining Plus Canada Consulting Ltd., and SGS Canada Inc. Kevin Murray, P.Eng., was responsible, among other matters, for the economic analysis and cost estimates; Jason Blais, P.Eng., for the Mineral Reserve estimate, mining methods, and mining costs; and Allan Armitage, Ph.D., P.Geo., for the Mineral Resource estimate. Jesus Velador, Ph.D., MMSA QP, then Vice President Exploration of Vizsla Silver, reviewed and approved the scientific and technical content of the underlying corporate news release. This English-language article was not submitted to the issuers or the named Qualified Persons for review or approval.
Important Notices, Conflicts of Interest and Disclaimer
Nature of the article and conflict of interest: This article is a paid advertising and marketing communication (advertorial) and does not constitute independent financial analysis or investment research. SRC Swiss Resource Capital AG receives compensation from Sibanye-Stillwater Ltd. and Vizsla Silver Corp. for investor relations consulting and communications services. This gives rise to a material conflict of interest that may influence both the selection of the companies discussed and the way they are presented. Before publication, the article was not submitted to the issuers, their management, or the named Qualified Persons for review or approval.
Disclosure of conflicts of interest pursuant to Article 20 of Regulation (EU) No 596/2014 (MAR) in conjunction with Commission Delegated Regulation (EU) 2016/958 and Section 85 of the German Securities Trading Act (WpHG): The author holds no positions in the shares of the issuers discussed. The net position of SRC Swiss Resource Capital AG in the shares of each of the two issuers discussed is less than 0.5% of the respective issued share capital. No issuer discussed holds an interest of 5% or more in SRC Swiss Resource Capital AG. Paid relationship: investor relations consulting and communications agreements with both issuers. No scheduled update of this article is planned; any statutory obligations to correct or update information remain unaffected. The article reflects the circumstances and publicly available information as of the editorial deadline on August 4, 2026, at 10:30 p.m. Zurich/Berlin time.
Methodology, data cut-off and price references: The gold-silver ratio was calculated by dividing the gold price per troy ounce by the silver price per troy ounce. The spot prices cited reflect data available on August 4, 2026, and may vary by data provider, trading venue, and time of observation. Historical averages, market deficits, and study metrics are descriptive data points, not price targets or trading signals. Facts, company statements, study assumptions, and editorial assessments have been distinguished in the wording of the article.
No individual investment advice: The information provided is intended solely for general information purposes. It is not tailored to any person's individual investment objectives, financial circumstances, or risk tolerance and does not constitute individual investment advice, an invitation, or an offer to buy or sell securities or other financial instruments. Investment decisions should be made only on the basis of the reader's own assessment and, where appropriate, with the assistance of independent professional advisers.
Risks: Securities of commodity, mining, and project development companies involve substantial risks. These include, in particular, commodity price, currency, financing, dilution, permitting, construction, operational, environmental, political, and country-specific risks. Project developers may fail, exceed schedules or cost budgets, or raise additional capital on terms disadvantageous to existing shareholders. Losses, including the total loss of invested capital, are possible. Past performance, historical market prices, and study results are not reliable indicators of future results.
Forward-looking statements, study metrics and technical information: This article contains forward-looking statements, corporate objectives, and economic metrics derived from technical studies. These are based on assumptions, estimates, and expectations as of the respective date of publication. Actual results may differ materially due to known and unknown risks. In particular, projected production volumes, production start dates, net present values, returns, costs, mine lives, Mineral Resources, and Mineral Reserves do not guarantee actual economic viability or implementation. The scientific, technical, and economic information regarding Panuco has not been independently verified by SRC Swiss Resource Capital AG from a technical perspective, but has been taken from the Qualified Person-reviewed primary sources listed in the sources section. The QP approvals referred to therein relate to those primary sources and not to this English-language article.
Accuracy, completeness and external content: This content has been prepared with editorial care on the basis of the cited sources, which are considered reliable. Nevertheless, no assurance can be given as to its accuracy, completeness, timeliness, or continued availability. Liability that cannot be excluded under applicable law remains unaffected. The operators of external websites are solely responsible for their content. Linked content was reviewed when the link was created; continuous monitoring without specific indications of unlawful content is not reasonably possible. If unlawful content becomes known, the corresponding links will be removed.
Use of AI-assisted systems: In preparing and editing our articles, AI-assisted systems may be used as editorial tools, particularly to support research, analysis, structuring, and language editing. All content intended for publication undergoes substantive human and editorial review before publication, is revised where necessary, and is approved by the responsible editorial team. Editorial responsibility for the published content remains fully and exclusively with the respective publisher.
The general disclaimer of SRC Swiss Resource Capital AG also applies: resource-capital.ch/de/disclaimer-agb/
|
Herr Jörg Schulte |
|
|
|
Kommentare
Kontakt
|
|
Herr Jörg Schulte |
|
|
|
Das könnte Sie auch interessieren:
Was jetzt für Silber und Platin spricht
Von JS Research...
Anzeige/Werbung - Dieser Artikel wird im Namen von Sibanye-Stillwater Ltd. und Vizsla Silver Corp. verbreitet. · Die SRC Swiss Resource Capital AG unterhält mit beiden ... | mehr
Lübecker DAHEIM-Gruppe übernimmt Pflegedienst „Pflegende Hände“ in Bad Schwartau: Nachfolge...
Von Alvia Capital...
Lübecker DAHEIM-Gruppe übernimmt Pflegedienst „Pflegende Hände“ in Bad Schwartau: Nachfolge gesichert, Versorgung bleibt erhalten Bad Schwartau / Lübeck, 04. August 2026 – Der ambulante Pflegedienst Pflegende ... | mehr
Mayfair Gold: Fenn-Gib nimmt Kurs auf den nächsten Entwicklungsschritt!
Von Swiss Resource...
Anzeige/Werbung – Dieser Artikel erscheint im Auftrag von Gold Royalty Corp. und Sierra Madre Gold and Silver Ltd.! · Bezahlte Beziehung: SRC swiss resource capital ... | mehr
