{ "report_id": "theme_precious_metals", "report_type": "theme_signal", "site_path": "themes/precious-metals/index.html", "title": "Precious Metals", "as_of": "2026-06-23", "generated_at": "2026-06-23T00:00:00-07:00", "categories": [ "Precious metals", "Gold", "Silver", "Materials", "Metals & Mining", "Royalty streaming", "Commodity hedges", "Discovery-backed" ], "links": { "parents": [ "themes_index" ], "related": [ "reports_home", "themes_index", "portfolio_index", "sector_materials", "theme_energy_input_cost_pass_through", "theme_trade_tariff_sourcing_geography", "risk_energy_inflation_policy_repricing", "risk_market_fragility_amplification" ], "backlinks": [ "themes_index" ] }, "discovery_sources": [ { "kind": "report_api", "label": "Precious metals parent node return buckets", "query_ref": "report-api:/api/themes/precious-metals/node-return-buckets?as_of=latest;source_table:reports.daily_security_return_buckets;physical-wrapper-and-pgm-wrapper-cards-source-only-until-local-ohlc-is-backfilled" }, { "kind": "report_api", "label": "Representative selected-security right-rail chart routes", "query_ref": "report-api:/api/securities/AEM/chart?frequency=daily&window=9m&as_of=latest;/api/securities/FNV/chart?frequency=daily&window=9m&as_of=latest;/api/securities/PAAS/chart?frequency=daily&window=9m&as_of=latest;/api/securities/CME/chart?frequency=daily&window=9m&as_of=latest" }, { "kind": "discovery_cli_status", "label": "Local coverage checks used for parent baskets", "query_ref": "discovery:status:GLD|IAU|PHYS|SGOL|GLDM|SLV|SIVR|PSLV|GDX|GDXJ|SLVR(no instruments or daily_ohlc rows as of 2026-06-23)|PPLT|PALL|SBSW|IMPUY|ANGPY|JMPLY|UMICY(no instruments or daily_ohlc rows as of 2026-06-23)|NEM(through 2026-06-22)|WPM(through 2026-06-22)|PAAS(through 2026-06-22)|B(through 2026-06-22)|CME|ICE|SNEX|GOLD(local mapping Gold.com, Inc.)|MTRN|CBOE(through 2026-06-22)" }, { "kind": "duckdb_readonly_query", "label": "Precious metals daily OHLC coverage screen", "query_ref": "discovery:duckdb:daily_ohlc:precious_metals_candidate_basket:2026-06-22" } ], "knowledge_sources": [ "../../../knowledge/wiki/lanes/sector/materials.md", "../../../knowledge/wiki/concepts/themes/energy-input-cost-pass-through.md", "../../../knowledge/wiki/concepts/themes/trade-tariff-sourcing-geography.md", "../../../knowledge/wiki/concepts/risks/energy-inflation-policy-repricing.md", "../../../knowledge/wiki/concepts/risks/market-fragility-amplification.md", "../../../knowledge/wiki/lanes/security/gld.md", "../../../knowledge/wiki/lanes/security/phys.md", "../../../knowledge/wiki/lanes/security/slv.md", "../../../knowledge/wiki/lanes/security/gdx.md", "../../../knowledge/wiki/lanes/security/slvr.md", "../../../knowledge/wiki/lanes/security/aem.md", "../../../knowledge/wiki/lanes/security/paas.md", "../../../knowledge/wiki/lanes/security/fnv.md", "../../../knowledge/wiki/lanes/security/wpm.md", "../../../knowledge/wiki/lanes/security/rgld.md", "../../../knowledge/wiki/lanes/security/cboe.md", "../../../knowledge/raw/sources/sector_context_materials__autoresearch_security_profile_06212026_/output.md", "../../../knowledge/raw/sources/sector_research_materials__autoresearch_security_profile_06212026_/output.md", "../../../knowledge/raw/sources/security_research__gld__security_backlog_100_20260607/output.md", "../../../knowledge/raw/sources/security_research__phys__security_backlog_100_20260607/output.md", "../../../knowledge/raw/sources/security_research__slv__security_backlog_100_20260607/output.md", "../../../knowledge/raw/sources/security_research__gdx__security_backlog_100_20260607/output.md", "../../../knowledge/raw/sources/security_research__paas__security_backlog_100_20260607/output.md", "../../../knowledge/raw/sources/security_research__rgld__security_backlog_100_20260607/output.md" ], "external_sources": [ "https://www.gold.org/goldhub/research/gold-demand-trends", "https://silverinstitute.org/global-silver-investment-to-remain-strong-in-2026-against-the-backdrop-of-a-sixth-consecutive-annual-market-deficit/", "https://pubs.usgs.gov/periodicals/mcs2026/mcs2026-silver.pdf" ], "ticker_basket": [ "GLD", "IAU", "PHYS", "GLDM", "SGOL", "SLV", "PSLV", "SIVR", "SLVR", "GDX", "GDXJ", "FNV", "WPM", "RGLD", "OR", "TFPM", "GROY", "AEM", "NEM", "B", "KGC", "AU", "AGI", "BTG", "EGO", "PAAS", "AG", "HL", "CDE", "SVM", "EXK", "ASM", "USAS", "FSM", "NG", "SA", "IAUX", "GAU", "VGZ", "SBSW", "IMPUY", "ANGPY", "JMPLY", "PPLT", "PALL", "UMICY", "CME", "ICE", "SNEX", "GOLD", "MTRN", "CBOE" ], "freshness": { "price_data_as_of": "2026-06-22", "knowledge_reviewed_as_of": "2026-06-23", "local_discovery_reviewed_as_of": "2026-06-23", "macro_materials_sources_as_of": "2026-06-21", "security_lane_source_range": "2026-05-07 through 2026-06-07", "value_chain_card_count": 7, "local_coverage_note": "Producer, royalty, silver, developer, and market-rail baskets use tickers with local daily_ohlc coverage where verified. Physical bullion wrapper tickers GLD, IAU, PHYS, GLDM, SGOL, SLV, PSLV, SIVR, SLVR, GDX, and GDXJ had no local instrument or daily_ohlc rows in the 2026-06-23 read-only coverage check, so the physical wrapper node is source-routed and chart-disabled. PGM tickers SBSW, IMPUY, ANGPY, JMPLY, PPLT, PALL, and UMICY also had no local instrument or daily_ohlc rows in the 2026-06-23 read-only coverage check, so the PGM node is source-routed and chart-disabled. Exchange dealer rails CME, ICE, SNEX, GOLD, MTRN, and CBOE have local daily_ohlc through 2026-06-22. Local GOLD maps to Gold.com, Inc.; Barrick is represented by B." }, "revision": { "updated_label": "Added source-routed physical bullion and ETF wrappers node registration plus exchange dealer refining and benchmark rails child-page registration with SNEX added to the market-rails basket", "metadata_path": "themes/precious-metals/report.json", "version": 3 }, "value_chain_nodes": [ { "id": "theme_precious_metals_node_physical_bullion_and_etf_wrappers", "page_id": "theme_precious_metals_node_physical_bullion_and_etf_wrappers", "title": "Physical Bullion And ETF Wrappers", "slug": "physical-bullion-and-etf-wrappers", "status": "active", "site_path": "themes/precious-metals/nodes/physical-bullion-and-etf-wrappers/index.html", "level": "L1 source-routed metal NAV route", "role": "Separates gold and silver NAV exposure from miner operating leverage, reserve risk, and royalty contract risk.", "description": "Physical bullion and ETF wrappers convert vaulted gold or silver into listed exposure with fee, custody, authorized-participant, creation/redemption, liquidity, and premium or discount mechanics.", "core_count": 0, "option_count": 0, "watch_count": 9, "chart_count": 0, "ticker_baskets": { "ranked": [ "GLD", "IAU", "PHYS", "GLDM", "SGOL", "SLV", "PSLV", "SIVR", "SLVR", "GDX", "GDXJ" ], "core": [], "option": [], "watch": [], "source_only": [ "GLD", "IAU", "PHYS", "GLDM", "SGOL", "SLV", "PSLV", "SIVR", "SLVR" ], "source_only_core": [ "GLD", "IAU", "PHYS", "GLDM", "SGOL", "SLV", "PSLV", "SIVR" ], "source_only_hybrid_watch": [ "SLVR" ], "deferred_comparators": [ "GDX", "GDXJ" ] }, "source_gaps": { "missing_local_api": [ "GLD", "IAU", "PHYS", "GLDM", "SGOL", "SLV", "PSLV", "SIVR", "SLVR", "GDX", "GDXJ" ], "missing_canonical_lanes": [ "IAU", "GLDM", "SGOL", "PSLV", "SIVR", "GDXJ" ], "source_needed_official": [ "SGOL", "SIVR" ], "deferred_comparators": [ "GDX", "GDXJ" ], "reason": "No ranked wrapper ticker has verified local instrument or daily_ohlc coverage. GLD, PHYS, SLV, SLVR, and GDX have canonical lanes; IAU, GLDM, SGOL, PSLV, SIVR, and GDXJ need lanes. GDX and GDXJ stay deferred because they are miner ETF comparators, not physical bullion NAV wrappers." }, "freshness": { "price_data_as_of": null, "local_discovery_reviewed_as_of": "2026-06-23", "knowledge_reviewed_as_of": "2026-06-23" } }, { "id": "theme_precious_metals_node_royalty_and_streaming_finance", "page_id": "theme_precious_metals_node_royalty_and_streaming_finance", "title": "Royalty And Streaming Finance", "slug": "royalty-and-streaming-finance", "status": "active", "site_path": "themes/precious-metals/nodes/royalty-and-streaming-finance/index.html", "level": "L2 contracted metal cash-flow route", "role": "Collects metal deliveries or royalty revenue from third-party mines with less direct exposure to mine operating-cost inflation.", "description": "Royalty and streaming platforms exchange capital for future deliveries or revenue claims, then turn realized metal prices, GEO delivery, and operator milestones into high-margin cash flow.", "core_count": 6, "option_count": 0, "watch_count": 0, "chart_count": 6, "ticker_baskets": { "core": [ "FNV", "WPM", "RGLD", "OR", "TFPM", "GROY" ], "source_gap": [ "OR", "TFPM", "GROY" ] }, "source_gap_tickers": [ "OR", "TFPM", "GROY" ], "freshness": { "price_data_as_of": "2026-06-22" } }, { "id": "theme_precious_metals_node_senior_gold_producers_and_reserve_replacement", "page_id": "theme_precious_metals_node_senior_gold_producers_and_reserve_replacement", "title": "Senior Gold Producers And Reserve Replacement", "slug": "senior-gold-producers-and-reserve-replacement", "status": "active", "site_path": "themes/precious-metals/nodes/senior-gold-producers-and-reserve-replacement/index.html", "level": "L2 operating miner cash-flow route", "role": "Tests whether realized gold prices become per-share value after AISC, capex, taxes, royalties, reserves, jurisdiction risk, and capital allocation.", "description": "Senior gold producers convert payable ounces into revenue, free cash flow, reserves, dividends, and buybacks only when mine plans and cost guidance preserve the spread.", "core_count": 8, "option_count": 0, "watch_count": 0, "chart_count": 8, "ticker_baskets": { "core": [ "AEM", "NEM", "B", "KGC", "AU", "AGI", "BTG", "EGO" ], "source_gap": [ "NEM", "B", "KGC", "AU", "AGI", "BTG", "EGO" ] }, "source_gap_tickers": [ "NEM", "B", "KGC", "AU", "AGI", "BTG", "EGO" ], "freshness": { "price_data_as_of": "2026-06-22" } }, { "id": "theme_precious_metals_node_silver_industrial_demand_and_mine_supply", "page_id": "theme_precious_metals_node_silver_industrial_demand_and_mine_supply", "title": "Silver Industrial Demand And Mine Supply", "slug": "silver-industrial-demand-and-mine-supply", "status": "active", "site_path": "themes/precious-metals/nodes/silver-industrial-demand-and-mine-supply/index.html", "level": "L2 silver deficit and byproduct-supply route", "role": "Tests whether investment demand, physical tightness, industrial use, byproduct supply, and recycling convert into miner free cash flow without forcing chart behavior for uncovered silver wrappers.", "description": "Silver producers and silver-heavy miners carry both monetary-metal and industrial-demand exposure, while physical silver wrappers monitor investment demand source-only until local OHLC coverage is backfilled.", "core_count": 9, "option_count": 0, "watch_count": 3, "chart_count": 9, "ticker_baskets": { "core": [ "PAAS", "AG", "HL", "CDE", "SVM", "EXK", "ASM", "USAS", "FSM" ], "source_only": [ "SLV", "PSLV", "SIVR" ], "source_gap": [ "AG", "HL", "CDE", "SVM", "EXK", "ASM", "USAS", "FSM" ] }, "source_gap_tickers": [ "AG", "HL", "CDE", "SVM", "EXK", "ASM", "USAS", "FSM", "PSLV", "SIVR" ], "freshness": { "price_data_as_of": "2026-06-22" } }, { "id": "theme_precious_metals_node_project_and_reserve_optionality", "page_id": "theme_precious_metals_node_project_and_reserve_optionality", "title": "Project And Reserve Optionality", "slug": "project-and-reserve-optionality", "status": "active", "site_path": "themes/precious-metals/nodes/project-and-reserve-optionality/index.html", "level": "L3 project and reserve-renewal option route", "role": "Captures reserve renewal and developer optionality while keeping permitting, feasibility, financing, construction, and dilution risks explicit.", "description": "Project and reserve optionality converts resources into equity value only when feasibility, permits, financing, construction, community approvals, and eventual production hold together.", "core_count": 5, "option_count": 0, "watch_count": 0, "chart_count": 5, "ticker_baskets": { "ranked": [ "VGZ", "NG", "SA", "GAU", "IAUX" ], "core": [ "VGZ", "NG", "SA", "GAU", "IAUX" ], "api_backed_local_coverage": [ "VGZ", "NG", "SA", "GAU", "IAUX" ], "source_only": [], "missing_local_api": [], "missing_canonical_lanes": [ "VGZ", "NG", "SA", "GAU", "IAUX" ], "source_gap": [ "VGZ", "NG", "SA", "GAU", "IAUX" ], "subscription_expansion_candidates": [ "SKE", "PPTA", "NFGC", "ODV", "DC", "THM", "GLDG", "ITRG", "USAU", "CNL", "WRN", "NAK" ] }, "source_gap_tickers": [ "VGZ", "NG", "SA", "GAU", "IAUX" ], "source_gaps": { "missing_canonical_lanes": [ "VGZ", "NG", "SA", "GAU", "IAUX" ], "source_needed_before_stronger_project_claims": [ "resource_size", "grade", "reserves", "npv", "irr", "capex", "mine_life", "permitting_status", "metallurgy", "recovery_rates", "construction_timeline", "financing_terms", "ownership_percentages", "partner_commitments", "jurisdiction_approvals" ], "reason": "All five ranked project/reserve optionality names have local daily_ohlc coverage through 2026-06-22, but none has a filed canonical company lane. The node page keeps project economics source-needed until official filings and technical reports are projected." }, "freshness": { "price_data_as_of": "2026-06-22", "daily_ohlc_latest": "2026-06-22", "local_discovery_reviewed_as_of": "2026-06-23", "knowledge_reviewed_as_of": "2026-06-23", "api_validation": "not completed; local report API server was not running during build" } }, { "id": "theme_precious_metals_node_pgm_supply_recycling_and_autocatalyst_demand", "page_id": "theme_precious_metals_node_pgm_supply_recycling_and_autocatalyst_demand", "title": "PGM Supply Recycling And Autocatalyst Demand", "slug": "pgm-supply-recycling-and-autocatalyst-demand", "status": "active", "site_path": "themes/precious-metals/nodes/pgm-supply-recycling-and-autocatalyst-demand/index.html", "level": "L3 industrial precious-metal monitor route", "role": "Routes platinum, palladium, rhodium, autocatalyst demand, South Africa and Russia supply, and recycling into the precious-metals map.", "description": "PGM exposure depends on auto catalyst loadings, hybrid and ICE production, recycling, substitution, South Africa power and labor, Russian supply, FX, AISC, and capex.", "core_count": 0, "option_count": 0, "watch_count": 7, "chart_count": 0, "ticker_baskets": { "core": [], "option": [], "watch": [], "source_only": [ "SBSW", "IMPUY", "ANGPY", "JMPLY", "PPLT", "PALL", "UMICY" ] }, "source_gaps": { "tickers": [ "SBSW", "IMPUY", "ANGPY", "JMPLY", "PPLT", "PALL", "UMICY" ], "reason": "Local instrument and daily OHLC coverage were missing for every ranked PGM company, process, and wrapper name checked, and no ticker has a filed canonical lane. The node is source-routed until local coverage or filed lanes exist." }, "freshness": { "price_data_as_of": null, "local_discovery_reviewed_as_of": "2026-06-23", "knowledge_reviewed_as_of": "2026-06-23", "local_api_required": false } }, { "id": "theme_precious_metals_node_exchange_dealer_refining_and_benchmark_rails", "page_id": "theme_precious_metals_node_exchange_dealer_refining_and_benchmark_rails", "title": "Exchange Dealer Refining And Benchmark Rails", "slug": "exchange-dealer-refining-and-benchmark-rails", "status": "active", "site_path": "themes/precious-metals/nodes/exchange-dealer-refining-and-benchmark-rails/index.html", "level": "L3 market plumbing and fee route", "role": "Captures futures and options volume, clearing, market data, bullion dealing, minting, refining, inventory financing, and spread economics.", "description": "Market rails can earn from volatility, hedging, custody, spreads, refining, and inventory turns, while those cash-flow mechanisms can diverge from spot metal.", "core_count": 6, "option_count": 0, "watch_count": 0, "chart_count": 6, "ticker_baskets": { "core": [ "CME", "ICE", "SNEX", "GOLD", "MTRN", "CBOE" ], "source_gap": [ "CME", "ICE", "SNEX", "GOLD", "MTRN" ], "canonical_lane_core": [ "CBOE" ] }, "source_gap_tickers": [ "CME", "ICE", "SNEX", "GOLD", "MTRN" ], "freshness": { "price_data_as_of": "2026-06-22" } } ] }