Gold and Silver rise to fresh highs, lifted in Asia by retail buying and ETF investment
Gold (US$4,604/oz) and Silver (US$92/oz) rise to fresh highs lifted in Asia. Gold hit a new peak of $4,685/oz at 23:02 Thursday evening, driven higher by Chinese investors and ETF buying.
Gold bullion is trading at premiums in China amid demand for Lunar New Year celebrations, which start on Tuesday, 17 February. In India, dealers are reported to be offering discounts of around $12/oz to official peak prices lower than last week’s premium of $6/oz as demand slips at higher prices (Reuters). Silver prices hit a new peak of just over $95/oz at around 1 am before settling back to $92/oz
The FTSE 100’s push into record territory, and its decisive break above the 10,000 level, is finally beginning to filter through to the junior end of the market. After a prolonged period in which gains were heavily concentrated in large-cap names, improved sentiment at the top of the market is now translating into greater risk appetite further down the food chain.
In a clear demonstration that equity bulls remain firmly in command, the FTSE 100 shrugged off early weakness on Friday to push on to a fresh record high. By mid-session, the index had clawed back its early decline to trade above the 10,250 level. While the gain on the day was marginal, the move was symbolically significant, marking a new all-time high and underscoring the strength of sentiment towards UK equities.
Gainers
Among the movers, Bradda Head Lithium Ltd (BHL) was the standout performer of the week, more than doubling over five sessions (124.41%) amid market chatter suggesting stake-building activity.
Oracle Power PLC (ORCP) surged 124% this week, with investor interest fuelled by a trading halt on shares of its joint venture partner Riversgold in Australia.
Trading halts are commonly used by Australian regulators to curb speculation ahead of market-sensitive announcements. In this instance, the halt remains in place pending the release of exploration results from the Northern Zone gold project in Kalgoorlie, alongside details of a proposed capital raise. In London, market expectations are firmly skewed towards positive news.
EQTEC PLC (EQT) gained 57% after outlining plans to diversify into capital-light exposure to critical and precious metals. The strategy is designed to complement its waste-to-value gasification platform by delivering nearer-term cash flow.
80 Mile (80M) extended its strong run, rising 40% as renewed comments from Donald Trump brought Greenland back into the spotlight. While the former US president has framed his interest in terms of security, many analysts believe Greenland’s substantial mineral resources—vital for modern electronics—are the underlying attraction.
Rome Resources (RMR) is currently operating two drill rigs at its Bisie North copper project in the Democratic Republic of Congo. The first completed drill hole intersected notable tin mineralisation, supporting the project’s exploration potential. Shares in Rome Resources rose 9.09% to 0.9p on the news.
Shuka Minerals (SKA) has completed the acquisition of Leopard Exploration and Mining, including the Kabwe zinc mine, following receipt of the anticipated funding ensures completion of the transaction. Kabwe hosts an estimated 5.723Mt of mineral resources, containing approximately 700,000 tonnes of zinc and 100,000 tonnes of lead. Shares in Shuka Minerals rebounded 8.97% to 4.25p.
Fallers
On the downside, Indus Gas (INDI) led the decliners, falling 28% after announcing intentions to delist from AIM.
GCM Resources (GCM) is raising £1m through a placing at 6p per share, with proceeds earmarked to advance development of the Phulbari coal and power project in Bangladesh. A general election scheduled for February may increase policy emphasis on domestic natural resource development. The shares fell 21.9% to 6.25p.
Artemis Resources (ARV) intends to cancel its AIM quotation and focus exclusively on its listing on the Australian Securities Exchange, citing persistently low liquidity on the UK market.
As part of the process, holders of Depositary Interests will have the option to convert their holdings into directly registered shares on the Australian share register. The transition is expected to take place on 13 February, marking three years since the company joined AIM. Artemis floated on AIM at an introduction price of 3.75p. The shares fell 18.8% to 0.325p following the announcement.
CelLBxHealth PLC (CLBX), formerly ANGLE, slipped around 10% on Friday after issuing a trading update. Broker Cavendish suggested the market may be overlooking the broader investment case. The company has developed a cancer detection platform with potential to reshape both research and treatment pathways.
