Gold, Silver, Copper: Nothing to Show for It But Expenses!?
It is worth taking a look first at the world’s top commodity companies. At the end of the first quarter, the 50 most valuable mining companies globally, as ranked by Mining.com, had a total market capitalization of USD 2.41 trillion. This represents an increase of USD 250 billion so far this year and contradicts the media mantra that all sectors are currently suffering from the war. The market correction actually occurred a full month before the start of the war between the US and Iran. At the end of January, gold and silver prices plummeted in the wake of the so-called “Friday Massacre,” dragging other metals like copper down with them. However, the “crash” is put into perspective when looking at the prices before that. Today, for example, gold is trading at USD 4,700 per ounce, roughly at the level seen in mid-January. The situation is similar for copper and silver. Prices are roughly at the level seen from mid- to late December. So, in principle, not much has changed since then. However, volatility was extremely high due to the events at the end of January and the start of the war in the Persian Gulf. Those who kept a cool head did not lose or gain much but remained true to their investment strategy.
Top 50 Miners Weather the War “Well,” Lithium Awakens!
The situation is similar for other metals. Lithium miners are currently benefiting from high prices for fossil fuels like oil and gas. The war has led more and more people to consider buying electric vehicles or to take action already, and investors believe this trend will continue in the coming months. Mining.com’s ranking shows that the resurgence of lithium has helped stocks in the sector get back on their feet. The Chilean company SQM, the US producer Albemarle, and the Chinese company Ganfeng Lithium are among the top performers in the mining sector in the first quarter. Albemarle is up 56% since the start of the year, and Ganfeng is up 26%.
The major mining conglomerates did not take the war lightly, but with few exceptions, their stocks have weathered the crisis well since the start of 2026 and are trading well in positive territory. Among the leaders, for example, Newmont is up 11%, and Agnico Eagle Mines is up 22%. So anyone who bet on the top gold miners at the start of the year is ahead.
Glencore: Broadly Diversified!
Those interested in broadly diversified companies in the commodities sector cannot ignore Glencore. The Zug, Switzerland-based company is one of the world’s largest diversified commodities firms. Unlike many other companies, its business model is split into two areas: the extraction of raw materials and the trading and marketing of those materials. This dual focus means that Glencore is both a competitor and a partner to many of its rivals. For instance, the company owns its own mines for copper, cobalt, zinc, nickel, and coal. It also operates smelters and processing facilities. And in its trading business, it ensures that these metals, as well as the raw materials of its competitors, reach end-users in industry. This trading business is the core of the company, which was founded in the 1970s, and ensures that Glencore can still generate profits through arbitrage and logistics margins even when commodity prices are falling.
2025 was something of a comeback year for the Swiss company after a challenging 2024. Glencore returned to profitability, turning a hefty loss of USD 1.6 billion into a net profit of around USD 363 million. Regarding its mines, the company is banking on the energy transition with its strong focus on copper and coal. On the other hand, it is holding onto its cash-flow-rich coal business while others are divesting from this sector. Nevertheless, the copper and cobalt divisions are considered the crown jewels.
Glencore has traditionally been very shareholder-friendly, largely because top management is heavily invested in the stock. It was once run as a private partnership before venturing into a public offering as a corporation in May 2011. Today, it is estimated that between 20% and 25% of the shares are held by the executive board and employees. Ivan Glasenberg, CEO at the time of the IPO, remains the largest individual shareholder, holding 9.52% of the shares. For 2025, Glencore has distributed approximately USD 2 billion in dividends, or USD 0.17 per share. A new share buyback program worth USD 1 billion has been underway since August 2025. A catalyst for the stock this year is likely to be the rise in coal prices. This also explains why the stock has gained nearly 70% since early December. However, speculation about a merger with Rio Tinto, which was officially called off in March, is also a driver behind this. Should the deal still go through, it would create by far the largest commodities group in the world. Even if hopes for interest rate cuts seem to be off the table for now, Glencore is capital-intensive and benefits from low interest rates. The US, on the other hand, cannot afford high interest rates at all due to its completely out-of-control debt.
Avrupa Minerals: The Diversified Junior Explorer
But alongside giants like Glencore, there are also diversified companies in the junior mining sector. Avrupa Minerals focuses entirely on European assets, even though it is a Canadian company. Its primary listing is on the TSX Venture Exchange in Toronto. It is also listed in Germany. Currently, the stock is trading at CAD 0.085, and the market capitalization is just around CAD 8 million, offering investors significant upside potential. However, Avrupa Minerals is no newcomer; it has long been established in this segment. The company has focused on the discovery of critical metals and follows the so-called Prospect Generator model. This approach involves identifying promising deposits through exploration and then bringing partners on board to reduce the high financial risk. The goal is to spread the risk across a large number of such projects and, in the event of success, to profit massively through equity stakes and/or royalties.
Avrupa has several irons in the fire. One focus is on copper and zinc. Currently, the company is pursuing the development of several target areas in the Vihanti-Pyhäsalmi district in Finland. There is a solid mining infrastructure here. Avrupas’ projects are located in historic mining areas, so historical data is available, which saves time and money. The company has set itself the goal of proving at least 10 million tons of copper-zinc ore in seven current target areas. Incidentally, two of the licenses are located right next to the Pyhäsalmi mine. Processing there would simplify many aspects. An exploration program is planned for this year, and the company intends to carry out geophysical work. Additionally, negotiations are underway with joint venture partners.
In addition, there are three zinc-copper projects in southern Portugal. Here, too, the company intends to discuss the projects with potential partners. Last but not least, the company holds a 49% stake in the Slivova project in Kosovo. With Western Tethyan Resources, the company has found a partner here that is already working on a resource estimate. A feasibility study and ESG work are also planned here.
In addition to the large number of projects in secure jurisdictions, the lean capital structure is appealing. Avrupa Minerals has only 99.05 million shares outstanding. About 20% of the shares are held by insiders and managers.
Pan American Silver: The Stock as a Safe Haven
Pan American Silver does not really fit into this category. But there are also investors who anticipate a recession and high inflation as a result of the war in the Persian Gulf. For them, Pan American Silver shares are a suitable choice. The Canadian mining group has focused on silver and gold—two metals that should benefit significantly in such a scenario. In the case of silver, there is an additional factor: the structural supply situation remains extremely challenging. There is too little physical silver; the market has been in deficit for five years, as data from the Silver Institute shows. And demand should also be influenced by further military buildup – the US Tomahawk missile alone requires 0.5 to 1 kg of silver!
Pan American Silver has significantly expanded its portfolio in recent years and is now one of the world’s largest silver producers. For 2025, the company reported earnings per share of USD 2.54. High silver and gold prices pushed free cash flow to a remarkable USD 1.33 billion. This year, the company aims to produce 25 to 27 million ounces of silver at a cost of less than USD 19 per ounce (AISC). Additionally, gold production is expected to rise to approximately 750,000 ounces. Pan American Silver is debt-free and holds a record-high cash balance of USD 1.3 billion. Acquisitions are therefore not out of the question, and the company is also advancing its own projects.
With Glencore and Avrupa Minerals, investors are betting on broadly diversified companies. Glencore is the giant that managed to return to profitability in 2025. Avrupa, on the other hand, is the junior company that owns attractive projects in Europe and is making its mark with partners. With a market capitalization of around CAD 8 million, the potential is significant. Pan American Silver, on the other hand, focuses on gold and silver and should benefit from higher prices in the long term.
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