The selection of precious-metals-related stocks is based on supply-and-demand trends for gold, silver and platinum and a weaker-dollar environment, covering Japanese companies directly involved in production, recovery, recycling and financial trading. Against the backdrop of global demand trends in 2026 and current market volatility, the selection covers 20 stocks, from large caps to microcaps.
This article outlines a broad approach to Japanese precious-metals-related stocks against the backdrop of demand and price trends for gold, silver and platinum, and organizes global demand data alongside current market price levels. The World Gold Council reports that gold demand reached a record-high level in the first half of 2026 and that LBMA gold prices rose substantially year on year. The Silver Institute and WPIC also forecast supply shortfalls for silver and platinum. Against this backdrop, the article examines the possibility that a weaker-dollar environment could once again push precious-metals prices higher and considers how this could affect the earnings of Japanese companies.
Following hawkish remarks by the Federal Reserve Chair on 28 August, expectations for US interest rates and the dollar strengthened, while spot prices for gold, silver and platinum fell. The article presents a scenario in which prices could resume their upward trend if a weaker-dollar environment returns. It broadens the selection universe to include mines and smelting companies that directly produce gold, recycling companies that recover metals, companies that recycle metals from urban mines, commodity futures firms, and reuse and jewelry companies affected by precious-metals demand, while distinguishing relative earnings strength from the perspective of profit trends.
◎ Companies covered in this article and their trends: Sumitomo Metal Mining, which operates Hishikari Mine, has a high-grade mine and LBMA Good Delivery accreditation. Its net sales rose substantially in the first quarter of the fiscal year ending March 2027, and it announced revisions to its full-year forecast. Mitsubishi Materials has a smelting network capable of recovering gold, silver and platinum across its operations, and expects substantial year-on-year improvement at each profit level for the fiscal year ending March 2027. The article also describes the expansion of urban mining and recycling networks and overseas operations. These companies are highly sensitive to increases in metal prices and fluctuations in smelting and recovery volumes, and the article concludes that the impact on earnings should be assessed if a weaker-dollar environment returns.