The year 2024 was a wild ride for gold.
Earlier the "safe haven" was seen as a reliable security blanket in times of global turbulence. That was until 2024. Soon, it was gold’s time to truly shine. Persistent global inflation and heightened geopolitical tensions became permanent fixtures in the global landscape. Then came record breaking prices—gold touched a high of 2,613.66 US Dollar per ounce in 2024 proving that gold is more than just a shiny rock.
Fast forward to 2025, macroeconomic instability and shifting monetary policies meant gold and silver touched the sky. Inflation and global conflicts made everyone panic-buy safe assets propelling both metals to historic price levels. The US Fed started cutting interest rates, making gold look even more attractive. In fact, gold prices even shot past USD 4,000 an ounce by the end of 2025!
While gold rallied on its reputation as a safe haven, the humble silver saw an even bigger surge thanks to its dual role as both an investment and an industrial powerhouse. On the industrial side, demand from solar panels and EVs collided with a five-year shortage, pushing prices for silver upward. The metal touched record highs of approximately 66 per ounce US Dollar by mid-December 2025.
Connecting the dots
It is these macroeconomic volatilities—elevated commodity prices and increased investor demand for safe-haven assets—that significantly bolstered the production (and financials; more on that later) at Wheaton Precious Metals. Gold production reached 100,090 ounces in Q3 25, marking a 15.3% increase compared to Q3 24. Silver production in Q3 25 saw a big jump, going up by 32.2% from the year before to hit 5.9 million ounces in Q3 25. These ups and downs in the global market meant Wheaton produced a lot more moolah.
The ripple effect
To put this in context, 57% of the Q3 revenue for the company came from gold. Silver contributed 39%. Wheaton Precious Metals saw its gross margin jump by 70% in the third quarter of 2025 compared to the same time in 2024. This big increase was fueled by a surge in realized commodity prices, with gold up 40% to USD 3,481per ounce and silver up 34% to USD 39.66 per ounce.
Talk about domino effect. The Canada-based company’s net earnings exploded by 138% y/y to USD 367m in Q3 25, up from Q3 24’s figure of USD 155m. This isn’t just a win; it’s a brand-new record for the company. In addition, the company’s operating cash flow jumped 51% to USD 383m.
Wheaton Precious Metals has also gone shopping. In November, the company announced that it has expanded its portfolio with major streaming deals. It has secured gold streams on the Hemlo Mine and the Spring Valley project for a combined value of nearly USD 1bn.
The bottom-line
Naturally, these developments have kindled positive market sentiment. The company's stock has soared 102% in the last 12 months.
Analysts are looking at an average target of USD 138.28 USD. The most bullish forecast even stretches as high as USD156.72, with a 28.9% upside from its current figure. Out of 16 analysts, 15 have given the stock a thumbs up.
A (potential) cave-in
How long will the sheen last? Wheaton Precious Metals does have a host of challenges to deal with, now or later. For one, there are operational risks such as managing mine labor, technical issues, and production timelines. Regulatory uncertainties or political drama in Brazil and Peru could expose the company to potential increases in mining taxes or export tariffs. Most importantly, commodity price volatility could bring gold or silver prices crashing which could definitely hurt their bottom line.
