Gold and platinum shares have stolen the show on the JSE this year, with returns as high as 161% in the case of Sibanye Stillwater, helping power the JSE to new highs on Tuesday as the All Share index cracked 101 200.
“Much like the US’s Magnificent Seven leading Wall Street’s rally, South Africa boasts its own ‘Incredible 10’, says Kea Nonyana, market analyst at Scope Prime. “These ten stocks have been responsible for a remarkable 94% of the SWIX’s year-to-date gain of 20.8%, with the top three alone driving 52% of the advance. The top two are Gold Fields and AngloGold Ashanti, with platinum group miners (PGM) also leading the charge.”
One of the big investment stories of the year has been the surge in precious metals, bringing respectability to the overall JSE performance. Besides Sibanye Stillwater’s surge, AngloGold Ashanti is up 151% so far this year, Gold Fields and Northam Platinum both up 128%, Impala Platinum 95% and Harmony Gold 90%.
“I don’t see gold back down again,” says TF Metals report founder Craig Hemke. “Gold has proven that its rally is sustainable and for sustainable reasons.”
Gold is up 28% this year, trading this week at $3 340 an ounce. Platinum is up nearly 50%, breaking above its previous 2022 high, with palladium clocking a 25% gain so far in 2025.,
