Canada’s Wheaton Precious Metals (WPM) has announced plans to list on the London Stock Exchange (LSE.L) as demand for precious metals from investors has been surging amid turbulence in equity markets of late.
Wheaton, one of the world’s largest companies involved in buying gold and silver, has a market capitalisation of about $23bn (£17.6bn), and is listed in Toronto and New York. On those indices, its shares have risen more than 70% this year.
Gold prices have risen this year by roughly 28% and hit a record high of above $2,000 an ounce in August. Silver has also been gaining, up 50% to $27 an ounce.
“News that Canada’s Wheaton Precious Metals is looking to list in London gives fans of gold and silver another investment option to consider, especially as the firm is not a miner,” said Russ Mould, AJ Bell investment director.
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