Wheaton Precious Metals Corp. (WPM.TO) - June 3, 2025
Shares of Wheaton Precious Metals Corp. (WPM.TO) have now moved to the top position in the SIA TSX 60 Index Report, as the stock continues to push higher on the heels of its year-to-date performance of 56.13%. Wheaton Precious Metals Corp. is a Canadian multinational precious metals streaming company that sells over 29 million ounces of silver mined by other companies (including Barrick Gold and Goldcorp) as a by-product of their main operations. Originally named Silver Wheaton, the company changed its name to Wheaton Precious Metals in 2017. Given this exposure to silver, let’s first take a look at the point and figure chart of the underlying commodity. Silver has been underperforming compared to gold bullion and has traded in a band from $29–$35 for the past several years. Another reading displayed on the chart, shown via color coding, is the SMAX overlay tool, which continues to indicate outperformance against the five major asset classes—reflected by its green reading and SMAX score of 9 out of 10. Notably, there is long-term resistance at the $35.53 level. If prices rise beyond this point, it could set the stage for further moves, with the next resistance levels on the point and figure chart seen at $44.18 and $48.78. On the downside, support appears initially at the three-box reversal levels of $31.55 and $29.15.
Turning back to the shares of WPM.TO, we see a series of double top formations, indicating that buyers (demand) may still be in control of money flows. The next resistance level, as calculated via a point and figure vertical count, is at $137.21, with another projected from a previous trading range at $154.52. Support, on the other hand, may establish at $114.81, $108.19, and $99.95, the latter aligning with the psychological significance of the $100 level. WPM.TO currently shows a perfect SMAX score of 10 out of 10, representing another measure of relative strength—this time against a basket of alternative asset classes—albeit a shorter-term relative strength indicator.
Disclaimer: SIACharts Inc. specifically represents that it does not give investment advice or advocate the purchase or sale of any security or investment whatsoever. This information has been prepared without regard to any particular investors investment objectives, financial situation, and needs. None of the information contained in this document constitutes an offer to sell or the solicitation of an offer to buy any security or other investment or an offer to provide investment services of any kind. As such, advisors and their clients should not act on any recommendation (express or implied) or information in this report without obtaining specific advice in relation to their accounts and should not rely on information herein as the primary basis for their investment decisions. Information contained herein is based on data obtained from recognized statistical services, issuer reports or communications, or other sources, believed to be reliable. SIACharts Inc. nor its third party content providers make any representations or warranties or take any responsibility as to the accuracy or completeness of any recommendation or information contained herein and shall not be liable for any errors, inaccuracies or delays in content, or for any actions taken in reliance thereon. Any statements nonfactual in nature constitute only current opinions, which are subject to change without notice.