Why Precious Metal Prices Soared in 2025 & MedTech Impact | Tim Murray, Johnson Matthey

Steve Maxson speaks with Tim Murray, Director of Precious Metals Management at Johnson Matthey, to explore the 2025 precious metals rally and its direct effects on medtech. Prices surged due to geopolitical tensions, tariff fears, dollar debasement, dedollarization by China/India, South African supply challenges, and more – pulling platinum into the gold/silver momentum trade.

Key medtech focus: Skyrocketing costs for critical components despite tiny volumes (less than 1% global supply)

Applications: Platinum-chromium alloys in drug-eluting stents, Pt-Ir electrodes/marker bands in pacemakers, neurostimulators, cochlear implants and interventional catheters, gold in EP ablation tips

Recycling strategies to mitigate volatility and stabilize supply chains

Plus Tim’s insights on 2026 outlook.