Wheaton Precious Metals Stock (WPM) Heads Into the Weekend With Momentum as Gold and Silver Go Parabolic — Key News, Analyst Targets, and What to Watch Before Monday

New York time check: It’s 1:53 a.m. ET on Saturday, December 27, 2025, which means U.S. stock markets are closed and investors are now in “weekend risk + year-end liquidity” mode.

Even with the closing bell long gone, Wheaton Precious Metals Corp. (NYSE: WPM) remains in the spotlight because the real driver of its short-term price action—precious metals prices—has been making historic moves.

As of the latest available quote, WPM stock is around $124.22, up about 1.85% versus the prior close, with Friday’s session range roughly $121.41 to $124.82.

Why WPM Stock Is Getting So Much Attention Right Now

Wheaton isn’t a traditional miner. It’s a precious metals streaming company—it finances mining partners and in exchange buys a share of future metal production under contract terms that can create substantial operating leverage when gold and silver rise. Reuters’ company description emphasizes Wheaton’s large portfolio of streaming agreements spanning gold, silver and other metals. ^[1]

That business model matters a lot this week, because the underlying commodities have been acting like they drank espresso and discovered existential dread:

Silver surged through $75/oz and notched fresh records in Friday trade, extending an extraordinary 2025 run. ^[2]
Gold pushed above $4,500/oz in the same late-year metal rush, supported by safe-haven demand and rate-cut expectations. ^[3]
Barron’s tied silver’s move to both industrial demand (including tech/AI infrastructure themes) and macro hedging behavior—conditions that often buoy streaming names alongside miners. ^[4]

The Big Macro Backdrop: “Thin Liquidity” Can Make Big Moves Bigger

A key piece investors sometimes underestimate: late-December markets can exaggerate price swings.

MarketWatch highlighted this directly, citing UBS strategist Joni Teves, who described parts of the late-year precious-metals surge as feeling “unhinged,” attributing some of the speed to thin liquidity, technical flows, and year-end positioning, even while remaining constructive longer-term. ^[5]

Reuters has also pointed to a familiar cocktail supporting metals: geopolitical tension, central bank buying, ETF flows, de-dollarization narratives, and expectations of U.S. rate cuts—all of which tend to favor non-yielding assets like gold and often spill over into gold-linked equities. ^[6]

For WPM holders, the implication is simple but not always pleasant: weekend headlines (geopolitics, policy, rates) can move Sunday-night futures, and that can show up in WPM’s Monday open.

What Wheaton Itself Has Done Recently: Strong Results + New Streams

1) Record financial performance through Q3 2025

In early November, Wheaton reported record metrics for the third quarter and first nine months of 2025, including:

Q3 2025 revenue: $476 million
Q3 net earnings: $367 million (record)
Operating cash flow: $383 million
Balance sheet: about $1.2 billion cash, no debt, and substantial available credit capacity ^[7]

The same release reported attributable gold-equivalent production of 173,400 GEOs in Q3, up 22% year-over-year, driven in part by stronger output at key assets like Salobo and Antamina, plus contributions tied to newer production starts. ^[8]

2) Hemlo gold stream closed: leverage with a defined cost formula

On Nov. 26, 2025, Wheaton announced it completed the previously announced gold stream on the Hemlo Mine. Key terms disclosed by the company include:

Upfront consideration: $300 million (as elected by the counterparty under the commitment)
Stream percentage: starts at 10.13% of payable gold up to a delivery threshold, then steps down to 6.75%, then 4.50% for life-of-mine (with schedule-based adjustment mechanics)
Ongoing production payment:20% of the spot gold price for ounces delivered
Production profile: forecast around 15,000 oz/year attributable for the first 10 full years, and 13,000+ oz/year life-of-mine; mine life forecast ~14 years ^[9]

That “pay 20% of spot” structure is the kind of thing streaming investors love in bull markets: if spot gold rises, the purchase price rises too—but the spread can remain very attractive.

3) Spring Valley stream: big-ticket Nevada growth option

Also on Nov. 6, 2025, Wheaton announced a definitive agreement for a gold stream on the Spring Valley Project in Nevada. Disclosed highlights:

Upfront deposit:$670 million, paid in installments as conditions are met
Streamed gold:8% of payable gold until 300,000 oz delivered, then 6% for life-of-mine
The project timeline commentary included expectations for construction to commence in 2026 and first gold production in the first half of 2028 (per partner remarks included in Wheaton’s release). ^[10]

Nevada matters for narrative and valuation because “tier-one jurisdiction” exposure tends to get rewarded during periods when investors are picky about geopolitical and permitting risk.

Dividend Watch: What Income Investors Should Know

Wheaton declared its fourth quarterly cash dividend for 2025 at $0.165 per share, which the company said was a 6.5% increase versus the fourth-quarter dividend declared in 2024. ^[11]

For investors thinking in “next-session” terms, note that this specific dividend event has already passed its key mechanics (record date/ex-div date were in November; distribution was around early December), but the bigger point remains: Wheaton is positioning itself as a streaming compounder that returns capital while funding growth. ^[12]

Analyst Forecasts and Price Targets: Where Wall Street Is Pointing

Analyst targets are not gospel (they’re often trend-following… like humans), but they do shape flows—especially into year-end and early January when institutions rebalance.

Here are the notable recent moves circulating across major market wires:

RBC Capital Markets upgraded WPM to Outperform from Sector Perform and raised its price target to $130 from $115 (reported Dec. 10). ^[13]
Benzinga’s coverage of the RBC note identified the analyst as Josh Wolfson and summarized valuation framing tied to a risk-weighted NAV approach and scenario sensitivity to long-term gold assumptions. ^[14]
Jefferies raised its price target to $145 from $137 and kept a Buy rating as part of a 2026 sector preview (analyst cited: Fahad Tariq). ^[15]
UBS raised its target to $118 from $116 while maintaining a Neutral rating (analyst cited: Daniel Major), with commentary that gold demand looks broader-based rather than purely speculative. ^[16]

Consensus snapshots vary by data provider (different analyst sets, different update timestamps), but for context:

MarketBeat’s visible consensus page shows an average target around $130.78, with a high of $160 and low of $108. ^[17]
MarketScreener’s consensus module shows 16 analysts and an average target price around $138.28 (as displayed on its page). ^[18]
TipRanks shows an average target in the mid-$130s range with a published high target of $160 (as displayed on its forecast page). ^[19]

The practical takeaway: analysts are generally not positioned for a collapse in the streaming model—but they also aren’t unanimous on how much upside remains after 2025’s run.

The Commodity Forecast Question: Can the Metal Tailwind Continue Into 2026?

This is the gravitational center of the WPM story: Wheaton is ultimately a derivative of the metal tape, filtered through contract terms, mine performance, and corporate capital allocation.

Several big-bank forecasts and strategist views have been circulating:

Bank of America Global Research has flagged a pathway for gold to reach $5,000/oz in 2026 under assumptions tied to investment demand and macro conditions. ^[20]
UBS previously raised its gold targets (earlier in 2025), citing Fed-cut expectations, the dollar, and geopolitical risk as supportive inputs. ^[21]
Reuters’ year-end market wrap underscored that precious metals were among the standout “safety trades” of 2025, outpacing many classic defensive allocations. ^[22]

But… it’s not all rocket engines and victory laps. Even bullish strategists have been warning that late-year price spikes can reverse when liquidity returns and positioning resets. ^[23]

For WPM investors, that sets up a very 2026-shaped tension:

If gold/silver consolidate near highs, streamers may keep printing cash.
If gold/silver mean-revert sharply, streamers can still be “better than miners” operationally—but not immune in stock price terms.

What Investors Should Watch Before the Next Trading Session

Because it’s Saturday in New York, the next “real” decision point is the next regular NYSE session on Monday, December 29, 2025 (pre-market indications earlier that morning).

Here’s what matters most between now and then:

1) Sunday futures and the U.S. dollar narrative

Precious metals have been reacting to rate expectations and safe-haven flows in a market that Reuters says has been dominated by geopolitical and policy uncertainty. If gold and silver futures gap on Sunday night, WPM can gap Monday morning. ^[24]

2) “Year-end liquidity” is still a character in the story

MarketWatch’s UBS commentary is worth keeping in mind: sharp moves can be amplified by thin trading and technicals. That creates two-way risk—melt-ups and air pockets. ^[25]

3) Company-specific catalysts are more medium-term, but still price the tape

Recent Wheaton developments (Spring Valley and Hemlo) are fundamentally important, yet they won’t necessarily generate fresh headlines every day. What can surprise the stock next week is:

Any update on project timelines/financing referenced in the Spring Valley release ^[26]
Any follow-through commentary on production, guidance cadence, or asset performance tied to Q3 disclosures ^[27]

4) Keep an eye on the next major calendar marker

Several market calendars list Wheaton’s next earnings window in March 2026 (estimated around mid-March based on prior schedules). ^[28]
That’s not a Monday catalyst—but it shapes how analysts and institutions think about position sizing into January.

5) Order mechanics matter more than usual after a fast move

This isn’t a “buy/sell” instruction—just microstructure reality: after big commodity-driven runs, streaming and mining equities can open with wide spreads and fast repricing. Many investors prefer using limit orders rather than market orders during volatile opens (especially after weekends with major headline risk).

Bottom Line: The WPM Setup Going Into Monday

Wheaton Precious Metals stock is entering the final days of 2025 with three powerful forces in play:

A historic precious-metals rally (gold and silver at record levels) providing a macro tailwind. ^[29]
Company momentum from strong 2025 financial performance and a cash-rich balance sheet. ^[30]
A fresh wave of analyst updates that—while not unanimous—includes meaningful target raises and an RBC upgrade framing streamers/royalties as relatively insulated versus producers into guidance season. ^[31]

The interesting twist (because markets enjoy drama) is that strategists are simultaneously warning that the speed of the metals move may be distorting short-term signals. ^[32]

Into Monday’s session, WPM is likely to trade less like a sleepy “materials stock” and more like what it really is in moments like these: a liquid, leveraged proxy for gold and silver sentiment—wrapped in long-life contracts and capital allocation decisions.