Jan 28, 2026
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Gold’s surge past $5,000 per ounce is no longer just a global macro story. It is starting to ripple into Finland’s listed market, even if the group of direct winners remains small.
The most obvious beneficiary is Endomines Finland Oyj (PAMPALO), one of the few Helsinki-listed companies with direct exposure to gold prices. The stock was trading almost 5 percent higher at EUR 35.10 in the afternoon, marking a more than threefold increase in value over the past 12 months.
The timing aligns with a sharply more bullish gold outlook. Reuters reported yesterday that Deutsche Bank sees gold climbing to $6,000 per ounce in 2026, citing strong demand from central banks and investors shifting toward real assets.
Endomines posted on LinkedIn today that when gold crossed the $5,000 mark this week, the company marked the moment with cake at its operations, a light-hearted signal of how meaningful the price level is for the business. Behind the humor sits a serious reality: higher gold prices lift margins immediately and improve the economics of exploration and future production.
Endomines, the only Helsinki-listed operator of a gold mine in Finland, reported that its production of the precious metal grew by 16.3 percent in 2025, marking the third year of consecutive growth. Total output reached 16,630 ounces, supported, as the company put it, by “exceptionally strong gold market conditions.”
Beyond Endomines, mining equipment supplier Metso could benefit if high gold prices encourage miners globally to invest more aggressively in new capacity, while Sotkamo Silver may see spillover interest as precious metals tend to move together during strong gold cycles.
