The global silver market is expected to be in deficit for the fourth consecutive year, according to a report by the Silver Institute in collaboration with consulting firm Metals Focus. In 2024, worldwide silver consumption is projected to rise by approximately 1% year-on-year, reaching 1.21 billion ounces (about 37,500 tonnes). However, despite the overall increase...
READ MOREOn Tuesday, October 22, spot silver prices surged by over 3%, reaching a new 12-year high. Silver hit $34.86 per ounce during the session, closing at $34.847 per ounce, the highest price recorded since late 2012. This price increase comes amid broader risk aversion in global markets, even as US Treasury yields continue to rise....
READ MOREPolish mining giant KGHM reported mixed results for its production and sales in September 2024, according to a market filing on its preliminary figures. The company’s copper sales reached 65,600 tonnes, representing an 8% year-on-year increase, while payable copper production rose by 3% to 61,400 tonnes. Silver production experienced a decline, with payable silver output...
READ MORESilver has delivered thirty-five percent returns in the first nine months of 2024, surpassing gold’s thirty percent. Motilal Oswal Financial Services remains optimistic about silver, suggesting it could continue to outperform gold in the near term. Navneet Damani, head of research for commodities and currencies, highlighted silver’s safe-haven appeal, which has driven its growth, along...
READ MOREKGHM, the Polish mining group, reported a 43% decline in payable silver production in August, with output reaching 75.1 tonnes due to a maintenance shutdown at its precious metals plant. Silver sales also fell, amounting to 85.1 tonnes, down 34% year-on-year. Despite the drop in silver production, KGHM’s copper operations performed strongly. Payable copper production...
READ MOREStarting January 1, 2025, New Jersey will join 44 other U.S. states in eliminating sales tax on purchases of gold, silver, and other precious metals exceeding $1,000. The move reinforces the constitutional recognition of gold and silver as legitimate forms of payment. This change aligns with the principle that sales tax should apply to consumer...
READ MOREThe Rochester mine, part of Coeur Mining, is on track to meet its full-year 2024 production guidance, with plans to process 8.0 million tons of ore per quarter in the second half of the year. The company anticipates producing between 4.8 to 6.6 million ounces of silver and 37,000 to 50,000 ounces of gold for...
READ MORESpot silver surged by more than 4% on Thursday, closing the session at $29.86 per ounce, driven by a weakened U.S. dollar and positive technical momentum. According to FXStreet analyst Christian Borjon Valencia, silver prices saw a sharp rally from a daily low of $28.54 per ounce, peaking at $29.90 as the U.S. Dollar Index...
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In Wednesday’s Asian trading, spot silver extended its downward movement, dropping below the key $28.00 per ounce barrier after a significant decline the day before. Spot silver closed Tuesday’s session 1.77% lower at $28.03 per ounce, and by mid-Wednesday, prices had fallen further to $27.90 per ounce. FXStreet analyst Christian Borjon Valencia highlighted that this...
READ MOREVedanta, the Indian multinational mining giant, has announced plans to develop two new industrial parks focused on aluminium and silver-zinc production. The news was shared by Vedanta’s chairman, Anil Agarwal, on LinkedIn on August 28, where he hinted at future projects for similar parks in the oil & gas and iron & steel sectors. In...
READ MOREChinese mining giant Zijin Mining Group Co. has expressed concerns about revising its strategy for acquiring assets abroad through mergers and acquisitions, citing a slowing global economy, rising geopolitical tensions, and increasing project costs. This cautionary stance was highlighted in a recent press release from the company. China’s pivotal role in global mining supply chains,...
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KGHM, a major copper producer, is preparing to launch the production of cast gold and silver bars at its “Glogow” Copper Smelter, with sales expected to begin between the third and fourth quarters of 2024. Piotr Krzyzewski, KGHM’s deputy CFO, announced during an investor chat that the company is currently focused on establishing the necessary...
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Santacruz reported solid financial and operational results for the second quarter of 2024, driven by strong metal prices and robust production. The company processed 500,755 tonnes of material in Q2, bringing the total for the first half of 2024 to 971,504 tonnes. This resulted in the production of 4,819,552 silver equivalent ounces for the quarter...
READ MOREHecla Mining Company has announced its financial and operational results for the second quarter of 2024, marking significant achievements in silver and gold production. Hecla reported the production of 4.5 million ounces of silver, the second-highest in the company’s history. Lucky Friday Mine achieved its highest silver production since 2000, with 1.3 million ounces, supported...
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On Monday, spot silver experienced a sharp decline, dropping more than 4.5% and falling below the key 100-day moving average. The price closed at $27.23 per ounce after reaching a session low of $26.49. This significant drop reflects a deteriorating risk appetite amid weak U.S. economic data, as noted by FXStreet analyst Christian Borjon Valencia....
READ MOREHindustan Zinc, a leading integrated producer of zinc, lead, and silver under the Vedanta Group, has reported robust financial and operational performance for the first quarter of FY25, ending in June 2024. The company’s revenue from operations rose by 12% year-over-year to ₹8,130 crore, driven by increased metal volume and higher metal and silver prices,...
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GreenX Metals has announced an Earn-in Agreement to acquire a 90% interest in Group 11 Exploration GmbH, a private German company that holds the Tannenberg exploration licence. This project is located in central Germany and is considered highly promising for sediment-hosted copper deposits, specifically the Kupferschiefer type. The Tannenberg exploration licence spans 272 square kilometers...
READ MOREOn Thursday, August 1, spot silver experienced a significant drop, declining more than 2% during the trading session. According to FXStreet analyst Christian Borjon Valencia, the fall in silver prices was driven by recession fears and increased risk aversion among investors. The failure of silver to close above $29.00 per ounce contributed to the bearish...
READ MOREOn Wednesday, spot silver prices surged more than 2% following dovish comments from Federal Reserve Chairman Jerome Powell and heightened tensions in the Middle East. The price of spot silver climbed past the key resistance level of the 100-day moving average (DMA) to close at $28.98 per ounce, marking a 2.15% increase. The Federal Reserve...
READ MOREKorea Zinc, the world’s leading non-ferrous metal smelting company, is celebrating its 50th anniversary with ambitious plans for future growth. The company aims to reach a market capitalization of 70 trillion won ($51 billion) by 2033, supported by a cumulative revenue target of 217 trillion won ($158 billion) from 2023 to 2033. This goal was...
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Spot silver prices surged nearly 2% on Tuesday, July 30, amid escalating geopolitical tensions in the Middle East. FXStreet analyst Christian Borjon Valencia analyzed the technical trends of silver prices, noting the impact of recent events on the market. Spot silver closed the session 1.9% higher at $28.37 per ounce. Valencia pointed out that silver...
READ MOREMexico-focused precious metals producer Fresnillo PLC announced an 11% rise in revenue for the first half of 2024, reaching USD1.49 billion, up from USD1.34 billion a year ago. The company’s pretax profit surged to USD277.8 million, a significant increase from USD47.9 million in the same period last year. The increase in profitability was attributed to...
READ MORESpot silver prices have dropped below the critical $29.00 per ounce mark, despite a weakening U.S. dollar. According to FXStreet analyst Christian Borjon Valencia, the decline was driven by an increase in U.S. bond yields, which exerted downward pressure on silver. Valencia notes that silver ended Wednesday’s session 1.2% lower, closing at $28.88 per ounce....
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Fresnillo, a leading Mexican precious metals mining company, reported a decline in gold and silver production for the second quarter of 2024, while noting an increase in lead and zinc output. The company has reaffirmed its annual production guidance for both gold and silver. In Q2 2024, gold production was recorded at 130,025 ounces, down...
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