Record high gold price pulls silver price up
The rise in the price of gold and silver is mainly due to the enormous amount of money currently flowing into the markets. Central banks are putting together rescue packages of new dimensions. This benefits the price of gold and also silver. Precious metals are again proving to be a stable value that is worth betting on. This can also be seen in the silver ETFs, which have been recording strong gains for months.
The International Monetary Fund is currently forecasting a global recession that will particularly affect the euro zone. The IMF expects the German economy to shrink by seven percent. According to the IMF, global economic output will decline by around three percent. The fact that the pandemic is causing an unprecedented crisis and investors are looking for security in precious metals is driving the price.
Silver, the little brother of gold, stands for value retention just like gold. In the silver country Mexico, the government has currently put mining on hold because of Covid-19, for the time being until the end of April. Silver companies like Endeavour Silver or MAG Silver, which operate in Mexico, are affected. But it is only a matter of time before these companies can resume their successful operations.
Endeavour Silver achieved the desired production target for its three mines in the first quarter of 2020: https://www.commodity-tv.com/play/endeavour-silver-investor-update-april-2020/. Approximately 860,000 ounces of silver and almost 8,500 ounces of gold were produced. H.C.Wainwright & CO has just recommended Endeavour Silver for purchase again.
MAG Silver - https://www.commodity-tv.com/play/mag-silver-next-silver-producer-in-mexico-corporate-update/ - and its partner Fresnillo will start production from the Fresnillo underground mine ahead of schedule in mid 2020. The mine is located in the high-grade Fresnillo district of the Mexican state of Zacatecas.
The latest company information and press releases from Endeavour Silver (https://www.resource-capital.ch/en/companies/endeavour-silver-corp/) and MAG Silver (https://www.resource-capital.ch/en/companies/mag-silver-corp/).
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