World's Largest Silver Producer to Miss Target as Prices Fall

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The world’s biggest primary silver producer, Fresnillo of Mexico, said it will miss a gold production target of 490,000 ounces, downgrading it to 465,000 ounces, according to Reuters – although its silver production will still remain on track.

“The company said attributable silver production came in at 10.9 million ounces in the second quarter, 6.3 percent higher than the same period last year, and putting it on track to meet full-year guidance of 41 million ounces,” the article stated.

On MetalMiner’s daily precious metals price index, Indian silver fell 0.8 percent yesterday. After improving for two days, the price of Chinese silver declined 0.7 percent.

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The price of US silver remained steady. The price of Japanese silver remained essentially flat.

US palladium bar saw the biggest upwards shift for the day, rising 1.5 percent on Tuesday, July 16. The price of Japanese palladium bar improved by 0.3 percent yesterday. The price of Chinese palladium bar was essentially unchanged.

Japanese platinum bar prices inched up 1.3 percent. The price of US platinum bar finished the market day up 0.9 percent per ounce. The price of Chinese platinum bar held steady.

Japanese gold bullion gained 0.8 percent. Chinese gold bullion closed 0.5 percent lower. The price of Indian gold bullion fell 0.4 percent. US gold bullion prices saw a 0.1 percent decline.

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