Two of the biggest silver miners are getting dinged by recent silver prices – so much so that one of them, Hecla Mining Co, is starting to hedge its precious metal shipments.
According to Reuters, “the No.2 U.S. silver miner by output said it sold 40 percent of its silver production of 2.2 million ounces only in June and at prices much below the average price for the quarter…this magnified the lower realized price.”
On Thursday, August 8, Indian silver rose 2.0 percent to finish as the day’s biggest mover.
Following a 1.0 percent rise on Thursday, the price of Chinese silver closed higher. After falling for two days, the price of US silver rose 0.6 percent. The price of Japanese silver flattened.
The price of Chinese gold bullion is back up, rising by 0.9 percent yesterday. Following a two-day drop, the price of Indian gold bullion increased by 0.8 percent. The price of US gold bullion rose 0.4 percent after a two-day drop. The price of Japanese gold bullion showed little movement on Thursday.
The price of Chinese platinum bar increased 1.7 percent. US platinum bar saw its price rise 0.8 percent. Japanese platinum bar held its value on Thursday.
Chinese palladium bar prices inched up 1.3 percent. After a 0.1 percent increase, US palladium bar finished the day higher. The price of Japanese palladium bar was essentially unchanged.