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Silver on the rise

The silver spot price has broken back above the US$16 an ounce mark on the spot market as the precious metals complex is supported by continuing geopolitical concerns.
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Fresnillo’s Saucito silver mine in Mexico

Staff reporter

The spot gold price is around $1,422/oz, having gained earlier amid renewed expectations of a US interest rate cut, ongoing US-China trade tensions and the British pound weakening on the growing possibility of a no-deal Brexit.

The silver price has risen more than 8% over the past 30 days.

Silver equities were among the biggest market risers in Toronto yesterday, where Mexico-focused explorer Silver Bull Resources (TSX: SVB) gained 16.7% and miner Fortuna Silver (TSX: FVI) rose 13.4%.

However in London, Mexico-focused precious metals producer Fresnillo's (LSE: FRES) upward trend for the month lost momentum, closing down 2.84%.

Among the gold majors, Newmont Goldcorp (NYSE: NEM) gained almost 1% yesterday and Barrick Gold (TSX: ABX) added 3.8%.

In Australia, miners held four of the top five market risers' positions on the S&P/ASX200 at lunchtime.

Gold producers Evolution Mining (ASX: EVN), Saracen Mineral Holdings (ASX: SAR) and Northern Star Resources (ASX: NST) were up 4.4%, 4.2% and 3.7% respectively.

Nickel miner Western Areas (ASX: WSA) was up 4.4% at the time of writing.

It reported strong free cashflow today, saying it met cost and production guidance for the year to June 30, and the nickel price had closed higher again, up almost 3%, on the London Metal Exchange yesterday.