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Silver, gold shine amid fresh concerns

The precious metals complex has been boosted by disappointing US manufacturing data reigniting global economic growth concerns, along with further Brexit issues pushing the UK towards a snap election.
Silver, gold shine amid fresh concerns Silver, gold shine amid fresh concerns Silver, gold shine amid fresh concerns Silver, gold shine amid fresh concerns Silver, gold shine amid fresh concerns

First Majestic Silver rose along with the silver price

Staff reporter

"Recession risk in the US is higher by virtue of the weak PMI numbers last night," Australia-based IG market analyst Kyle Rodda noted.

Silver has continued to rise and shine, moving above US$19.40 an ounce on the spot market for the first time since September 2016.

Gold reached a 6.5-year high yesterday of $1,547.10/oz and was earlier trading about $1,543/oz.

Key global market indices closed lower yesterday.

Futures were pointing higher for the US and London but Toronto's outlook was lower.

Gold and silver stocks virtually all closed higher on the S&P/TSX Composite Index yesterday, where Kinross Gold (TSX: K) gained 4.7% and First Majestic Silver (TSX: FR) rose 3.9%.

Among the juniors, explorer Great Bear Resources (TSXV: GBR) shot up 30% on news of multiple gold discoveries at its flagship Dixie project in Ontario.

Copper fell to a two-year low of $5,584.50 on the London Metal Exchange yesterday.

The drop weighed on diversified miners including BHP (ASX: BHP), which was about 0.7% lower in afternoon Australian trade.