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In this April update, INN looks back at how precious metals fared for the month and what industry experts are saying about the sector.
In this video, the Investing News Network looks at the key events and developments that took place in the precious metals space during the month of April.
April was a relatively uneasy month for the majority of the precious metals, as they experienced both highs and lows.
While gold managed to hit just above US$1,307 per ounce on April 10, the yellow metal spent the rest of the month below the psychological level of US$1,300.
Gold lost some of its safe haven appeal on the back of both global stocks and the US dollar making gains during the month.
While April was relatively focused on first quarter results for some of the major gold miners, news also came in the form of S&P Global calling for record gold output in 2019 and Newmont Mining’s US$10 billion acquisition of Goldcorp officially closing on April 18.
The newly merged company, Newmont Goldcorp (TSX:NGT,NYSE:NEM), is now the world’s largest gold producer.
In addition, Rob McEwen, chairman and chief owner of McEwen Mining (TSX:MUX,NYSE:MUX), shared his thoughts on the recent merger and acquisition activity within the gold space.
As for silver, April was another month where the metal remained relatively flat and was unable to stay above the US$15 per ounce threshold for roughly a week out of the month. At of the end of the month, the white metal was trading just above US$15.
Despite silver’s lackluster April, companies such as First Majestic Silver (TSX:FR,NYSE:AG) were able to make strides.
First Majestic put out 6.3 million silver equivalent ounces during Q1 2019. The company also produced 3.3 million ounces of silver, up from the 2.17 million ounces garnered in the same period in 2018.
For palladium’s part, the metal lost a lot of the gains it made in March, but still managed to remain the highest trading precious metal for the month. The metal traded around US$1,444 per ounce for the majority of April and found itself trading just above US$1,430 at the end of the month.
With palladium sliding from highs above US$1,500 per ounce, platinum was able to make some rebounds, spending the majority of April just below US$900 and ending the month just above that US$900 threshold.
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Securities Disclosure: I, Nicole Rashotte, hold no direct investment interest in any company mentioned in this article.
