Pan American Silver Shifts Assets to Canadian Dollars

Feb. 17, 2011 11:34AM PST

Bloomerberg reports that Pan American Silver Corp. (TSE:PAA), the world’s fourth-largest silver producer, announced it’s shifting its currency holdings into Canadian dollars, predicting that the U.S. dollar may fall further.

Bloomerberg reports that Pan American Silver Corp. (TSX:PAA), the world’s fourth-largest silver producer, announced it’s shifting its currency holdings into Canadian dollars, predicting that the U.S. dollar may fall further.

The market news is quoted as saying:

“We diversified some of our currency holdings into Canadian dollars away from U.S. dollars to provide more stability in the event we do see continued weakness in the U.S. dollar,” Burns said. “It’s not just the U.S. dollar — the euro, the Japanese yen are going to have extreme difficulty hanging onto their long-term values as a commodity of trade.”