+49 30 6521 24928 (GER / ENG) support@bar9.com

Silver and Gold Prices Move up Strongly as More Mining Operations Shut Down

JP Buntinx
March 27, 2020

All over the world, production of precious metals continues to slow down. In the most recent update, the Black Fox gold and silver mine in Argentina will be shutting down its operations for a few days. 

Major Changes for McEwen Mining Operations

The McEwen Mining group operates multiple mines all over the world. One of their biggest ventures is located in San Jose, Argentina. The local Black Fox mine is now suspending operations due to the coronavirus crisis. These measures will remain in effect until at least the end of March, albeit they may be extended if necessary.  

This news is not entirely surprising, as a lot of gold mines around the world have announced similar measures. In light of those events, McEwen Mining is also suspending operations in Ontario and Nevada. Both of those locations will face a similar shut down until the end of the month, with more potential measures to follow.

Despite the shutdown, Black Fox will continue its development activities for the Froome deposit. That deposit sits 900 metres from the Black Fox open pit. In Nevada, minor activities involving production and development will continue as well. All of this will occur while keeping the social distancing guidelines in mind at all times.

Interestingly enough, McEwen Mining is capable of operating one additional mine without too many restrictions. Its El Gallo heap-leach operation in Mexico is still going. Contrary to other countries, Mexico has not issued any orders regarding non-essential businesses such as precious metal facilities.

Markets Remain On Course

What is rather interesting is how both the silver and gold prices are moving up, and will likely continue to do so for some time to come.

On the weekly silver price chart below, there is a strong push from $12.5 to $14.4 in the span of five days.  Some experts had expected to see a stronger bounce, as the second “leg down” from two weeks ago has yet to be fully recovered. Overcoming the “first leg down” from $18.6 to $16.66 will not occur anytime soon, despite production being ramped down globally.

Gold, on the other hand, keeps noting a strong push to overcome its recent dip. Following the recent $130 gain in value, one has to wonder how long this uptrend will continue.  For now, the gold price is approaching another key Fib level near $1,638. Overcoming that level may be crucial to determine whether or not a new all-time high is within reach at some point in 2020.

Despite overall precious metal production slowing down, the markets are not slowing down. In fact, this may be the best time to obtain precious metals or maintain one’s portfolio accordingly. With these prices moving in the right direction again, the market momentum will only intensify accordingly.

Easily open your Swiss tax free gold vault in under 6 minutes

It’s Free to open a Swiss vaulting account, you can buy and sell gold directly to it instantly.

0 Comments

Trackbacks/Pingbacks

  1. 5 Reasons why Investing in Physical or Digital Gold is Always Worthwhile, Bar9, The New Bank Independent Savings Account - […] main benefit of investing in gold is how liquid the market is. Compared to some other investment options, precious…

Leave a Reply

This site uses Akismet to reduce spam. Learn how your comment data is processed.

Coronavirus-Infused Market Volatility is Bound to hit Australia and New Zealand

It now seems that Asian markets are recovering a bit. It is still too early to determine if the coronavirus crisis is under control in that part of the world.

Indian Officials Confiscate 9.3kg of Gold From Smugglers

What is rather interesting is how all of these bars have forged foreign markings. The objective of the individuals was to sell it in Mangaluru and districts of North Karnataka

Gold Bug Profile: Peter Schiff

Despite paying very close attention to investment options such as gold and silver, Peter Schiff isn’t optimistic about Bitcoin and other cryptocurrencies.

South Africa may Shut Down its Gold Mines due to the Coronavirus Crisis

This news coming out of Mongolia is rather surprising. Unlike other countries, it would appear that this region is still providing ample access to gold deposits.

Silver Bug Profile: Stewart Thomson

Many people keep an eye on the precious metals markets, as those segments have tremendous profit potential. Stewart Thomson can be classified as a silver bug, primarily because he expects things to head in a very promising direction.  Who is Stewart Thomson?...

Analyst Outlines how Silver is a Seriously Undervalued Asset Right now

Everything comes down to how things will evolve over the coming months. If the demand will pick up again, and the supply remains very limited, things may begin to shift in a few months from now.

Recent Actions by the Federal Reserve may Spark Demand for Gold and Silver

Such extreme measures often come at a long-term cost, however. While the measures taken allow for stock markets to rebound, it also devalues the US Dollar.

Gold Bug Profile: Ron Paul

Ron Paul has not always been a politician, however. He also serves as a flight surgeon in the US Air Force and performed duties as an obstetrician-gynecologist.

Gold and Silver Premium Prices Spike in Singapore and Hong Kong

Obtaining physical gold isn’t the only problem. Those businesses requiring a steady supply of silver are in an even bigger pickle right now

Gold Bug Profile: James Rickards

Back in 2009, he claimed that the US Dollar would face imminent hyperinflation. Moreover, the greenback was, in his opinion, vulnerable to attack by foreign governments.

Welcome To The New Bar9 Rebranding

To all Bar9 customers, I'm proud to announce the rebranding of Bar nine and a whole new informative front end. As we move into 2020 Bar9's mission is to make it easier for anyone to move in and out of physical hard assets and become a little more bank independent. The...

Silver Bug Profile: Jim Rogers

The dollar is, according to Jim, not a safe-have, and should be traded in for more stable long-term investments such as silver and gold.

Gold Bug Profile: Judy Shelton

It is interesting to note that Judy Shelton may join the Federal Reserve Board of Governors in the near future. Assuming that will be the case, some very interesting things are bound to happen in the near future.

Where is the Best Place to Buy Gold Online?

As far back as Ancient Rome, prospectors would sit aside streams swilling water in pans with the hope of glimpsing the yellow metal. Even today, you can still get your hands on gold in this way, but buying online through a broker is your best bet for a secure, cheap...

When And How To Invest In Gold

Dear Bar9 customers, unfortunately, we all live in extremely uncertain times. And the so-called "markets" in particular are also showing signs of nervousness: the price of gold, for example, goes up sharply one day, only to go down again the next. At the same time,...

Gold Bug Profile: John Paulson

It is also worth noting that the gold sector has treated Paulson rather well in his career. Back in 2010, he set a hedge fund record by making almost $5 billion in just twelve months.

Silver Bug Profile: David Morgan

Morgan prefers educating the masses on how a sound financial system would work. What we have in place as of right now is the exact opposite of a sound system

Gold vs Negative Interest Rates

The world is teetering on the brink of a new economic policy. Not one that was written about by capitalism's founding father Adam Smith, or even John Maynard Keynes, but a giant experiment in which we will all be the subject. Negative interest rates threaten to turn...

Best Practices When Using Mobile Payments During the Novel Coronavirus Outbreak

Solutions such as Apple Pay, Google Pay, Samsung Pay, and WeChat Pay are all perfectly usable during these troubling times.

Silver Bug Profile: Nathan Eric Fier

Many individuals have shown their love for gold, silver, and other precious metals over the years. Nathan Eric Fier is certainly a silver bug, although he pays close attention to gold as well. Who is Nathan Eric Fier? People with a link to the financial industry will...

Translate Blog Post

Article Categories

Blog Stats

  • 59,172 hits

Follow the CEO on Twitter

%d bloggers like this: