Gold breaks $1,900 but silver steals the show
Despite gold hitting $1,900 this week, silver ran the table in the precious metals markets said the panelists on Kitco Podcast.
Mining reporters Michael McCrae, Neils Christensen and Paul Harris joined newsletter writer Brent Cook for a look back at the week that was in precious metals, juniors and mining.
Neils Chritensen said gold breaking through $1,900 was a remarkable achievement, but silver hit a 6.5 year high this week after September COMEX broke through $23 an ounce.
"Silver is up 94% since it's low in March, and silver is up 18% this week while gold is up just 5% in comparison. I don't think you can ignore those numbers," said Christensen.
Good precious metal prices have been great for the junior space.
"The amount of money coming in to the space overwhelming the good companies, and [the money] is going everywhere," said Brent Cook talking about some of the remarkable run ups in the past weeks.
Canadian Resource Financing Index Oreninc reports that the junior sector has hit multi-year highs.
Circling back to silver, Cook noted that the space is much smaller and there is limited number of companies to invest. Michael McCrae added that COVID-19 work suspensions in Latin America have been more frequent and longer in duration, which is disrupting a major source of the world's silver.
Brent Cook is senior advisor and founder of Exploration Insights. He is also a great follow on Twitter.