The gold price has been heading toward the upper end of its historical range against the silver price
The gold price has been heading toward the upper end of its historical range against the silver price. There are not many pure play silver producers anywhere. This week, the Silver Institute released its list of the world's top 20 silver producers based on their 2013 output. The top 20 account for 393 million ozs out of the estimated global mine output of 819 million ozs. Of these, only four, accounting for just 92 million ozs, are designated primary silver producers: Fresnillo (38.8M ozs), Pan America Silver Corp (26.0M ozs), Coeur Mining (17.0M ozs) and First Majestic Silver Corp (10.6M ozs). Production from the others, such as BHP Billiton and Goldcorp, comes as by-product limiting the share price leverage to any improved silver prices in the event of a reversion to the norm.
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John Robertson is Chief Investment Strategist for PortfolioDirect a provider of resource sector investment stock ratings and portfolio strategies for mining and oil and gas investors. He has worked as a policy economist, corporate business...
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