Gatos Silver posts solid 2024, prepares for takeover by First Majestic
The deal will merge Gatos’ main Cerro Los Gatos mine with First Majestic’s San Dimas mine in Durango, and its Santa Elena operation in Sonora.
Gold dropped below $1,300 per ounce Tuesday, hitting its lowest since early August, as investors dumped precious metals and fled to cash amid worries over the U.S. government shutdown.
Spot gold slid 3% to $1,286 per ounce. For the second session in a row, gold futures for December delivery were recently down 2.3%, or $30, at $1,297 per ounce, after Congress failed to reach agreement and pass a spending measure by a midnight deadline, allowing most federal services to shut down today.
Analysts are warning that a prolonged shutdown will hinder U.S. economic growth.
