VIDEO: Coeur Mining to grow silver production with $1.7bn acquisition of Silvercrest
Adding Las Chipas makes Coeur a top silver producer in North America, with 21 million ounces of silver and 432,000 ounces of gold annually.
The recent weakness in the gold price trend was accompanied by significant outflows of funds from the largest gold ETF, according to Goldreporter.
Investors withdrew $1.5 billion from the SPDR Gold Shares (GLD) in one week, according to data from the operator.
As of February 24, the fund’s gold holdings were down 2.3% from the previous week. This represents a withdrawal or sale of 26.53 tonnes of the metal.
Year-to-date, GLD gold holdings are down 63.5 tonnes.
Officially, the fund must physically deposit 1/10 ounce of gold for each unit certificate. The bars are stored in the vaults of major banks in London.
If investors withdraw money from the gold ETF, metal enters the market accordingly.
In contrast, outflows from the largest silver fund were more moderate. The silver price has also not suffered as much as gold recently.
The inventory of the iShares Silver Trust (SLV) decreased by 1.1%, or 222.46 tonnes to 19,272.14 tonnes, compared to the previous week.
Each fund unit of the SLV is physically covered with 1 ounce of silver, according to the securities prospectus.
(With files from Goldreporter)
