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The Markets
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Coverage of London’s small caps continues on proactiveinvestors.com
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The Markets
by Proactive
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The Markets
by Proactive
Proactive UK has moved.
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Gold & silver

Fresnillo surges as silver briefly pops its head above the $80 mark

Mining stocks were the early leaders as the final trading week of the year got underway, with precious metals prices still elevated after a powerful late rally.

Shares in Fresnillo PLC (LSE:FRES), which is heavily exposed to silver and gold, sat at the top of the blue-chip index in early dealings, rising 4%.

Glencore, Antofagasta and Anglo American were part of a broader-based rally, rising 1-1.3% in the first half hour trading, albeit on minimal volumes.

Analysts said falling rate expectations, geopolitical risk and supply concerns had fuelled the move, but added that sharp swings now look more likely.

The broader backdrop remains supportive for the sector. Although gold eased by about 1.3% to $4,472 an ounce on Monday morning, it is still heading for its strongest annual performance since 1979, with gains of more than 70% over the year.

Silver briefly pushed above $80 an ounce for the first time before slipping back on profit-taking, while platinum and palladium also touched record levels.

Elon Musk warned that sustained high silver prices could hurt manufacturers, highlighting the wider economic impact of the surge.

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