Russia Gold Update / First Majestic Silver Update
Russia Gold Update / First Majestic Silver Update by Rory for The Daily Coin
As we have reported for the past several years Russia has been accumulating physical gold and Keith Neumeyer, CEO of First Majestic, has been making great decisions at the exact right moment regarding his mining operations. These two topics converged today in the media. Below is a recap of the articles along with my commentary about both situations.
Russia has been ripping up their debt and exchanging it for physical gold. So much, in fact, they are now set for any type of financial crisis that may hit the global economy and Russia would be sitting on enough physical gold to hold on for approximately 3-5 years. What other nation can say that?
First Majestic has mothballed a couple of their zinc and copper mines to focus specifically on their high profit silver mines for 2020 and probably into 2021. Keith has been ahead of the curve for many years and we don’t any reason why he isn’t for this move. If the global economy is slowing why not shutter base metal mines? Why not upgrade the technology and producing even more silver? Well, that’s exactly what he is doing.