Wednesday, July 19, 2017

Gold Resource Corp Is Not A Primary Precious Metals Producer Anymore

Today Gold Resource Corp (NYSE: GORO) released its 2Q 2017 production results. The company produced the following amounts of metals:

  • Gold: 5,696 ounces
  • Silver: 397,670 ounces
  • Copper: 294 tonnes
  • Lead: 1,207 tonnes
  • Zinc: 4,176 tonnes
Now, assuming the following, average metal prices recorded in 2Q 2017:

  • Gold: $1,258 per ounce
  • Silver: $17.21 per ounce
  • Copper: $5,662 per tonne
  • Lead: $2,161 per tonne
  • Zinc: $2,596 per tonne

the metals produced in 2Q 2017 were worth:

source: Simple Digressions

Or, look at another chart:

source: Simple Digressions

As the chart shows, the value of base metals produced in 2Q 2017 was higher than the value of precious metals.

So, GORO is not a primary precious metals producer anymore, which means that from now on the company's peers are base metals producers.

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