The world’s second-largest silver producer saw its mine supply fall by one-third due to lockdowns stemming from the global contagion. When the Peru Ministry of Mines released its metals production figures last month for April, the country’s domestic silver mine supply fell by a stunning 74%.
Then on July 3rd, Peru released its production figures for May. While the decline in Peru’s silver mine supply in May wasn’t as bad as April, it was still down 66% versus the same month last year. Peru’s silver production fell to 85 metric tons (mt) in April and 116 mt in May:
The data from Peru’s May Mining Statistical Bulletin shows that during the first five months of 2020 (Jan-May), domestic silver production is down 485 mt, or 32%, compared to the same period last year. Already, Peru has lost 15.6 million oz of silver production in 2020.
Secretary of State Pompeo told Fox News earlier in the day that the US was mulling the possibility of banning social media app TikTok in the US, but tonight Bloomberg reports that some top advisors have suggested the Washington should undermine the Hong Kong dollar’s peg to the US dollar.
According to people familiar with the matter, Bloomberg reports that the idea of striking against the Hong Kong dollar peg - perhaps by limiting the ability of Hong Kong banks to buy U.S. dollars - has been raised as part of broader discussions among advisers to Secretary of State Michael Pompeo but hasn’t been elevated to the senior levels of the White House, suggesting that it hasn’t gained serious traction yet.