MEXICO: Precious Glut

MEXICO: Precious Glut

At $4.11, the price of a troy ounce of silver is down more than $1 since late last August. With an international glut and depressed prices rubbing up against high production costs, Mexico, the world's largest silver producer, has had to close down more than 50 mines this year. Hardest hit are the states of Zacatecas and Guanajuato, where silver mining is "on the verge of collapse," according to Jose Valdes, president of the Guanajuato Miners' Association. Officials expect this year's national output to be 63 million troy ounces, down 11% from 1990.

To put the shine back in the tarnished...

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