Why?19 Mar 2024 16:37
In my view the problem is the MXNJPY exchange rate. Although the Japanese have now abandoned negative interest rates, the carry trade is alive and well where people sell yen and buy MXN because of the interest rate differential. FRES's costs are in MXN and the revenues are in dollars. Until the MXN interest rate differential starts to ease, FRES will struggle even though the price of silver and gold are going in the right direction.