Fresnillo (LSE:FRES, Financial) is a large gold and silver producer that has its headquar-ters in London and its mines in Mexico. The price of gold has been in a generally declining trend since its August 2020 peak as rising real interest rates have increased the opportunity cost of holding the yellow metal, weighing on the performance of gold-related equities. The price of silver also declined during the quarter, but to a lesser extent.
From First Eagle Investment (Trades, Portfolio)'s Global Value Team first-quarter 2021 commentary.
