London, Jan 19, 2026, 11:35 GMT — Regular session
- Shares of Fresnillo climbed close to 5% in London, approaching a new one-year peak.
- Bullion prices surged to record highs following a weekend tariff threat that unsettled markets and drove demand for safe-haven assets.
- Traders are eyeing Fresnillo’s production report for Jan. 28 as the next solid update on output.
Fresnillo Plc (FRES) shares jumped 4.9% to 3,930 pence on Monday, hitting an intraday peak of 3,950 pence—a fresh 52-week high. The stock had previously closed at 3,746 pence. 1
Gold and silver surged to record levels as investors sought safe havens following U.S. President Donald Trump’s warning on Saturday about expanding tariffs on several European nations amid a Greenland dispute. Spot gold jumped 1.6% to $4,669 an ounce, hitting a peak of $4,689, while spot silver surged 3.5% to $93.17 after reaching $94.08, according to Reuters data. “When institutional and policy risks resurface, markets tend to react swiftly by reallocating toward safe-haven assets,” said Linh Tran, senior market analyst at XS.com. Adding to the cautious tone, U.S. Federal Reserve Vice Chair for Supervision Michelle Bowman said the Fed should “stand ready to cut interest rates again if needed” ahead of the Jan. 27-28 meeting. 2
London’s FTSE 100 dropped 0.6%, dragged down by worries over new tariffs. Yet, precious metal miners pushed up 2.5%, with investors snapping up bullion-linked shares. According to Reuters, Trump announced a 10% tariff starting Feb. 1 on imports from Denmark, Norway, Sweden, France, Germany, the Netherlands, Finland, and Britain, set to jump to 25% on June 1 if no agreement is reached. 3
Fresnillo bills itself as a top precious metals group headquartered in Mexico. It’s the globe’s largest silver producer and ranks among Mexico’s biggest gold miners. Its shares tend to track metal prices closely, often with sharp moves. 4
J.P. Morgan kept Fresnillo rated “overweight” and placed it on Positive Catalyst Watch, signaling a likely near-term trigger, according to an Investing.com report. Meanwhile, the bank downgraded Hochschild Mining to “neutral” ahead of its March 11 earnings release. J.P. Morgan expects FY25 EBITDA to hit around $2.6 billion, slightly above Bloomberg’s consensus, with net cash near $1.4 billion. The firm also forecasted a $1.28 per share dividend for FY25 and said the recently announced $560 million Probe Gold acquisition won’t significantly impact capital expenditure plans for 2026-28. 5
Traders face a straightforward yet chaotic picture: tariff news is driving investors toward safe havens, gold prices have surged, and mining stocks are gaining ground despite broader market jitters.
But those gains can reverse quickly. Should the tariff threat ease, or if policymakers prove less dovish than investors anticipate, gold and silver could retreat — with miners often magnifying the swings. Even when metals get support, costs and operational challenges at the mine level can drag results down.
Fresnillo’s fourth-quarter production update arrives Jan. 28. Traders will watch closely for volume figures and any insights on spending and costs heading into 2026. 6
