Advertisement - This article is distributed on behalf of Vizsla Silver Corp. and Skeena Gold & Silver Ltd., with whom SRC swiss resource capital AG maintains paid IR advisory agreements. Publisher: SRC swiss resource capital AG · Author: Ingrid Heinritzi · First published: May 20, 2026, 2:25 p.m. Zurich/Berlin
The Fed will likely not cut interest rates over the summer; lower rates may not come until next year. However, the gold price is receiving support from central banks. Holding gold reserves can stabilize currencies and also strengthen confidence in the economy. In the long term, the U.S. dollar is losing value, and this is what makes gold so attractive to central banks. After all, gold is not simultaneously the liability of another country.
Many central banks are therefore continuously buying gold. This represents structural demand, while the supply of gold remains relatively constant. The US dollar would have to reclaim its position as the preeminent reserve currency for anything to change to the detriment of gold. But that is not to be expected. With the introduction of the euro in 1999, an exchange rate of 1.18 USD/EUR was set. In July 2008 , the US dollar reached 1.60 USD/EUR. In 2025, the average exchange rate was 1.07 USD/EUR. Over the past twelve months, the US dollar has fallen by about 3 percent against the euro.
The price of silver is benefiting from rising industrial demand (electric mobility, artificial intelligence, photovoltaics) and from loose monetary policy. Gold is used in the jewelry industry, in electronics, and in medicine. While this is significantly less than the industrial use of silver, it represents a sector that drives demand. And if tensions in the Iran conflict ease, oil prices would fall, thereby reducing inflationary pressure. This, in turn, would give the Federal Reserve more room to cut interest rates, which would be good for both gold and silver.
Skeena Gold & Silver (- https://www.commodity-tv.com/ondemand/companies/profil/skeena-gold-silver-ltd/ -) is developing a high-grade, low-cost gold-silver project (Eskay Creek) in British Columbia’s Golden Triangle. The project is fully permitted and is now under construction. Production is scheduled to begin and initial cash flow is expected in the second quarter of 2027. Two previously producing projects are also in the spotlight.
Vizsla Silver (- https://www.commodity-tv.com/ondemand/companies/profil/vizsla-silver-corp/ -) owns the previously producing Panuco gold-silver project in Mexico. Annual production is expected to reach 15.2 million ounces of silver equivalent. The feasibility study yielded very positive results.
Current company information and press releases from Vizsla Silver (- https://www.resource-capital.ch/de/unternehmen/vizsla-silver-corp/ -) and Skeena Gold & Silver (- https://www.resource-capital.ch/de/unternehmen/skeena-resources-ltd/ -).
You can also find further information in our new Precious Metals Report at the following link: https://www.resource-capital.ch/de/reports/ansicht/edelmetall-report-2025-04/.
Sources: Vizsla Silver, Skeena Gold & Silver,
https://www.ntg24.de/Goldpreis-zeigt-leichte-Staerke-12052026-AO-Edelmetall-Trading;
https://reisebuch.de/wechselkurse/us-dollar/;
https://www.resource-capital.ch/de/reports/ansicht/edelmetall-report-2025-04/.
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