Metals magnate Alberto Bailleres is posting the biggest gains among Latin America’s wealthiest people thanks to a comeback in silver and gold prices.
Mexico’s second-richest man has added $1.3 billion to his net worth this year, buoyed by a surge at Industrias Penoles SAB and Fresnillo Plc, owner of the world’s largest silver mine. The 14 percent gain in the Bailleres fortune represents the biggest increase among the 10 richest people in Latin America.
Silver and gold are reversing three straight years of declines as investors ratchet back wagers on higher U.S. borrowing costs and seek out safe havens. The silver price is getting an additional boost from forecasts that supply will fall as demand rises for industrial applications in solar panels, mobile phones and flat-screen televisions.