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Mexico’s Silver King Rides Metals Rebound to $1.3 Billion Gain

  • Bailleres adds $1.3 billion to net worth as Penoles surges
  • Silver, gold prices have climbed amid shift in Fed rate bets

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.