It was a big week for gold producers with five of the major miners reporting this week: Barrick, Newmont, Goldcorp, Agnico Eagle and Yamana. A common theme among the miners was their answer to slumping prices – they are looking to find ways to boost production, even as they cut costs. They are fighting hard to gain back investors’ confidence with prices of the yellow metal headed for a third straight annual decline. While Barrick Gold and Newmont Mining reported earnings that beat analysts’ estimates, Goldcorp posted a loss.

This week, we also had the Federal Open Market Committee meeting, and as one of our regular guests, Mike McGlone of ETF Securities, perfectly summed it up, “What the Fed giveth, the Fed taketh.” “Gold and precious metals prices were supported at the beginning of Oct. on the weaker-than-expected Sept. unemployment number, which shifted Fed tightening expectations out to March. The October FOMC meeting this week brought back tightening expectations to near 50% of a 25bps hike at the Dec. 2015 meeting. Gold and the precious metals came back under pressure, again under ‘expectations’ of imminent Fed tightening,” he writes.

And as both gold and silver prices fall back post-FOMC, one research analyst remains optimistic on the metals, particularly silver, which she says will outshine gold next year. “Overall, we expect the silver price to end the year around $16.50 per ounce,” said Simona Gambarini, commodities economist for U.K.-based Capital Economics. Read Sarah Benali’s piece on the report.

For the full report, and many more exciting and relevant news stories,

Get the week’s hottest precious metal news, commentaries and events by subscribing to Kitco’s weekly newsletter.