Good morning, ladies and gentlemen, thank you for standing by. Welcome to the Wheaton Precious Metals 2019 Third Quarter Results Conference Call. [Operator Instructions]
I would now like to turn the conference over to Mr. Patrick Drouin, Senior Vice President of Investor Relations. Please go ahead.
Thank you, operator. Good morning, ladies and gentlemen, and thank you for participating in today's call. I'm joined today by Randy Smallwood, Wheaton Precious Metals' President and Chief Executive Officer; Gary Brown, Senior Vice President and Chief Financial Officer; and Haytham Hodaly, Senior Vice President, Corporate Development.
I'd like to bring to your attention that some of the commentary in today's call may contain forward-looking statements. There can be no assurances that forward-looking statements will prove to be accurate as actual results and future events could differ materially from those anticipated in such statements.
In addition to our financial results, cautionary note regarding forward-looking statements, please refer to the section entitled Description of the Business Risk Factors in Wheaton's annual information form and the risk identified under Risks and Uncertainties in Management's Discussion and Analysis, both available on SEDAR and in Wheaton's Form 40-F and Wheaton's Form 6-K both on file with the U.S. Securities and Exchange Commission.
These documents together with the Q3 2019 MD&A and the press release from last night set out the material assumptions and risk factors that could cause actual results to differ, including, among others, fluctuations in the price of commodities, the absence of control over mining operations from which Wheaton purchases precious metals, and risks related to such mining operations and the continued operations of Wheaton's counterparties.
It should be noted that all figures referred to on today's call are in U.S. dollars unless otherwise noted. In addition, reference to Wheaton or Wheaton Precious Metals on this call include Wheaton Precious Metals Corp. and-or its wholly-owned subsidiaries as applicable.
Now I'd like to turn the call over to Randy Smallwood, our President and Chief Executive Officer.
Thank you, Patrick, and good morning ladies and gentlemen. Thank you for joining us today to discuss Wheaton's third quarter results of 2019.
I am pleased to report that we delivered another solid quarter from our diversified portfolio of high-quality assets. In the third quarter of 2019, we produced over 100,000 ounces of gold, 6 million ounces of silver, and 5,000 ounces of palladium. From a cash flow perspective, Wheaton generated over $140 million of operating cash flow and declared a quarterly dividend of $0.09 per common share in line with our dividend policy set for 2019 by the Board of Directors.
This quarter highlights the strength of Wheaton's business model and our ability to generate strong cash flows, particularly in an environment of rising commodity prices. Throughout the quarter, we saw gold and silver prices increased by an average of 17% over the previous year, while our cash flow and net earnings increased by over 30% and 100% respectively.
Looking forward, we are still currently on track for record annual gold
Senior Vice President, Investor Relations
President and Chief Executive Officer
Senior Vice President and Chief Financial Officer
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