Hedge funds slash bullish wagers on gold over Trump election win
Hedge funds and other large speculators boosted net-long positions by 11% to 197,362 as of Nov. 12, the lowest in 14 weeks.
During a press conference in the western Sinaloa state, Mexico’s president, Andrés Manuel López Obrador, said that there is a foreign mining company in the region that refuses to pay taxes and that is contravening the law.
López Obrador didn’t mention any specific names but most mining companies extracting gold, silver and copper in the area hail from Canada.
The president used the public speaking opportunity to remind them that article 28 of the country’s Constitution was modified back in March and that tax waivers and exemptions are no longer an option for miners.
“Everyone has to contribute now,” the politician said and reiterated his commitment to abolish monopolies and monopolistic practices created by foreign companies.
About 30% of Sinaloa’s surface area – 1.75 million hectares – is devoted to extractive activities, with some 45 mining operations currently active in the state.
Back in 2017 (most recent data), the state was among the top 10 producers of gold and zinc within Mexico. Gold production reached 2,845.70 kilos, silver was 68,527 kilos, copper 1,365 tonnes and zinc 9,384 tonnes.
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Fjdjs
Cartel and companies can do whatever they want in mexico. The Mexican government has zero control.