Mexico’s proposed higher mining royalties could block nearly $7bn in investments
The Mexican government proposed raising mining royalties under the argument that metal prices have risen in recent years.
Gold prices are surging this year, and that has one of Wall Street’s largest banks flocking to the yellow metal.
“We’re recommending our clients to position for a new and very long bull market for gold,” JPMorgan Private Bank’s Solita Marcelli said Tuesday on CNBC’s “Futures Now.” After seeing three back-to-back years of losses, the precious metal has rallied 20 percent in 2016.
And that’s just the start of the next leg higher, according to Marcelli. “$1,400 is very much in the cards this year.”
