Chile Court Says "No, Señores" to Barrick Gold Corp; Silver Prices Fall

by on

Chile’s judicial system cares about the environment more than future gold supply.

Via Reuters: “A Chilean appeals court on Monday suspended Barrick Gold Corp’s controversial Pascua-Lama gold mine until the company builds infrastructure to prevent water pollution, and ordered the mine’s environmental permit be reviewed.”

“If the issue is appealed to the Supreme Court, a decision would be likely this year, but it is tricky to anticipate how the top court might rule on Pascua-Lama, originally forecast to produce 800,000 to 850,000 ounces of gold per year in its first five years of full production.”

Today’s Precious Metal Prices:

The price of US silver fell 1.1 percent on Monday, July 15, making it the day’s biggest mover. After a 0.4 percent increase, Indian silver finished the day higher. Chinese silver prices inched up 0.4 percent. The price of Japanese silver held steady.

* Get the complete prices every day on the MetalMiner IndX℠

The price of Chinese gold bullion finished the market day up 0.5 percent per gram. The price of Indian gold bullion increased 0.5 percent. Following a two-day rise, the price of US gold bullion flattened. Japanese gold bullion held its value yesterday.

US platinum bar gained 0.2 percent. The price of Chinese platinum bar steadied following two days of increases. The price of Japanese platinum bar showed little movement yesterday.

Chinese palladium bar saw its price rise 0.6 percent. After a 0.1 percent increase, US palladium bar finished the day higher. Japanese palladium bar saw little change in its price yesterday.

FREE Download: The latest Monthly MMI® Report – covering the Precious markets.