Buenaventura's Largest Silver Mine Reports Strike; Big Change Hits Indian Gold Bullion

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Another mining strike to report…

“A strike by workers at Peruvian mining company Buenaventura’s largest silver mine has paralyzed production, a company executive said on Friday,” reports Reuters.

“Workers at the Uchucchacua mine have been on strike since Wednesday demanding the restitution of 12 workers who were fired by Buenaventura for ‘serious misconduct of labor law,’ the company said in a statement.”

“‘Workers have forced machinery to shut down, they have blocked access to the plant and the mine is totally paralyzed,’ said Carlos Galvez, Buenaventura’s vice president of finances and administration.”

In precious metal price news…

Decreasing 6.6 percent made Indian gold bullion the biggest mover of the day on Friday, December 6. Weakening prices followed two days of improvement as the price of US gold bullion dropped 1.5 percent. Chinese gold bullion fell 0.9 percent last Friday. Following a two-day drop, the price of Japanese gold bullion increased by 0.9 percent.

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After falling for two days, the price of Japanese silver rose 1.4 percent. US silver ended the day after the 1.4 percent drop last Friday. Indian silver finished the day down 1.1 percent. Chinese silver prices saw a 0.5 percent decline.

US platinum bar closed 0.5 percent lower. The price of Japanese platinum bar is back up, rising by 0.2 percent last Friday to close. The price of Chinese platinum bar showed little movement last Friday.

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Chinese palladium bar prices rose 1.2 percent. The price of Japanese palladium bar increased 0.3 percent. Following a two-day rise, the price of US palladium bar flattened.