Mexico Land Group Threatening Goldcorp With Suit; Indian Gold Bullion Falls 5.8% for the Week

Goldcorp Inc announced yesterday that “a group challenging its use of lands around its Peñasquito mine in Mexico is threatening to sue the company in Canada,” reports Reuters

“The company and an organization of local landowners, the Cerro Gordo Ejido, have been locked in a tussle for months. Goldcorp in June won a temporary suspension of an agrarian court ruling that nullified Goldcorp’s lease of the lands and ordered that the land be returned to the group.”

“Since then, Goldcorp and the Cerro Gordo Ejido have been in talks with a view to reaching a settlement.”

“However, Vancouver-based Goldcorp said on Monday it had received a notice from a Canadian law firm purporting to represent the Cerro Gordo Ejido group, threatening litigation against Goldcorp in Canada concerning the same lands.”

“Goldcorp said it believes the allegations are baseless. It said it will vigorously defend any claim if one is filed.”

The week’s biggest mover on the weekly Global Precious Metals MMI® was the price of Indian gold bullion, which saw a 5.8 percent decline. This comes on the heels of a 3.6 percent increase the week before. The price of Japanese gold bullion fell 1.4 percent after rising 1.1 percent the week before. After a 1.1 percent decline, Chinese gold bullion closed out the week. The price of US gold bullion finished the week down 0.6 percent.

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Indian silver prices fell, down from a week ago. Following a 0.3 percent increase in the week prior, the price of Japanese silver fell 2.2 percent last week. The price of Chinese silver dropped 1.1 percent this week, closing out the third consecutive week of falling prices. The price of US silver fell 0.6 percent over the past week. This was the third week in a row of declining prices.

Closing out the third week of declining prices, the price of Chinese platinum bar dropped by 1.0 percent. The price of Japanese platinum bar finished the week down 0.9 percent. The price of US platinum bar rose 0.3 percent after falling 2.2 percent during the previous week.

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US palladium bar closed last week, after a 3.1 percent rise in price. Following a 2.5 percent increase, Chinese palladium bar finished the week. Japanese palladium bar rose by a slight 0.9 percent.

The Global Precious Metals MMI® collects and weights 14 global precious metal price points to provide a unique view into precious metal price trends. For more information on the Global Precious Metals MMI®, how it’s calculated or how your company can use the index, please drop us a note at: info (at) agmetalminer (dot) com.

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