Peru's national labor unions in the mining sector began walking off the job yesterday. Peru is the 5th largest producer of gold and one of the largest copper mining regions in the world. Workers have not yet walked off at the larger gold mine operations, but this strike appears to have some legs to it and might drag on for quite a while. If that happens, some of the largest gold mines in the world will go offline.
Three of the top five gold producers report this week, Gold Fields, Barrick & AngloGold. We should have a good idea of production profiles and potential further dehedging commitments throughout the week.
Newcrest Mining, a large Australian gold producer, reported results this AM and while their production profile was slightly higher, they have continued to have problems brining on a new mine, Telfer, under budget and sustaining production levels. We're entering a period where the mega-mines in production are quickly being mined out and the new, large discoveries are having trouble ramping up production or getting permits just to start.
We will also see the ECB gold sales update for the past week on Tuesday morning. Again, we think the market is having supply gaps bridged by the central bank sales, but this trend is not a sustainable one.
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