Newmont, one of the world’s largest gold companies and a leading producer of copper, zinc, lead, and silver, declared a “force majeure” this week indicating that it will not be able to deliver on contractual agreements for at least some of its products.
Reuters picked up the story and reported that a union strike at Newmont’s Peñasquito mine in Mexico is limiting delivery on some of the mine’s products – except that report failed to mention silver as one of the metals that Newmont is failing to deliver to customers.
The report mentioned zinc, lead, and gold, but conveniently left out the silver portion, presumably to avoid spooking the silver or silver derivatives market. Now why would they do that if not to deceive the markets and avoid panic – or worse yet, to avoid silver customers demanding physical delivery of their assets?As of July 23, Newmont’s Elsinore […]
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