[Translation of an article from La Jornada of Mexico City for July 24. See original here.]
by Israel Rodríguez
The production of gold in Mexico, dominated by foreign companies, most of them Canadian, has increased by 100 percent in the current administration, increasing from 43.7 tons in 2007, the first year of the Felipe Calderón administration, to 87 tons in 2011. The Canadian company Goldcorp Inc. became the largest producer of gold in Mexico, according to preliminary reports from the Cámara Minera Mexicana (Camimex).
The uncertain environment of the global economy, with low interest rates, a weakened US dollar and the currency war, kept gold in the state of shelter for large investments, which also hastened the opening of new mining operations and sparked investment in exploration for the metal.
The price of an ounce of gold rose from around 700 dollars in 2007 to 1,851 dollars in July, 2012, which translates to an increase of 164 percent. (more…)