PERU: Congress Commission Extends Informal Mining Permit Scheme After Protests

Nov-19 13:10

Peru’s Congress Energy and Mines Commission has approved the extension of the country’s Reinfo mining permits scheme for two more years, to the end of 2027, according to a report in La Republica. 17 members of the commission voted in favour of the extension of the scheme for small-scale informal miners, and three against. The measure still needs final approval through a full vote in Congress.
In addition, more than 50,000 miners excluded from registry in the scheme will be reinstated in the formalisation process, provided they can demonstrate active mining activity.
It follows protests by thousands of small-scale miners demanding the extension, before its scheduled expiry at year-end. Protestors were said to be pleased with the decision but will not end their protests in Lima until the full Congress has approved the measure.

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Oct-20 13:09

ERM6 98.3125/98.4375/98.5625c fly, bought for 1.5 in 5k.

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While the dollar index still remains in moderate positive territory, the moves do coincide with US 10yr yields moving lower, and back below the 4% mark. Latest sentiment bolsters the underlying trend that has seen the yellow metal extend gains to over 33% from the August lows.
Bloomberg have written on how retail investors bought the dip in gold on Friday, but the correction likely has more to run as the metal remains exceedingly overbought relative to underlying fundamentals.
A cluster of highs from Friday are located around the $4380 mark and represent immediate resistance of note, while the next projection level of note is at $4404.9, the 3.500 proj of the May 15 - Jun 16 - 30 price swing.

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