Mexico is a Top 10 gold producer, with Sonora, Chihuahua and Guerrero in the limelight. However, the lasting effects of the most recent industry downturn, coupled with the perceived uncertainty that the López Obrador government has generated, has slowed down investment in new gold projects. But key industry players have good reasons to be cheerful. The average gold price in 2018 and 1H2019 was US$1,300/oz. During the latter period, the yellow metal’s price reached US$1,500/oz, a level not seen in six years. Given that, on average, the AISC of the largest gold producers in the world for 4Q18 was US$826/oz, new investments are ever more appealing. Added to this is the Fed’s dovish stance on monetary policy, a large repertoire of geopolitical risk factors (like a no-deal Brexit) and central banks purchasing record amounts of gold. A boom in the industry seems imminent.