Hedge funds slash bullish wagers on gold over Trump election win
The precious metal has fallen about 8% from a record high on Oct. 31, with losses accelerating after Trump’s election victory last week.
Hochschild Mining PLC (HOC:LN) shares are down nearly 5% on the day and profits were down 50% the year ending December 2012.
2012 was not kind to Hochschild as the miner’s sales were also down 17% to $817 million.
Hochschild blames the slide on a 10% drop in the price of silver.
Production dipped 10% to 13.5 million ounces over the same time period, contributing to the profit decline.
The company’s shares are currently at a premium relative to the rest of the mining sector, trading at just over 14 times the earnings forecast for 2013.
Hochschild share price over one month closing March 12, 2013
