Hedge funds slash bullish wagers on gold over Trump election win
Hedge funds and other large speculators boosted net-long positions by 11% to 197,362 as of Nov. 12, the lowest in 14 weeks.
Since enacting important liberal reforms in 2010, Turkey has been home to a number of mining success stories.
Only 15 years ago, 85% of mining operations in Turkey were government controlled. This ratio is now reversed.
And whatever one may think about Prime Minister Erdoğan’s brand of politics, his decade-long, investment-friendly tenure has opened Turkey’s doors to mining companies looking to cash in on the rich, often unexplored Anatolian geography.
Vancouver-based producer Eldorado Gold Corp (ELD) has been enjoying Turkey’s relatively low income tax burden and their attractive investment tax credits. Eldorado has two operating gold mines in Turkey – the sales from which helped push 2012 Q4 profits up to 13%.
This January, Centerra Gold (CG), a producer based in Toronto, finalized the acquisition of Stratex’s (STI) stake in the promising Turkish Oksut gold project.
Toronto-based producer Alamos Gold Inc. (AGI) has increased inferred resources on its Turkey properties from 1 million to 3 million ounces since 2010.
Alamos CEO John McCluskey applauds the efforts of the Turkish government to open up and develop its mining sector, and he sees both market consolidation for the juniors and a handful of new producing mines on the horizon.
