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.
Barrick Gold’s (NYSE, TSX: ABX) says contrary to media reports that a gold shipment from its Pueblo Viejo mine held in the Dominican Republic has now been released.
Earlier reports quoted the island nation’s customs department as saying the cargo will be “delayed indefinitely” and the Canadian firm could receive a penalty of as much as twice the value of the cargo for filing incorrect paperwork.
Barrick Gold (NYSE, TSX: ABX) first announced the delay from Pueblo Viejo, which entered commercial production in January, last week.
Pueblo Viejo, which is 60% owned by operator Barrick and 40% by fellow Canadian firm Goldcorp (TSX: G), (NYSE: GG), was built for $3.7 billion and holds 15 million ounces of reserves, making it one of the biggest gold mines in the world.
