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.
Three former executives of Integra Gold Corp, a small Canadian miner that was acquired last month for C$590 million ($467.51 million), have launched a new precious metals exploration company, the new venture’s chief executive said on Thursday.
The company, to be named Integra Resources Corp, plans to acquire an advanced-stage gold-silver project in Canada or the United States in the next two months, and then apply to list on the TSX Venture Exchange, CEO George Salamis said.
Salamis was formerly the chairman of Integra Gold, which increased its market value from C$25 million four years ago to almost C$600 million by expanding the gold resource at its Lamaque project in Quebec through drilling.
Integra Gold was acquired by Canadian miner Eldorado Gold in July.
Integra Resources, which will be headquartered in Vancouver, will be modeled on Integra Gold, Salamis added.
Stephen de Jong, the former CEO of Integra Gold, will become the chairman of Integra Resources, and Andrée St-Germain its chief financial officer, the same job he held at Integra Gold.
Years of low investment in exploration due to weak gold prices has left producers short of new projects, and looking to acquire them.
($1 = 1.2620 Canadian dollars) (Reporting by Nicole Mordant in Vancouver; Editing by Sherry Jacob-Phillips)
