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.
Canadian Yamana Gold (TSX:YRI), (NYSE: AUY), (LON:YAU) became one of the very few precious metals miners to not disappoint investors Wednesday as the company logged record revenues and mine operating earnings on the back of increased production in 2012.
The Toronto-based company reported higher quarterly profit and revenue compared with a year ago and said it expects to see at least a 20% increase in production this year.
The gold, silver and copper producer said earnings for the last three months of 2012 were $169.2 million or 22 cents per share.
During the same period the previous year, Yamana reported earnings of $89.6 million or 12 cents per share.
Quarterly revenues rose to a record $625 million from $568.7 million.
On an adjusted basis, Yamana’s earnings were $197.4-million or 26 cents per share, compared with $184.2-million or 25 cents a year earlier.
“Our objective has been to become a more predictable and reliable precious metals company delivering value to shareholders through increasing our resource base, expanding production and ultimately generating cash flow and increases in cash flow,” said CEO Peter Marrone.
Shares in Yamana were up 3.2% to 14.87 in New York at 9:36 am ET.
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