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.
Small-scale miners in Zimbabwe want to boost their gold production to more than four tonnes per year and are lobbying for government support for the initiative, reports the New Zimbabwe.
The country’s gold miners’ association said there is huge potential to mine more gold but operators are hindered by their lack of financing and equipment.
Last year, small-scale miners contributed almost half of the nation’s total production and plan to surpass that target this year.
African Development Bank reports indicate gold deliveries from small players have steadily risen compared to primary miners which are declining.
The Gold Miners Association of Zimbabwe and the Zimbabwe Miners Federation also said small-scale producers had benefitted from firmer prices for the precious metal on the international market, which had increased production and return on investment.
Image: kevinzim / Flickr
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I.Thomas
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