Hedge funds slash bullish wagers on gold before war jitters
Speculators have reduced net-long positions by 3.6%.
A new report indicates that gold production in Australia fell around 7% year-on-year in the September quarter.
Australian Mining reports that the report by Melbourne’s Surbiton Associates shows that gold output in the September quarter in Australia was 62 tonnes in total, down five tonnes year-on-year.
Dr. Sandra Close of Surbiton Associates said the production decline was disappointing given the new operations that have recently come online, and imputed the fall to technical issues at some of the country’s larger gold mines.
The report notes that the Newmont(NYSE:NEM)/Barrick(NYSE:ABX) Super Pit in Kalgoorlie saw a production decline of 42,000 ounces as a result of lower ore grades and reduction in the amount of ore processed.
Production at Newcrest’s(ASX:NCM) Telfer operation in the Great Sandy desert fell by 21,000 ounces, while St Barbara’s Gwalia mine near Leonora saw output decline by 20,000 ounces.
