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.
Already besieged gold miners are the most vulnerable to the lengthy and deadly Ebola outbreak in Africa, Deutsche Bank warned Friday.
In an in-depth assessment of the disease’s likely impact, the bank concludes that from the gold mining companies operating in the continent Randgold Resources (LON:RRS) is particularly exposed due to the locations of its mines, as the company’s production is entirely focused on West and Central Africa.
Nordgold and AngloGold Ashanti (NYSE:AU) are also in a tough position, with 57% and 53% of their net present value (NPV) in the most affected region respectively, it adds.
Iron ore and aluminum producers, as well as oil drillers also have some exposure. ArcelorMittal (NYSE:MT) has iron ore assets in both Guinea and Liberia, while Vedanta Resources (LON:VED) is also present in Liberia and African Minerals (LON:AMI) has a mine in Sierra Leone.
Yesterday ExxonMobil (NYSE:XOM) announced it was postponing operations off the coast of Liberia, a hotspot in the Ebola pandemic.
The Texas-based oil major has a number of projects underway in West Africa, including the recently acquired 80% stake in a project off the coast of Liberia, a joint venture with Canadian Overseas Petroleum.
Cases in the US and Europe
The first case of Ebola outside Africa was reported earlier this week when US citizen Thomas Eric Duncan arrived from Liberia and is now in a hospital in Dallas, Texas.
On Wednesday another American, NBC News reporter in Liberia Ashoka Mukpo was diagnosed with the deadly virus, the channel reported. He is being evacuated to the US for treatment.
On Friday, Germany confirmed its second case of Ebola, as a man flown from West Africa into Frankfurt University Hospital has been placed in an isolation ward, BBC News reported.
According to the latest figures disclosed by the UN World Health Organization (WHO) there have been 7,178 confirmed cases since the first Ebola patient was treated early this year. The agency says there have been 3,338 deaths from Ebola based on information provided by the Ministries of Health of Guinea, Liberia, and Sierra Leone.
3 Comments
Bishop Hammy
If they had MMS and nano colodial silver on hand Ebola would not be an epidemic.
ken in Napa
I would suggest that the large multinational companies are pulling out their expats to ensure they are not exposed while the present White House is sending in 3000 of our young people. My estimate is that 10% or 300 will contract the virus and perhaps 30% will not survive. Only the isolation of these three countries will have any effect on it’s demise. Instead of sending our troops to the area we should be cancelling all flights from these three countries now before we have a crisis here in this country. The Duncan experience within another 7 days will demonstrate how virile this virus can be to U.S. residents. God help those folks in Africa.
ghartwell
I agree that isolation of countries ‘cancelling all flights’ would be one way to slow the spread of this virus. It is now known that the incubation period can be up to 42 days and that two tests must be done to affirm or deny the presence of the virus.
I agree that colloidal silver and MMS could be used to treat and prevent the spread of the virus. MMS is what Jim Humble discovered when on a mining expedition when two men were attacked with malaria and he successfully used water purifiation chemicals to bring about the recovery of his men.