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.
Australian gold output reached an all-time record high of 10.3 million oz. in the most recent fiscal year. Figures from U.S. Global Investors indicate that the country produced 321 tonnes of gold in 2018.
Meanwhile, Canadian output is lagging behind. Canada’s gold production in 2018 was 193 tonnes or 6.2 million oz., making it the fifth-largest gold producer in the world.
In 2018, China led all gold producers with its 400 tonnes or 12.9 million oz. That is followed by Australia, Russia (282 tonnes/9.1 million oz.), United States (253 tonnes/8.1 million oz.), Canada, Indonesia (190 tonnes/6.1 million oz.), Peru (155 tonnes/5.0 million oz.), South Africa (124 tonnes/4.0 million oz.), Mexico (122 tonnes/3.9 million oz.), and Ghana (102 tonnes/3.3 million oz.).
Readers shouldn’t be too discouraged by Canada’s performance. Mining-Technology.com predicts that the country will produce 7.6 million oz. by 2023. Higher gold prices, new gold mines on the horizon and millions of ounces in reserves should keep Canada in the game.
(A version of this story first appeared in the Canadian Mining Journal)
