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.
Barrick Gold (NYSE:ABX) is shedding workers in Utah and Nevada due to falling precious metal prices.
According to a report by the Associated Press, 55 workers in Utah and Nevada are being given severance offers as they are being asked to leave. Most of the workers provide support functions such as human resources, administration and purchasing.
About 40 effected workers are in Nevada and the rest are in Salt Lake City.
Gold’s collapse has hit the world’s largest miner hard. Barrick’s stock is at a 21-year low.
Barrick Gold isn’t the only company laying off workers. Newmont Mining, the largest gold miner in the US, recently reduced its workforce in its home state by one-third.
Image of workers at a silver mine Philipp Steidl
