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.
Mid-tier Canadian gold producer Detour Gold (TSX:DGC) claims the company remains on target to hit commercial production by Q3 2013 but has revised its 2013 production outlook to 260,000 ounces – 320,000 ounces.
Post-commercial production, total cash costs are expected to be between $800/oz and $1,000/oz for 2013.
Detour Lake mine – the company’s flagship asset in northeastern Ontario – recorded a milling rate between 40,000 and 50,000 tonnes per operating day over the first week in May.
The company has identified $10 million in cost cuts for 2013, including suspended exploration activity for its Block A project. Detour holds just under $130 million in cash and short term investments and has access to $20 million in credit.
Detour’s share price fell 7.3% Thursday to $11.41.
To read the company’s most recent press release in full, click here.
