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.
In his annual address to the Greater Vancouver Board of Trade last week, Pierre Gratton, President and CEO of the Mining Association of Canada, spoke of the state of Canada’s mining industry and how the recent commitments to mining, particularly the new Canada-US Joint Action Plan on Critical Minerals Collaboration and the Canadian Minerals and Metals Plan (CMMP), show great promise for the nation’s mining sector.
“The United States is looking to Canada to be a supplier of critical minerals, essential to new, advanced technologies in major sectors of the North American economy, and the Government of Canada, as expressed in Prime Minister Trudeau’s most recent Mandate Letters to his Cabinet, is committed to meet US demands,” Gratton stated.
“Critical minerals are more than rare earth elements, and include several minerals and metals already mined in Canada, including cobalt, copper, precious metals, nickel and uranium, which are critical to low carbon electrification and new battery technologies in the automotive, space, defense and high-tech sectors,” continued Gratton.
“It’s time to be ambitious. We have an opportunity to lay the foundation for a new era in investment and middle class job creation, not just in mining but in new, emerging downstream industrial and manufacturing sectors.”
Canada currently ranks among the top five countries in the global production of 15 minerals and metals. The new Joint Action Plan — according the MAC — will improve collaboration to ensure the responsible sourcing of the critical minerals that are essential to many different sectors, including clean technology and defense.
In addition to the Canada-US Joint Action Plan, Gratton also spoke on the CMMP, a federal-provincial initiative that includes measures to enhance the sector’s competitiveness, stimulate innovation, advance the participation of indigenous communities and promote Canada’s role as a global leader in mining. He believes the CMMP will provide a vision that will position the industry for success in the years to come.
