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.
Precious metals producer First Majestic (NYSE: AG) (TSX: FR) has kicked off the sale of bullion from its 100%-owned minting facility in Nevada.
The Canadian miner noted that “First Mint”, which it opened last year, expands upon its existing bullion sales through vertically integrating the production of investment-grade fine silver bullion.
First Majestic said the eco-friendly and high efficiency production line allows the mint to produce over 10% of the company’s current silver production, coming from the Mexican operations.
The inaugural production run of bullion bars will be commemorated and sold as collectibles, complete with certificates of authenticity and exclusive packaging, it said.
These limited edition “First Strike” products, as the company named them, will include 1,000 one-kilogram bars, 2,500 ten-ounce bars and 5,000 five-ounce bars.
First Majestic owns and operates the San Dimas silver-gold mine, the Santa Elena silver-gold mine and the La Encantada silver mine in Mexico. It also has a portfolio of development and exploration projects, including the Jerritt Canyon gold project in Nevada.
Output from the producing mines amounted to 26.9 million silver equivalent (AgEq) ounces in 2023, consisting of 10.3 million ounces of silver and 198,921 ounces of gold.
