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.
Hecla Mining’s (NYSE: HL) silver production rose 43% in the first three months of 2024, compared to the last quarter of 2023, thanks mainly to reaching full production at its Lucky Friday silver mine in Idaho.
The company also credited the production increase, which hit 4.2 million silver ounces, to a consistent and strong performance from the Greens Creek mine in Alaska, as well as the continued ramp-up at Keno Hill in Canada’s Yukon Territory.
The company’s top-producing Greens Creek mine generated 2.5 million ounces of silver in the quarter, up 10% from the last three months of 2023, primarily due to higher throughput and a 4% increase in grades.
Lucky Friday, which was halted in September last year to complete repair work on areas damaged by wildfires, resumed production in January. By March, the operation, Hecla’s third-largest silver producer, was operating at full capacity and delivered 1.1 million ounces of silver.
Keno Hill produced 646,312 ounces of silver, up 6% from the previous quarter, and continues to ramp-up to full production, which is expected during the year.
The Idaho-based miner said it is on track to produce 17 million ounces of silver this year and it is targeting production of up to 20 million ounces a year by 2026.
