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.
McEwen Mining (NYSE, TSX: MUX) on Thursday reported consolidated production for Q3 2019 of 35,043 gold ounces and 947,146 silver ounces, or 45,930 gold-equivalent ounces (GEOs). For the nine months ended September 30, the company produced 128,125 GEOs, or 74% of its revised guidance midpoint of 172,500 GEOs.
Highlighted in the company’s results is the Gold Bar mine in Nevada, which continued to improve during the third quarter, achieving several key performance benchmarks for ore production, crushing throughput, and gold production.
The mine, located in the southern Roberts Mountains of the Battle Mountain-Eureka-Cortez gold trend in Eureka county, produced almost 5,000 GEOs in September, which is in line with the company’s plan and approaching the designed capacity of the process plant.
Highlighted in the company’s results is the Gold Bar mine in Nevada, which continued to improve during the third quarter, achieving several key performance benchmarks
“Drilling at Gold Bar South returned several new drill holes showing broad intervals of grades better than twice that of the current resource, which should enhance the project’s economics,” chairman and owner Rob McEwen said.
The San José and El Gallo mines, located in Argentina and Mexico respectively, also performed well, both meeting their production targets. At the Black Fox complex in Ontario, underground mining operations continued to be challenging. However, McEwen adds that high-grade exploration results at both the Black Fox and Stock properties are providing reason for excitement in the future.
Latest exploration drilling from Stock East returned impressive intercepts, such as: 83.5 g/t gold over 5.6 m, including 417 g/t over 1.1 m; and 34.7 g/t gold over 5.9 m, including 74.1 g/t over 2.7 m.
Shares of the Toronto-based precious metals miner jumped over 3% at market open. Its current market capitalization is $564.7 million.
