Hedge funds’ bullish bets on gold jump to four-year high
Hedge funds and other large speculators boosted their net-long position in gold.
“Mining is welcomed in Keno Hill,” said Greg Johnson, Chief Executive Officer and Chairman of the Board of Metallic Minerals (TSX-V: MMG), as he greeted the press at the company’s Keno Silver Project in Canada’s Yukon Territory.
Interviewed by MINING.com’s Michael McCrae, Johnson explained that MMG is an exploration-stage junior company that even though was born less than a year ago, gathers a team of people each with more than 25 years of experience in the area. “We’ve all worked together in other companies. I’m one of the co-founders of NovaGold (TSX:NG) and most of the team worked with me at NovaGold, among other success stories here in the Yukon,” he said.
Besides giving details about the potential of the land package, Metallic Minerals’ CEO bet on the success of their campaign by highlighting the fact that the Keno Hill Silver District is considered one of the best mining jurisdictions in Canada, not only because of the existing infrastructure but also because the industry is highly embedded within the community.
“The First Nations have a good working relationship with the more advanced groups like Alexco (TSX: AXR) and Victoria Gold (TSX.V-VIT), but there are many small companies in early stages, such as ourselves, engaging with them. We’ve got lots of locals that are being employed in Keno Hill, we believe in hiring local and these projects should benefit the local communities as well,” Johnson said.
