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.
Montreal-based Monarch Gold, owner and operator of the Beaufor gold mine 20 km northeast of Val d’Or, says the mine is the 2018 winner of the F.J. O’Connell trophy awarded by the Quebec Mining Association.
The F.J. O’Connell trophy is awarded annually to recognize a mine’s efforts throughout the year in accident prevention. The Beaufor mine’s award was in the category of less than 400,000 hours worked category.
“We are extremely proud to have won this prestigious mining industry award, as it recognizes the efforts made and measures taken by the management team and employees to prevent accidents,” said Marc-André Lavergne, VP operations and community relations at Monarch. “This record is all the more impressive because it was achieved in a difficult context, as we prepared to put the mine on care and maintenance. I would like to thank all the Beaufor mine employees for their strong contribution.”
The Beaufor mine has produced almost 1.2 million oz. of gold since 1933 at an average historical grade of 7.5 g/t gold.
This story first appeared in Canadian Mining Journal
