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.
Canadian miner New Gold (TSX, NYSE: NGD) resumed on Friday underground mining at its New Afton gold-copper operation in Kamloops, British Columbia, following an inspection certifying the structural integrity of its tailings.
The Toronto-based company said this week that experts had observed geotechnical variances at the mine’s tailings storage facility during an inspection. As a result, New Gold suspended operations until the dam safety could be guaranteed.
The company said its engineer completed a thorough review on August 10 and confirmed the New Afton tailings storage facility’s status was normal.
Milling operations were unaffected during the suspension, and in-pit tailings deposition continued as planned.
New Gold said New Afton remained well positioned to meet all annual production and cost guidance metrics set out earlier in the year.
