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.
The world’s biggest gold miner, Newmont Goldcorp (NYSE: NEM, TSX: NGT) confirmed on Friday in a press release that its Red Lake mine in Ontario, Canada, is up for sale.
Talk of a potential sale of the mine, formerly part of Goldcorp, comes only one week after announcement of Newmont’s divestment of a 45.5% stake in the Nimba iron ore project in Guinea to High Power Exploration, a company backed by billionaire Robert Friedland.
Following the blockbuster merger earlier that gave rise to Newmont Goldcorp, it was expected that between $1 billion and $1.5 billion in assets would be sold over the next two years. Many of the projects that came with Goldcorp, including Red Lake, Musselwhite and Porcupine, were considered to be on the block.
Meanwhile, Newmont also confirmed on Friday that incoming CEO Tom Palmer will be presenting at next week’s Denver Gold Forum.
