Hedge funds slash bullish wagers on gold over Trump election win
The precious metal has fallen about 8% from a record high on Oct. 31, with losses accelerating after Trump’s election victory last week.
Citing “ongoing price volatility and steadily rising costs”, Newmont Mining (NYSE:NEM) says 33% of its Colorado workforce will be let go over the next 90 days.
The top US gold producer is headquartered in Colorado. The number of people being cut was not released. The company employs 40,000 people worldwide.
“Ongoing price volatility and steadily rising costs create intense pressure for Newmont to continuously improve its efficiency and effectiveness,” said Gary Goldberg, President and Chief Executive Officer in a news release.
“We face some very difficult decisions in streamlining our organization and are committed to treating people fairly throughout this process. Ultimately, we cannot postpone the work we need to accomplish now to create sustainable value for our stakeholders into the future.”
Newmont Mining is down 28.23% since the beginning of the year.
It is trading at $33.33. It is 52-week range is $30.30 to $57.93.
