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.
Vancouver based Pan American Silver may put its Bell Creek and Timmins West gold mines up for sale, reported Northern Ontario Business last week.
Pan Am acquired the mines with its $1.1 bilion takeover of Tahoe Resources earlier this year.
Pan Am considers the two mines to be “held for sale,” but the company does not seem to be in any hurry to divest them. Ore from both the Timmins West and Bell Creek underground mines is treated at the Bell Creek mill. The Bell Creek proven and probable reserves are 2.4 million tonnes grading 4.07 g/t gold for 315,000 contained oz. The Timmins West deposit has reserves of 6.5 million tonnes grading 3.15 g/t gold and containing 654,000 oz. of gold.
Pan Am Silver’s other producing mines are in South America and Mexico.
(This article first appeared in the Canadian Mining Journal)
