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.
Pretium Resources (TSE: PVG) says the ramp-up to 3,800 tonnes per day at its Brucejack gold mine 60 km north of Stewart, British Columbia is on schedule. Underground development is nearing the targeted rate of 1,000 metres per month, and it will remain at that level for the rest of the year to match the increased mill capacity.
In the mill, the bulk loading system is operational to replace concentrate bagging. The flotation circuit has received upgraded pumps and piping and an additional cleaning cell.
Pretium has also undertaken a 70,000-metre underground drill program to expand reserves at the Valley of the Kings. Phase one focusing on reserve definition below the 1,200-metre level is about 90% complete, and phase two to define mineralization to the west towards the Brucejack fault is about 55% finished. Underground development is underway for the next two drilling phases.
This article first appeared in the Canadian Mining Journal
