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.
RNC Minerals (TSX: RNX) announced that its field team discovered more high-grade coarse gold at the Beta Hunt mine in Western Australia.
“An estimated 3,200 ounces of coarse gold has been recovered from the 15 Level A Zone approximately 30 metres north of the Father’s Day Vein that was uncovered last year,” the miner said in a media statement.
According to Paul Andre Huet, RNC’s chairman and CEO, the discovery was made when the area was being prepared for stope production, which is expected to take place late this year or early next year.
“This high-grade occurrence is within 30 metres of the Father’s Day Vein discovery announced last year. We anticipate mining stopes in this encouraging area towards the end of 2019 or early 2020,” Huet said in the press brief.
The executive also said that the new occurrences put RNC in a more comfortable financial position and they provide additional cash generation beyond what was forecasted for the year.
“RNC aims to monetize each coarse gold occurrence through our mill as quickly as possible in order to take advantage of the current high Australian dollar gold price,” the CEO explained. “That said, our primary focus remains on aggressively pursuing cost reduction initiatives across all of our operations.”
