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.
A 46-year-old unnamed organizer for South Africa’s Association of Mineworkers and Construction Union (AMCU) was shot dead on Saturday in Rustenberg.
Labour tensions are peaking in South Africa as wage agreements for gold, coal and a majority of platinum producers are set to expire this June amid “inflation, rising worker militancy, shrinking company margins and falling commodity prices.”
The AMCU’s national treasurer told Reuters that there was an “obvious” connection between the killing and the victim’s union involvement.
The organizer was an activist with the AMCU at platinum producer Lonmin.
Last year more than 50 died during the wildcat platinum and gold strikes.
Sources: Ed Stoddard writing for Reuters; Fox Business
