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.
Victoria Gold (TSX: VGCX) produced 29,580 oz. of gold from its Eagle mine during the first quarter of 2024, compared to 37,619 oz. in the first quarter of 2023.
“While quarterly gold production is down year over year, the summer and fall seasons are our strongest operating periods, and we expect to achieve 2024 gold production guidance of 165,000 to 185,000 oz. and cost guidance of $1,450 to $1,650 per oz. of gold sold,” said CEO John McConnell.
For the second year in a row, ore was placed on the leach pad throughout the winter. The 2 million tonnes of ore delivered for leaching was in line with the 2.1 million tonnes of 2023.
However, the average grade was 0.63 g/t gold in 2024, compared to 0.86 g/t in 2023. The lower year-over-year grades were related to mine sequencing in the Eagle orebody, the timing of placing stacked tonnes under leach, and lower-than-planned stacking rates in the last quarter of 2023.
Both the Eagle and Olive gold deposits are being mined as part of Victoria’s Dublin Gulch project, located 375 km north of Whitehorse and 85 km from Mayo, Yukon.
