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.
What the market interpreted to be an exploration miss for Volcanic Gold Mines (TSXV: VG) at the Mila discovery on the Motagua Norte project in Guatemala turned out to help zero in on the actual gold source, says president and CEO Simon Ridgway.
This adjustment in the geological understanding pointed the team towards more targeted drilling locations and refined their exploration strategy.
“I was very excited by the fact that we’ve missed in the first few holes because it led me to where the gold’s coming from,” he told The Northern Miner’s western editor, Henry Lazenby, this month during the Prospectors and Developers Association of Canada’s convention in Toronto.
The company plans to focus on the Motagua Norte and nearby Holly properties this year, aiming to expand their exploration activities along the prospective Veta Madre Fault zone.
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