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.
Newcrest Mining Ltd Chief Executive Sandeep Biswas said on Monday his company would pursue a potential acquisition only if it were the right value for investors, adding that he would prefer to buy assets rather than whole companies.
“We are happy to do M&A if it’s the right value for shareholders,” Biswas said at the BMO Global Metals & Mining Conference. “The entire focus in not on the size of ounces (in a potential deal). It’s on rate of return for our shareholders.”
Barrick Gold Corp launched an $18 billion hostile bid to buy rival miner Newmont Mining Corp on Monday, and some media reports indicated that Newcrest, as part of the deal, would be interested in buying Newmont’s Australian assets.
Biswas made no mention of Newmont or Barrick in his presentation.
(By Ernest Scheyder; Editing by Tom Brown)
