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.
Rescue teams were on Tuesday racing to save 22 workers trapped underground for over two days after an explosion at a gold mine under construction in eastern China, as state media criticised a 30-hour delay in reporting the accident.
Rescue workers were unable to contact the trapped workers because the blast damaged their communication system, the official Xinhua news agency reported.
The blast occurred at 2 p.m. local time (0600 GMT) on Sunday at the Hushan mine in Qixia, under the administration of Yantai city in Shandong province. But it was not until 8 p.m. the next day – 30 hours later – that it was reported to Qixia’s emergency department, Xinhua said.
Xinhua described those responsible for the reporting delay as “enemies of the people”
Mining accidents are common in China, the world’s biggest coal producer. On Monday, the National Mine Safety Administration said 573 deaths had been recorded in 2020.
Xinhua said the Hushan mine was owned by Shandong Wucailong Investment Co Ltd. That company is named by China’s fourth-biggest gold miner, Zhaojin Mining, as a “subsidiary of an associate” in its 2019 annual report.
Zhaojin did not answer calls seeking comment.
Xinhua described those responsible for the reporting delay as “enemies of the people”.
The state broadcaster CCTV said late reporting of accidents was a “taboo for safe production” that could be tolerated.
(By Se Young Lee, Tom Daly and Min Zhang; Editing by Kevin Liffey)
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