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.
South African authorities arrested three suspected smugglers after finding 73.5 kilograms (162 pounds) of gold bars worth about 66 million rand ($4.5 million) in their hand luggage.
The trio was detained at O.R. Tambo International Airport in Johannesburg last week after a security scanner “identified irregular images,” the South African Police Service said Monday in a statement. The men were en route from Madagascar to Dubai via Ethiopia, it said.
The suspects will appear before the Kempton Park Magistrates’ Court on charges of dealing with precious metals and contravention of the Customs Act, the police said.
Investigations, with the assistance of Interpol, are under way to determine the origin of the gold and legitimacy of certification papers provided by the men, the police said. The probe will also focus on the destination of the gold.
(By Paul Burkhardt)
3 Comments
Darrion Dunbar
How is it possible that no Africans own any Gold or Diamond mines in their own countries ???…….
Cristobal
They are to poor to buy any mines in their own country. The ones that do work for them don’t get paid enough to do anything besides eat. Very said I know.
Juan Jose dume Pimentel
It’s a shame that they can’t sell or export their own goods. This post makes me sick to my stomach.