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.
Yamana Gold has released 2019 production results with 1.02 million of gold-equivalent oz. slightly exceeding the company’s guidance for 1.01 gold-equivalent oz. Three underground mines in South America: Jacobina, El Penon and Minera Florida appear as outperformers last year.
The company’s biggest production contribution is from its 50% stake in the Canadian Malarctic open pit in Quebec which produced 334,596 oz. last year, in line with expectations.
For Minera Florida in Chile, December, in particular, was a standout month with over 50% more ounces produced than its monthly average. The mine produced a total of 73,617 oz. in 2019; Yamana believes that the mine may be able to support higher production this year.
The company will provide costs with its full financial results and guidance release in mid-February; latest all-in sustaining costs guidance was for $920 to $960 for the year.
(This article first appeared in the Canadian Mining Journal)
