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.
Operations at Canadian miner Yamana Gold’s (TSE:YRI) (NYSE:AUY) El Peñón mine in northern Chile have resumed following collective bargaining agreements reached with two unions representing underground workers, the company said late Tuesday.
The strike has not had a significant impact on mine and consolidated production, said Yamana.
The Toronto-based miner halted El Peñón, its second biggest gold mine by output, on Jan. 7 after unionized workers staged a sit-in at the employee camp and blocked access roads.
The company said work partially resumed last Friday after the striking miners relinquished the camp in order to allow for conclusion of negotiations, which led to collective bargaining agreements for 40 and 48 months with El Peñón’s two unions.
Yamana added the interruption in operations didn’t a “significant impact” on mine and consolidated output and that it expects to recover production from its other operations in the short term and from El Peñón throughout the year.
In the first nine months of 2016 the mine produced 164,445 ounces of gold or about 17% of Yamana’s total bullion output.
