02:03:41 EDT Thu 01 Jun 2023
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Alamos Gold Inc
Symbol AGI
Shares Issued 392,727,670
Close 2021-01-05 C$ 12.08
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Globe/wire say Barrick, others see short bets rise

2021-01-06 09:16 ET - In the News

See In the News (C-ABX) Barrick Gold Corp

The Globe and Mail reports in its Wednesday edition that hedge funds have increased bets against major gold miners as COVID-19 vaccines weakened expectations for the metal after a year of record gains. A Reuters dispatch to The Globe says that gold prices have dipped from last year's record highs above $2,000 an ounce as investors turn to stocks that do well in times of economic growth. Short trades as a percentage of total traded volume for Barrick rose to 24.8 per cent for the second half of last month, from 14.9 per cent for the first half of December. Newmont saw an increase to 11.4 per cent from 8.8 per cent over the same period, while trades in Kinross rose to 20.6 per cent, from 18.2 per cent, according Reuters data. Hedge funds typically engage in the practice of short selling by borrowing a stock from an institutional investor, such as a pension fund, and selling it back at a lower price when shares fall, pocketing the difference. Tougher lockdown restrictions to combat a new variant of the virus and huge government debt nonetheless could propel gold higher. Short bets against miners Yamana fell to 17.7 per cent, from 25.7 per cent, while the number for Alamos fell to 19.5 per cent from 21.9 per cent.

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