| Re: gold / hedge book Q1 2010 |
par marie Sam 12 Juin 2010 - 12:37
gold hedge book , Q1 2010 http://www.gfms.co.uk/Market%20Commentary/SG%20GFMS%20Global%20Hedge%20Book%20Analysis%20Q1%2010.pdf
commentaires du www.lemetropolecafe.com
This is notable. GFMS, the usually bearish and wrong gold industry statisticians, have teamed up with Societe Generale, who is looking for $800 gold later this year. They are all part of the Chistian/Nadler confederation that can’t walk and chew gum at the same time…
Q1 2010 Hedge Book analysis
GFMS and Société Générale are launching Q1 2010 Hedge Book analysis on Friday 11th June 2010.
· The rate of net producer de-hedging slowed in the first quarter of 2010, with only 0.78 Moz (24 t) removed from the global hedge book.
· Nevertheless, this represented a 10% cut to the delta-adjusted global hedge book, which stood at 6.75 Moz (210 t) at end-March.
· Kinross Gold Corporation was the largest de-hedger.
· Adamus Resources made the only notable hedge, amounting to 0.29 Moz (9 t) of forward sales to fund the Nzema gold project in Ghana.
· The marked-to-market liability of the producer book improved slightly to total negative $2.99 billion in the first quarter.
· Producers’ weighted average realised prices decreased by 1% quarter-on-quarter, to 1,044/oz.
· GFMS expect full-year de-hedging to be in the region of 3.00 Moz (93 t)
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