Friday, August 04, 2006

zur abwechslung mal gold

dank erneut an mish

Gold 2Q 2006 De-Hedging At Record 5.1M Oz -Virtual Metals

[Interesting - what happens after all the hedges are finall covered, years too late - Pater Tanebrarum - got an answer for this? Mish]

LONDON (Dow Jones)--Gold de-hedging rose to a record 5.1 million troy ounces during the second quarter 2006, resulting in a 11% of the global hedge book, metals consultancy Virtual Metals said Thursday.

The reversal of a slowing de-hedging trend seen during 2005 has reduced the global hedge book of gold mining companies to 43.0 million oz, down 10.1 million oz down since the start of the year.

Barrick Gold Corp. (ABX) led the decline with a 3.0-million-oz hedge reduction, followed by 1.0 million oz at AngloGold Ashanti Ltd. (AU).

Newcrest Ltd. (NCM.AU) also made a "sizeable" cut in its hedge book, Virtual Metals said.

Gold miners buying back hedges is a factor credited with underpinning the market. This rate of de-hedging might slow in the second half of the year, it said. Barrick has now completed its promised 2006 reduction of 7.7 million oz while and AngloGold Ashanti said the company wasn't going to make large scale buybacks. "

Together these "Big Three" hedgers accounted for 82% of the dehedging, higher than their 64% share of the global book. However, importantly, of the 52 other companies with hedge books at the start of the quarter, 40 reduced their positions, taking nearly 1.0 Moz off the global Hedge Impact," Virtual Metals said.

Despite spot gold prices hitting a 26-year high of $730.65/oz in May, there were no significant moves by mining companies to lock in prices by selling their production forward.


denke das de-hedging erklärt unter anderem warum gold dieses jahr (zwar unter starken schwenkungen aber immerhin) so gut gelaufen ist. besonders der letzte absatz macht aufmerksam. trotz der mehrjahreshochs haben die minengesellschaften die kurse nicht zu weiteren hedgegeschäften genutzt.

wenn man kritisch ist könnte man natürlich auch argumentieren das alle deutlich zu bullish in sachen gold sind und das selten gut endet.

wer meine sicht der dinge hier verfolgt weiß das ich bullish gestimmt bin.



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