gold / hedge book Q1 2010

**marie** Skipper Inscription : 05/02/2005 Messages : 20138

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

Dear Sir/Madam

GFMS and Société Générale are launching Q1 2010 Hedge Book analysis on Friday 11th June 2010.
Key Points:
· 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)

Marie
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