Gold Dehedging Slowed in Q4 2006
Source: Miningweekly.com (3/1/07)
Gold dehedging slowed in the fourth quarter, declining sharply by 1,12-million ounces, leaving the outstanding hedge book at end-December at 43,3-million ounces, the GFMS said in a report released on Wednesday.
The cut in the three months to December 2006, coupled with the more dramatic reduction in the nine months to September, left the full year dehedging at 12,6-million ounces - a figure in line with the elevated levels of dehedging in the three years prior the slump reported in 2005...
GFMS, a precious-metals consultancy firm, reported that heightened corporate activity was driving the dehedging, with the Barrick acquisition of Placer Dome wearing the “dehedging crown” for 2006.