"Investors pressured producers to unwind their hedge books as prices soared sevenfold during bullion’s winning streak."
"AngloGold Ashanti Ltd. (ANG) spent $2.6 billion in 2010 to wind up its hedge book, while Barrick Gold Corp. (ABX), the largest producer, took a $5.6 billion charge in the third quarter of 2009 to eliminate hedging."
LOL, those hedges still wouldn't be in the money :) The reporter should've added that thanks to Anglo and Barrick listening to its investors, the move saved them 10's of billions of dollars and put that money in their own pockets (money that would've otherwise ended up with the banks - that's why you always hear them coming online to support hedging strategies).
I'm only holding for a short term trade by the way... the way Gavin is steering this ship, eeek, a thought best kept hidden.
"Investors pressured producers to unwind their hedge books as...
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Last
$1.66 |
Change
0.005(0.30%) |
Mkt cap ! $426.5M | |||
| Open | High | Low | Value | Volume |
| $1.69 | $1.76 | $1.65 | $785.3K | 461.9K |
Buyers (Bids)
| No. | Vol. | Price($) |
|---|---|---|
| 1 | 14388 | $1.66 |
Sellers (Offers)
| Price($) | Vol. | No. |
|---|---|---|
| $1.68 | 2484 | 1 |
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| Last trade - 16.10pm 16/07/2024 (20 minute delay) ? |
| KCN (ASX) Chart |