one of KCN's other problems is its hedge book, where it has a lot of 2006 and 2007 sold forward at $US317 per oz. with the new AIFRS accounting rules, this has to be brought to account each year as a negative "mark to market".
Now KCN is trying to deliver into and close out the hedge book, but the higher gold goes, the bigger the negative mark to market will be for the next year.
hedging sux, and has led to the demise of SGW and indue course NCM and the other hedgers will go as well IMHO. Gold is heading north of $US1000.
having said that, I have been accumulating into KCN myself in the last few days, and will continue to do so as it falls.
new minewsarticle , page-4
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Last
$1.61 |
Change
0.055(3.55%) |
Mkt cap ! $413.6M | |||
| Open | High | Low | Value | Volume |
| $1.56 | $1.61 | $1.55 | $1.070M | 679.3K |
Buyers (Bids)
| No. | Vol. | Price($) |
|---|---|---|
| 1 | 5000 | $1.60 |
Sellers (Offers)
| Price($) | Vol. | No. |
|---|---|---|
| $1.61 | 3694 | 1 |
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| Last trade - 16.10pm 24/07/2024 (20 minute delay) ? |
| KCN (ASX) Chart |