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Gold producers continue to cut their hedge books: SG/GFMS

Posted on 26 July 2013

Gold producers cut their hedge books further in the first quarter of this year and look set to favor net dehedging for the rest of the year, despite a sharp fall in prices, Societe Generale and Thomson Reuters GFMS said Wednesday in their latest global hedge book analysis.
The first quarter of 2013 saw further net dehedging by gold producers, with a 352,000 oz (11 mt) fall in the outstanding volume of delta-hedging against producers’ hedge contracts. “At end-March, this left the global hedge book standing at 3.59 million oz (112 mt), a new quarterly low since our quarterly series began in 2002,” the companies said in a statement………………………………………..Full Article: Source


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