Board-Ansicht
Mix-Ansicht- Munk, der grösste Hedger: gibt auf............... - Emerald, 15.02.2004, 12:06
- Das Beste daran ist der Analystenkommentar: - Silberblick, 16.02.2004, 08:49
Munk, der grösste Hedger: gibt auf...............
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Barrick Gold ends hedging program
Source: Mining Engineering
Publication date: 2004-01-01
Arrival time: 2004-02-15
Barrick Gold announced that it was ending its gold hedging policy and will sell its production on the open market. The announcement, in late November, helped gold prices increase. The gold price in December broke the $12.86/g ($400/oz) mark and remained there for several weeks.
Speaking at an industry conference in London, Barrick Gold chairman Peter Munk said the Toronto-based company would do no more forward selling for the next 10 years."The commitment is gone," he said."Hedging to us is no longer a requirement for running our business as it no longer creates shareholder value."
Barrick Gold's current forward gold sales total 500.7 t (16.1 million oz) at $10/g ($311/oz). That is nearly three times the company's 2002 production of 177.3 t (5.7 million oz). Munk did not say if the company would begin a dehedging program to reduce the amount of gold on its hedge book.
One analyst said that a longer term effect of Barrick Gold's announcement could be lower gold prices. If the company sold all of its production on the spot market, that would increase the amount of gold on the market, and could weaken prices.
Copyright Society for Mining, Metallurgy, and Exploration, Inc. Jan 2004
PS:
für 10 Jahre kein Hedging mehr, da wandelt er vom Saulus zum Paulus, nachdem
er sich während drei Jahren masslos die Finger verbrannte: Und jetzt gleich
10 Jahre: Amen! - er wird/muss es ja wissen.
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