Hedging heads down--Corporate gold book falls 2.0Moz in the September quarter

摘要

THE global gold hedge book fell by the greatest amount this year in the quarter to end-September, according to a report from ABN AMRO Bank NV and VM Group/ Haliburton Mineral Services. Much of the decline was attributed to AngloGold Ashanti Ltd's decision to close out its entire position. The global 'delta-adjusted' headline figure sank to 5.5Moz, down by more than 2.0Moz from the previous quarter, and 6.5Moz from the same period in 2009. The fall would have been even more pronounced had AngloGold managed to unwind its entire hedge positions by the end of the quarter under review, with 1.37Moz (on a committed basis) closed out in the first week of October 2010.