The Global Gold Hedge Book Analysis is a quarterly report which provides a timely and comprehensive analysis of the global producer hedge book.

This report is sponsored by Société Générale.

A key part of the methodology is that GFMS inputs all trades and market data into the Brady Trinity treasury management system, and extracts the key output parameters and sensitivities. This output provides the core statistical element of the quarterly "Global Hedge Book Analysis" report.

Société Générale Global Hedge Book Analysis, Q4-2008 - Key Points

* Net producer de-hedging slowed once again in the fourth quarter, to the lowest rate of de-hedging for the year, at 1.54 Moz (48 t). This represented a 9% cut in the outstanding book quarter-on-quarter.

* For the full year, de-hedging amounted to a delta-adjusted 11.52 Moz (358 t).

* The global producer hedge book at end-Q4 stood at 15.52 Moz (483 t) in delta-adjusted terms.

* The marked-to-market liability of the producer book contracted to negative $5.8 billion, representing a reduction from the prior quarter of $0.6 billion.

* Producers' realised prices in Q4 averaged $780/oz, representing a $35, or 5%, decrease from the third quarter for the subset of producers studied.

* De-hedging is expected to slow markedly in 2009.

Download your free copy of the current report (Q4-2008)

Specifications	> 14 pages - Free report > Quarterly publication > sponsored by Société Générale
Main features	Detailed commentary and statistics on the size and market impact of producers' positions in forwards and options incorporating measurement of the delta hedge against derivatives and the impact of changes in variables such as price, contango, volatility and interest rates.
Related publications:	> Annual Gold Survey > Gold Survey - Update 1 > Gold Survey - Update 2 > Quarterly 3-Year Gold Forecast > Precious Metals Quarterly > Precious Metals Forecasting Monthly > Precious Metals Market Briefing > The Gold Market in China - A New Beginning? > Gold Mining Reports > The Ages of Gold
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