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Société Générale Gold Hedge Book Analysis


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.

The GFMS evaluation is carried out using the Brady TrinityTM Risk Management and Trading System, with a detailed trade-by-trade analysis of gold mining companies' hedging activity.



Société Générale Global Hedge Book Analysis, Q2-2009 - Key Points

* Net producer de-hedging remained limited in the second quarter, with just 0.98 Moz (31 t) removed from
the global book.

* This left the global producer hedge book, at end-Q2, at 14.73 Moz (458 t) in delta-adjusted terms.

* Only a handful of companies made above schedule reductions to positions, notably AngloGold Ashanti, Lihir Gold and North Queensland Metals.

* The marked-to-market liability of the producer book contracted marginally to negative $5.3 billion at end-Q2.

* Producers’ realised prices increased by 3% in Q2, averaging $908.43 for the set of hedged producers studied, relative to the period average of 922.18.

Download your free copy of the current report (Q2-2009)

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

Copyright

Important Copyright Information

No tables or graphs may be reproduced without the written permission of the copyright owner.

All rights reserved. No part of any GFMS publication may be reproduced, stored in a retrieval system or transmitted in any form or by any means without the prior written permission of the copyright owner. Brief extracts (excluding tables or graphs) may be reproduced only for the purpose of criticism or review and provided that they are accompanied by a clear acknowledgement as to their source and the name of the copyright owner.

Restrictions on electronic copies

The same rules as above apply.

In addition, electronic copies of GFMS publications are for the use of the named subscriber only and are not to be forwarded to either colleagues or external clients via emails or posted on an intranet or internet site. Electronic copies are also not to be printed with a view to distribute them to colleagues or clients.

Should additional employees within your organisation require access to this service, you will need to purchase a multi-user or network licence in order to comply with copyright regulations.


© Copyright 2009, GFMS Limited

 
 
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Global Hedge Book Analysis Q2-2009
Official Sector Activity in Gold - First Half 2009
Global Hedge Book Analysis Q1-2009
Global Hedge Book Analysis Q4-2008
Global Hedge Book Analysis Q3-2008
Global Hedge Book Analysis Q2-2008
Global Hedge Book Analysis Q1-2008
Global Hedge Book Analysis Q4-2007
Global Hedge Book Analysis Q3-2007
Global Hedge Book Analysis Q2-2007