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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
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| 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.
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| 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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| Copyright |
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© Copyright 2009, GFMS Limited
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