H1 2007 Gold Dehedging Exceeds 300 mt, but Rate to Slow
Source: Platts.com (9/13/07)
The first half of 2007 saw a 305 mt reduction in the delta-adjusted gold hedge book, to 1,064 mt, driven by book reductions at four gold producer majors, according to GFMS, in its Gold Survey 2007, published yesterday.
In nominal, not delta-adjusted, terms, the gold hedgebook fell to 1,161 mt...
Dehedging looks even more dramatic in a breakdown of the delta-adjusted hedge book into forward sales and options. The percentage of forward sales in the delta-adjusted hedge book -- 731 mt or 69% as of end-June -- has declined against the options component, but not because of expansion of options, which have remained broadly flat over the last 18 months, said GFMS.