“With many gold shafts underwater at current prices on the back of seemingly inexorable cost inflation, there are likely to be a few CEOs that will be secretly wishing they had done some hedging at $1,900. Banks still rather like it because it provides certainty when it come to project finance and, as a result, hedging continues but, for the most part it hasn’t really worked in gold companies’ favour over the course of the 13 year bull run – and, as a result it isn’t really considered a serious option. This view continues to predominate, as is evident in the latest figures on the global gold hedgebook for Q1 2013, released today by Thompson Reuters GFMS and Societe Generale.”
http://www.mineweb.com/mineweb/content/en/mineweb-gold-analysis?oid=198788&sn=Detail
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