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MineWeb: Much dehedging in 1st Q, a lot more to come
By Rhona O'Connell
Monday, May 21, 2007
LONDON -- The latest quarterly hedge book survey from Societe Generale, compiled for the bank by GFMS Ltd., records that the global delta-adjusted gold mine hedge book contracted by 128 tonnes during the first quarter of this year.
This compares with mine production of 580 tonnes, meaning that the dehedging activity reduced mine supply by 22%, taking net mine supply to 451 tonnes, compared with global demand of 827 tonnes (the balance is made up by scrap supplies and official sales plus shifts in investment holdings and inventories).
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