When Barrick Dehedged their gold forward bets at a cost of over $1B when we were just over the $1000 per ounce mark, that was proof for me that we were going much higher with gold. Well, it seems like others keep following their lead which leads me to believe we are still on the way up in the long term-short term $1280 is my target.
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Market Nuggets: GFMS: Gold Producers Net Hedging Stood At 5.11 Million Oz In Third Quarter
20 January 2011, 03:36 p.m.
By Kitco News
http://www.kitco.com/
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(Kitco News) -- Producers' lifted 2.16 million ounces of gold from the global hedge book in the third quarter, a drop of one-third, leaving 5.11 million ounces still hedged, option-delta adjusted, consultancy GFMS said Thursday. The nominal number of ounces – not adjusted for option delta – is 8.83 million ounces. AngloGold was the largest de-hedger, removing 1.73 million ounces and Sumitomo Metal Mining increased its collar positions by 0.13 million ounces, delta-adjusted.
Glorieux
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