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Pastimes : Clown-Free Zone... sorry, no clowns allowed
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To: yard_man who wrote (63619)1/31/2001 3:04:55 PM
From: pater tenebrarum  Read Replies (1) of 436258
 
well, they have begun their hedging programme when the PoG was a lot higher, so they have some leeway. it's also conceivable that they can ramp production if it goes against them. but for my taste, their hedge book is way too large...ABX and AU have between them shorted about 45% of annual world gold supply...that's crazy imo. if we get a disorderly panicky rally, they'd hurt badly.

in any case, although AU is a solid company otherwise, i refuse to be exposed to ANY potential hedging headaches. those that don't worry about this have learned nothing from the ASL and Cambior debacles. why take chances, when there are profitable non-hedgers to be had? i want no drag at all regarding upside exposure, it's as simple as that.
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