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Pastimes : Clown-Free Zone... sorry, no clowns allowed
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To: Tom Smith who wrote (144966)1/20/2002 10:41:22 PM
From: Tom Smith  Read Replies (2) of 436258
 
But in the end, hedging played an important role in deciding who would take the spoils. Newmont's non-hedger status gave its shares greater leverage to the rising gold price in the crucial week runing up to the expiry of AngloGold's bid's. "Hedging was made a concern by the other side. A modestly rising gold price – and I am delighted that the gold price rose – favoured their bid in the last few weeks," said Godsell. He also said AngloGold had wound up 4 million ounces of forward contracts since the end of the September quarter, dwarfing the much-trumpeted 1.3 million hedge buy-back by Normandy announced yesterday.

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