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Strategies & Market Trends : The Epic American Credit and Bond Bubble Laboratory -- Ignore unavailable to you. Want to Upgrade?

To: mishedlo who wrote (63456)6/12/2006 1:15:22 PM
From: Claude Cormier  Respond to of 110194
 
I don't know Mish how they did it. But they hedged 4.8M ounces at $370 and cover at an average of say $US550. So that is above $800M paper loss. They said $814M, not not me.

Maybe this is paper loss or unrealized profits in the same way they got paper profits back in the 1996-2001 period. Still, over all It was not a good move.

They still have 6-7M ounces hedged at much lower prices which they intend to cover partially this year and will be hedge-free by 2009.


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