The gold pendulum swings towards anti-hedging

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The debate about whether gold producers should hedge may be moving in the direction of the anti-hedging camp. It has been a pressing question for producers, shareholders and gold dealers since Ghana’s Ashanti Goldfields suffered large losses in 1999 by making huge bets against a rise in gold prices (Risk February 2000).

Denver-based Newmont Mining expects to complete its US$4.5 billion acquisition of Australia’s Normandy Mining this month. The combined Newmont-Normandy group will be the

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