Gold hedging loses its lustre

Cover story

Barrick Gold’s ousting of chief executive and president Randall Oliphant last month has a significance that extends far beyond the confines of the Canadian gold producer’s boardroom, or even the lively investor debate surrounding gold producer hedging. For more than a decade, Barrick was regarded among its peers as the archetypal hedger. So with Oliphant – architect and arch-proponent of one of the industry’s largest and most sophisticated gold hedging programmes – dispatched, hedging among