The volume of gold sold forward by mining companies rose by 103 tonnes last year, the biggest annual increase since 1999, an industry report showed on Friday.
That far outstrips an estimate given late last year of 42-52 tonnes, after Mexican gold and silver miner Fresnillo said it was hedging 47 tonnes of output over five years.
In their quarterly Global Hedge Book Analysis, Societe Generale and GFMS analysts at Thomson Reuters said the bulk of the rise in the global gold hedge book last year was driven by Fresnillo and Russia's Polyus Gold, which announced a major hedging deal in July. ...
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http://www.reuters.com/article/2015/03/27/gol...6N0WT2IP2015...
