Thursday, October 7, 2010

AngloGold (NYSE:AU) No Longer Has Hedge Book

With gold prices expected to continue climbing for years into the future, a growing number of gold miners have been eliminating their hedge books. AngloGold Ashanti (NYSE:AU) has now completed the process.

Over the last three years, Anglogold said they've created close to $40 billion in value for their shareholders, at a cost of closing the hedge book contracts of $2.63 billion.

The buy-back price on average was close to $1,300 an ounce for the final tranche of restructuring their hedge.

Gold prices pulled back today, pressuring the share price of Anglogold, where they dropped to $45.96, falling $1.56, or 3.28 percent, as of 1:41 PM EDT.

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